<SEC-DOCUMENT>0001144204-14-000820.txt : 20140107
<SEC-HEADER>0001144204-14-000820.hdr.sgml : 20140107
<ACCEPTANCE-DATETIME>20140106182435
ACCESSION NUMBER:		0001144204-14-000820
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20140107
DATE AS OF CHANGE:		20140106

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LAKELAND INDUSTRIES INC
		CENTRAL INDEX KEY:			0000798081
		STANDARD INDUSTRIAL CLASSIFICATION:	ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES [3842]
		IRS NUMBER:				133115216
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-190397
		FILM NUMBER:		14511448

	BUSINESS ADDRESS:	
		STREET 1:		701-7 KOEHLER AVENUE
		CITY:			RONKONKOMA
		STATE:			NY
		ZIP:			11779
		BUSINESS PHONE:		6319819700

	MAIL ADDRESS:	
		STREET 1:		701- 7 KOEHLER AVENUE
		CITY:			RONKONKOMA
		STATE:			NY
		ZIP:			11779
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>v364759_424b3.htm
<DESCRIPTION>PROSPECTUS SUPPLEMENT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Filed Pursuant to Rule 424(b)(3)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">File No. 333-190397</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LAKELAND INDUSTRIES, INC.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SUPPLEMENT NO. 2 TO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PROSPECTUS DATED AUGUST 29, 2013</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE DATE OF THIS SUPPLEMENT IS JANUARY 6,
2014</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On December 12, 2013, Lakeland Industries, Inc. filed the attached
Quarterly Report on Form 10-Q.</P>

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

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

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

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<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center"><B><FONT STYLE="font-size: 10pt">UNITED STATES</FONT></B></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center"><B><FONT STYLE="font-size: 10pt">SECURITIES AND EXCHANGE COMMISSION</FONT></B></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center"><B><FONT STYLE="font-size: 10pt">WASHINGTON, D.C.<FONT STYLE="font-size: 10pt">&#160;</FONT> 20549</FONT></B></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center"><B><FONT STYLE="font-size: 10pt">FORM 10-Q</FONT></B></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"><FONT STYLE="font-size: 10pt">(Mark one)</FONT></DIV>

<DIV STYLE="clear: both; clear: both">&#160;</DIV>

<DIV STYLE="clear: both; text-indent: -0.5in; margin: 0in 0in 0pt 0.5in; clear: both"> <FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings"> x</FONT><FONT STYLE="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</FONT> <B>QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></DIV>

<DIV STYLE="clear: both; clear: both"><FONT STYLE="font-size: 10pt"> <FONT STYLE="font-size: 10pt">&#160;</FONT></FONT></DIV>

<DIV STYLE="clear: both; text-indent: 0.5in; margin: 0in 0in 0pt; clear: both"> <FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">For the quarterly period ended <B><U> October 31, 2013</U></B></FONT></FONT></FONT></DIV>

<DIV STYLE="clear: both; clear: both"><FONT STYLE="font-size: 10pt"> <FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&#160;</FONT></FONT></FONT></FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"> OR</FONT></FONT></FONT></FONT></FONT></DIV>

<DIV STYLE="clear: both; clear: both"><FONT STYLE="font-size: 10pt"> <FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"> &#160;</FONT></FONT></FONT></FONT></FONT></FONT></DIV>

<DIV STYLE="clear: both; text-indent: -0.5in; margin: 0in 0in 0pt 0.5in; clear: both"> <FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings"> o</FONT><FONT STYLE="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</FONT> TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></FONT></FONT></FONT></FONT></FONT></FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.5in; clear: both; text-align: center"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">For the transition period from _______________ to _______________</FONT></FONT></FONT></FONT></FONT></FONT></DIV>

<DIV STYLE="clear: both; clear: both"><FONT STYLE="font-size: 10pt"> <FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"> &#160;</FONT></FONT></FONT></FONT></FONT></FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><FONT STYLE="font-size: 10pt">Commission File Number:<FONT STYLE="font-size: 10pt">&#160;</FONT> 0-15535</FONT></B></FONT></FONT></FONT></FONT></FONT></DIV>

<DIV STYLE="clear: both; clear: both"><FONT STYLE="font-size: 10pt"> <FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"> &#160;</FONT></FONT></FONT></FONT></FONT></FONT></DIV>

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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center"><B><FONT STYLE="font-size: 10pt">LAKELAND INDUSTRIES, INC.</FONT></B></DIV> </TD> </TR>
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<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"> &#160;</FONT></FONT></FONT></FONT></FONT></FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">(Exact name of Registrant as specified in its charter)</FONT></FONT></FONT></FONT></FONT></FONT></DIV>

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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center"><FONT STYLE="font-size: 10pt">Delaware</FONT></DIV> </TD>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV> </TD>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center"><FONT STYLE="font-size: 10pt">13-3115216</FONT></DIV> </TD> </TR>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center"><FONT STYLE="font-size: 10pt">(State of incorporation)</FONT></DIV> </TD>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV> </TD>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center"><FONT STYLE="font-size: 10pt">(IRS Employer Identification Number)</FONT></DIV> </TD> </TR>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV> </TD> </TR>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center"><FONT STYLE="font-size: 10pt">&#160;701 Koehler Avenue, Suite 7, Ronkonkoma, New York</FONT></DIV>
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center"><FONT STYLE="font-size: 10pt">(Address of principal executive offices)</FONT></DIV> </TD>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV> </TD>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center"><FONT STYLE="font-size: 10pt">11779</FONT></DIV>
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center"><FONT STYLE="font-size: 10pt">(Zip Code)</FONT></DIV> </TD> </TR>
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<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><FONT STYLE="font-size: 10pt">(631) 981-9700</FONT></B></FONT></FONT></FONT></FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">(Registrant's telephone number, including area code)</FONT></FONT></FONT></FONT></FONT></DIV>

<DIV STYLE="clear: both; text-indent: 0.5in; margin: 0in 0in 0pt; clear: both"> <FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&#160;</FONT></FONT></FONT></FONT></FONT></DIV>

<DIV STYLE="clear: both; text-indent: 0.5in; margin: 0in 0in 0pt; clear: both"> <FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.&#160;&#160;&#160;&#160;&#160;&#160;&#160;<FONT STYLE="font-size: 10pt"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</FONT> Yes <FONT STYLE="font-family: Wingdings">x</FONT><FONT STYLE="font-size: 10pt">&#160;</FONT> No <FONT STYLE="font-family: Wingdings">o</FONT><FONT STYLE="font-size: 10pt">&#160;&#160;</FONT></FONT></FONT></FONT></FONT></FONT></DIV>

<DIV STYLE="clear: both; text-indent: 0.5in; margin: 0in 0in 0pt; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&#160;</FONT></FONT></FONT></FONT></DIV>

<DIV STYLE="clear: both; text-indent: 0.5in; margin: 0in 0in 0pt; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">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 (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Yes<FONT STYLE="font-family: Wingdings">x</FONT><FONT STYLE="font-size: 10pt">&#160;&#160;</FONT> No <FONT STYLE="font-family: Wingdings">o</FONT></FONT></FONT></FONT></FONT></DIV>

<DIV STYLE="clear: both; text-indent: 31.5pt; margin: 0in 0in 0pt 4.5pt; clear: both"> <FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&#160;</FONT></FONT></FONT></DIV>

<DIV STYLE="clear: both; text-indent: 31.5pt; margin: 0in 0in 0pt 4.5pt; clear: both"> <FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a nonaccelerated filer or a smaller reporting company. See the definition of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer&#8221; and &#8220;smaller reporting company&#8221; in Rule 12-b-2 of the Exchange Act. Check one.</FONT></FONT></FONT></DIV>

<DIV STYLE="clear: both; text-indent: 22.3pt; margin: 0in 0in 0pt; clear: both"> <FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"> &#160;</FONT></FONT></FONT></FONT></DIV>

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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"><FONT STYLE="font-size: 10pt">Large accelerated filer <FONT STYLE="font-family: WINGDINGS">&#168;</FONT></FONT></DIV> </TD>
    <TD STYLE="border-style: #f0f0f0; padding: 0in; background-color: transparent; width: 31.26%; vertical-align: top; width: 31%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"><FONT STYLE="font-size: 10pt">Accelerated filer <FONT STYLE="font-family: WINGDINGS">&#168;</FONT></FONT></DIV> </TD> </TR>
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    <TD STYLE="border-style: #f0f0f0; padding: 0in; background-color: transparent; width: 68.76%; vertical-align: top; width: 68%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"><FONT STYLE="font-size: 10pt">Nonaccelerated filer&#160;<FONT STYLE="font-family: WINGDINGS">&#168;</FONT>&#160;(Do not check if a smaller reporting company)</FONT></DIV> </TD>
    <TD STYLE="border-style: #f0f0f0; padding: 0in; background-color: transparent; width: 31.26%; vertical-align: top; width: 31%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"><FONT STYLE="font-size: 10pt">Smaller reporting company <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: WINGDINGS"> x</FONT></FONT></FONT></DIV> </TD> </TR>
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<DIV STYLE="clear: both; text-indent: 0.5in; margin: 0in 0in 0pt; clear: both"> <FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&#160;</FONT></FONT></FONT></DIV>

<DIV STYLE="clear: both; text-indent: 0.5in; margin: 0in 0in 0pt; clear: both"> <FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Indicate by check mark whether the registrant is a shell company (as defined in Rule 12-b-2 of the Exchange Act).<FONT STYLE="font-size: 10pt">&#160;</FONT></FONT></FONT></FONT></DIV>

<DIV STYLE="clear: both; text-indent: 0.5in; margin: 0in 0in 0pt; clear: both; text-align: center"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Yes&#160;<FONT STYLE="font-family: Wingdings"> o</FONT><FONT STYLE="font-size: 10pt">&#160;&#160;</FONT> No <FONT STYLE="font-family: Wingdings">x</FONT></FONT></FONT></DIV>

<DIV STYLE="clear: both; text-indent: 31.5pt; margin: 0in 0in 0pt 4.5pt; clear: both"> <FONT STYLE="font-size: 10pt">&#160;</FONT></DIV>

<DIV STYLE="clear: both; text-indent: 31.5pt; margin: 0in 0in 0pt 4.5pt; clear: both"> <FONT STYLE="font-size: 10pt">Indicate the number of shares outstanding of each of the issuer&#8217;s classes of common stock, as of the latest practicable date.</FONT></DIV>

<DIV STYLE="clear: both; text-indent: 31.5pt; margin: 0in 0in 0pt 4.5pt; clear: both"> <FONT STYLE="font-size: 10pt">&#160;</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center"><B><FONT STYLE="font-size: 10pt">&#160;</FONT></B></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center"><B>&#160;</B></DIV> <FONT STYLE="font: 10pt Times New Roman"></FONT>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"> &#160;</DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center"><B><FONT STYLE="font-size: 10pt">LAKELAND INDUSTRIES, INC.</FONT></B></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center"><B><FONT STYLE="font-size: 10pt">AND SUBSIDIARIES</FONT></B></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center"><B><FONT STYLE="font-size: 10pt">FORM 10-Q</FONT></B></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"><FONT STYLE="font-family: Cambria">&#160;</FONT></DIV>

<DIV STYLE="clear: both; text-indent: 0.5in; margin: 0in 0in 0pt; clear: both"> <FONT STYLE="font-size: 10pt">The following information of the Registrant and its subsidiaries is submitted herewith:</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both">&#160;

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<TR>
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        <DIV STYLE="clear: both; text-align: center; margin: 0in 0in 0pt; clear: both; text-align: center"><FONT STYLE="font-size: 10pt">3</FONT></DIV> </TD> </TR>
<TR>
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<TR>
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<TR>
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<TR>
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<TR>
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<TR>
    <TD STYLE="border-style: #f0f0f0; padding: 0in; width: 8.92%; background-color: #ccffcc; vertical-align: top; width: 8%">
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt 9pt; clear: both"><FONT STYLE="font-size: 10pt">Three and Nine Months Ended October 31, 2013 and 2012</FONT></DIV> </TD>
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<TR>
    <TD STYLE="border-style: #f0f0f0; padding: 0in; width: 8.92%; background-color: white; vertical-align: top; width: 8%">
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<TR>
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<TR>
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        <DIV STYLE="clear: both; text-align: center; margin: 0in 0in 0pt; clear: both; text-align: center"><FONT STYLE="font-size: 10pt">10</FONT></DIV> </TD> </TR>
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        <DIV STYLE="clear: both; text-align: center; margin: 0in 0in 0pt; clear: both; text-align: center"><FONT STYLE="font-size: 10pt">38</FONT></DIV> </TD> </TR>
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<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center"><B><FONT STYLE="font-size: 10pt">LAKELAND INDUSTRIES, INC.</FONT></B></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center"><B><FONT STYLE="font-size: 10pt">AND SUBSIDIARIES</FONT></B></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center"><B>&#160;</B></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"><B><FONT STYLE="font-size: 10pt">PART I<FONT STYLE="font-size: 10pt">&#160;</FONT> &#160;&#160;&#160;&#160;&#160;&#160;&#160;<U>FINANCIAL INFORMATION</U></FONT></B></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><B><FONT STYLE="font-size: 10pt">Item 1. Financial Statements</FONT></B></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"><U><FONT STYLE="font-size: 10pt">Introduction</FONT></U></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"><A NAME="Page3"></A>&#160;</DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"><FONT STYLE="font-size: 10pt">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></DIV>

<DIV STYLE="clear: both; text-indent: 22.5pt; margin: 0in 0in 0pt; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">This Form 10-Q may contain certain forward-looking statements.<FONT STYLE="font-size: 10pt">&#160;</FONT> When used in this Form 10-Q or in any other presentation, statements which are not historical in nature, including the words &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;should,&#8221; &#8220;expect,&#8221; &#8220;believe,&#8221; &#8220;intend,&#8221; &#8220;project&#8221; and similar expressions, are intended to identify forward-looking statements. They also include statements containing a projection of sales, earnings or losses, capital expenditures, dividends, capital structure or other financial terms.</FONT></DIV>

<DIV STYLE="clear: both; text-indent: 22.5pt; margin: 0in 0in 0pt; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&#160;</FONT></FONT></DIV>

<DIV STYLE="clear: both; text-indent: 27pt; margin: 0in 0in 0pt; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">The forward-looking statements in this Form 10-Q are based upon our management&#8217;s beliefs, assumptions and expectations of our future operations and economic performance, taking into account the information currently available to us. These statements are not statements of fact.<FONT STYLE="font-size: 10pt">&#160;</FONT> Forward-looking statements involve risks and uncertainties, some of which are not currently known to us that may cause our actual results, performance or financial condition to be materially different from the expectations of future results, performance or financial condition we express or imply in any forward-looking statements. Some of the important factors that could cause our actual results, performance or financial condition to differ materially from expectations are:</FONT></DIV>

<DIV STYLE="clear: both; text-indent: 27pt; margin: 0in 0in 0pt; clear: both; text-align: justify">&#160;</DIV>

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        <DIV STYLE="clear: both; clear: both"><FONT STYLE="font-size: 10pt"> <FONT STYLE="font-family: Symbol"></FONT>Covenants in our credit facilities may restrict our financial and operating flexibility.</FONT></DIV> </TD> </TR>
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        <DIV STYLE="clear: both; clear: both"><FONT STYLE="font-size: 10pt"> <FONT STYLE="font-family: Symbol"></FONT>We may need additional funds and, if we are unable to obtain these funds, we may not be able to expand or operate our business as planned.</FONT></DIV> </TD> </TR>
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        <DIV STYLE="clear: both; clear: both"><FONT STYLE="font-size: 10pt"> <FONT STYLE="font-family: Symbol"></FONT><FONT STYLE="font-family: Cambria"><FONT STYLE="font-size: 10pt">We incurred significant losses in FY13, and losses in Q1 and Q3 of FY14, and there can be no assurance that such losses will not continue.</FONT></FONT></FONT></DIV> </TD> </TR>
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        <DIV STYLE="clear: both; clear: both"><FONT STYLE="font-size: 10pt"> <FONT STYLE="font-family: Symbol"></FONT>We are required to make substantial quarterly cash payments through December 31, 2018 in respect of the settlement agreement, as described in Note 13 herein.</FONT></DIV> </TD> </TR>
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        <DIV STYLE="clear: both; clear: both"><FONT STYLE="font-size: 10pt"> <FONT STYLE="font-family: Symbol"></FONT>Rapid technological change could negatively affect sales of our products, inventory levels and our performance.</FONT></DIV> </TD> </TR>
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<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">We believe these forward-looking statements are reasonable; however, you should not place undue reliance on any forward-looking statements, which are based on current expectations. Furthermore, forward-looking statements speak only as of the date they are made. We undertake no obligation to publicly update or revise any forward-looking statements after the date of this Form 10-Q, whether as a result of new information, future events or otherwise.<FONT STYLE="font-size: 10pt">&#160;</FONT> In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this Form 10-Q might not occur. We qualify any and all of our forward-looking statements entirely by these cautionary factors.<FONT STYLE="font-size: 10pt">&#160;</FONT></FONT></DIV>

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<DIV STYLE="clear: both; clear: both; size: 8.5in 11.0in; text-align: center"><FONT STYLE="font-variant: small-caps; font-size: 10pt"> CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</FONT></DIV>

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<TR STYLE="height: 12px">
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        <DIV STYLE="clear: both; clear: both">17,744,932</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">21,729,638</DIV> </TD>
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<TR STYLE="height: 12px">
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<TR STYLE="height: 12px">
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">(840,319)</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; color: #000000; vertical-align: bottom; width: 51%">
        <DIV STYLE="clear: both; clear: both">Other income, net</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">57,259</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">51,972</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">171,961</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; background-color: #ccffcc; color: #000000; vertical-align: bottom; width: 10%">
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    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">(270,273)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; background-color: #ccffcc; vertical-align: bottom; width: 10%">
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    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">(766,119)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; color: #000000; vertical-align: bottom; width: 51%">
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    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
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    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">(1,611,704)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">(8,864,015)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
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<TR STYLE="height: 12px">
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">(295,340)</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">(3,103,143)</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(669,024)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; color: #000000; vertical-align: bottom; width: 51%">
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    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">(1,835,480)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">282,646</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">1,491,439</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">(8,194,991)</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; color: #000000; vertical-align: bottom; width: 51%">
        <DIV STYLE="clear: both; clear: both">Net income (loss) per common share</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ffffff; vertical-align: bottom; width: 51%">
        <DIV STYLE="clear: both; clear: both">Basic</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(0.31)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.05</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.27</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(1.55)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ccffcc; vertical-align: bottom; width: 51%">
        <DIV STYLE="clear: both; clear: both">Diluted</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 10%">
        <DIV STYLE="clear: both; clear: both">(0.31)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.05</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.26</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 10%">
        <DIV STYLE="clear: both; clear: both">(1.55)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 51%">
        <DIV STYLE="clear: both; clear: both">Weighted average common shares outstanding:</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; border-top: #000000 3px double; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; border-top: #000000 3px double; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; border-top: #000000 3px double; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; border-top: #000000 3px double; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; border-top: #000000 3px double; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; border-top: #000000 3px double; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; border-top: #000000 3px double; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; border-top: #000000 3px double; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ccffcc; vertical-align: bottom; width: 51%">
        <DIV STYLE="clear: both; clear: both">Basic</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">5,919,253</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">5,330,286</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">5,607,654</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">5,276,288</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ffffff; vertical-align: bottom; width: 51%">
        <DIV STYLE="clear: both; clear: both">Diluted</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">5,919,253</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">5,367,243</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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<DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; size: 8.5in 11.0in"> <I><FONT STYLE="font-size: 10pt">The accompanying notes are an integral part of these condensed consolidated financial statements.</FONT></I></DIV>

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<DIV STYLE="clear: both; clear: both; size: 8.5in 11.0in; text-align: center"><FONT STYLE="font-variant: small-caps; font-size: 10pt"> <B>&#160;</B></FONT></DIV> <FONT STYLE="font: small-caps 10pt Times New Roman,serif"> </FONT>

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<DIV STYLE="clear: both; clear: both; size: 8.5in 11.0in; text-align: center"><FONT STYLE="font-variant: small-caps; font-size: 10pt"> LAKELAND INDUSTRIES, INC. AND SUBSIDIARIES</FONT></DIV>

<DIV STYLE="clear: both; clear: both; size: 8.5in 11.0in; text-align: center"><FONT STYLE="font-variant: small-caps; font-size: 10pt"> CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</FONT></DIV>

<DIV STYLE="clear: both; clear: both; size: 8.5in 11.0in; text-align: center"><FONT STYLE="font-variant: small-caps; font-size: 10pt"> (UNAUDITED)</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; size: 8.5in 11.0in; text-align: center"><FONT STYLE="font-size: 10pt">Three and Nine months ended October 31, 2013 and 2012</FONT></DIV>

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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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<TR STYLE="height: 12px">
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<TR STYLE="height: 12px">
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    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; border-top: #000000 1px solid; width: 10%">
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    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
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<TR STYLE="height: 12px">
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    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
</TABLE>

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<DIV STYLE="clear: both; clear: both; size: 8.5in 11.0in"><I><FONT STYLE="font-size: 10pt"><B>&#160;</B></FONT></I></DIV>

<DIV STYLE="clear: both; clear: both; size: 8.5in 11.0in"><I><FONT STYLE="font-size: 10pt">The accompanying notes are an integral part of these condensed consolidated financial statements.</FONT></I></DIV>

<DIV STYLE="clear: both; clear: both; size: 8.5in 11.0in"> &#160;</DIV>

<DIV STYLE="clear: both; clear: both; size: 8.5in 11.0in; text-align: center"><FONT STYLE="font-variant: small-caps; font-size: 10pt"> <B>&#160;</B></FONT></DIV> <FONT STYLE="font: small-caps 10pt Times New Roman,serif"> </FONT>

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<TABLE STYLE="width: 100%">
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<TR>
    <TD><BR> </TD> </TR>
</TABLE>

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<DIV STYLE="clear: both; clear: both; size: 8.5in 11.0in; text-align: center"><FONT STYLE="font-variant: small-caps; font-size: 10pt"> LAKELAND INDUSTRIES, INC. AND SUBSIDIARIES</FONT></DIV>

<DIV STYLE="clear: both; clear: both; size: 8.5in 11.0in; text-align: center"><FONT STYLE="font-variant: small-caps; font-size: 10pt"> CONDENSED CONSOLIDATED BALANCE SHEETS</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; size: 8.5in 11.0in; text-align: center"><FONT STYLE="font-size: 10pt">October 31, 2013 and January 31, 2013</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; size: 8.5in 11.0in; text-align: center"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV>

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<TR STYLE="height: 12px">
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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<TR STYLE="height: 12px">
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        <DIV STYLE="clear: both; clear: both">5,019,217</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">6,736,962</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 26px; background-color: #ffffff; color: #000000; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Accounts receivable, net of allowance for doubtful accounts of $244,700 and<BR> &#160;&#160;&#160;&#160;$342,100 at October 31, 2013 and January 31, 2013, respectively</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">15,047,307</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">13,782,908</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 16px; background-color: #ccffcc; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Inventories</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">40,440,287</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">39,270,675</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 16px; background-color: #ffffff; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Deferred income tax</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">4,593,753</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; color: #000000; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#151;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 16px; background-color: #ccffcc; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Assets of discontinued operations in India</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">19,920</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">813,182</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 16px; background-color: #ffffff; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Prepaid income tax</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">628,413</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">1,564,834</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 16px; background-color: #ccffcc; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Other current assets</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">2,484,489</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">1,703,322</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Total current assets</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">68,233,386</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">63,871,883</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Property and equipment, net</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">12,571,924</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">14,089,987</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Prepaid VAT and other taxes, noncurrent</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">2,417,197</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">2,461,386</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Security deposits</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">1,461,437</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">1,546,250</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; color: #000000; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Other assets, net (mainly prepaid financing fees)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">1,782,583</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">477,200</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Goodwill</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">871,297</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">871,297</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Total assets</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">87,337,824</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">83,318,003</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: center; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">LIABILITIES AND STOCKHOLDERS&#8217; EQUITY</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Current liabilities</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 16px; background-color: #ccffcc; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Accounts payable</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">9,241,610</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">6,704,001</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 16px; background-color: #ffffff; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Accrued compensation and benefits</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">1,299,789</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">975,758</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 16px; background-color: #ccffcc; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Other accrued expenses</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; color: #000000; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">2,509,583</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">2,409,453</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 16px; background-color: #ffffff; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Liabilities of discontinued operations in India</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; color: #000000; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#151;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">25,041</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 16px; background-color: #ccffcc; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Current maturity of long-term debt</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">50,000</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">100,481</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 16px; background-color: #ffffff; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Current maturity of arbitration settlement</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">1,000,000</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">1,000,000</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 16px; background-color: #ccffcc; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Short-term borrowing</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">2,700,699</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">7,128,779</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 16px; background-color: #ffffff; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Borrowings under revolving credit facility</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">11,790,905</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">9,558,882</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Total current liabilities</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">28,592,586</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">27,902,395</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Arbitration award in Brazil (net of current maturities)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">4,008,691</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">4,710,691</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Canadian loan</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">1,011,776</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">1,298,085</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Subordinated debt, net of OID</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">1,538,621</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; color: #000000; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#151;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Other liabilities - accrued legal fees in Brazil</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">78,457</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">86,911</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">VAT taxes payable long term</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">3,330,354</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">3,328,820</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Total liabilities</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; color: #000000; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">38,560,485</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">37,326,902</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Stockholders&#8217; equity:</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Preferred stock, $.01 par; authorized 1,500,000 shares - (none issued)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; color: #000000; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#151;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; color: #000000; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#151;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Common stock, $.01 par; authorized 10,000,000 shares, issued 5,711,727 and 5,688,600; outstanding 5,355,286 and 5,332,159 at October 31, 2013 and January 31, 2013, respectively</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">57,117</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">56,886</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 17px; background-color: #ccffcc; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Treasury stock, at cost; 356,441 shares at October 31, 2013 and January 31, 2013</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(3,352,291)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(3,352,291)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 17px; background-color: #ffffff; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Additional paid-in capital</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">53,346,559</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">50,973,065</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 17px; background-color: #ccffcc; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Retained earnings (deficit)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">1,018,995</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(472,444)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 17px; background-color: #ffffff; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Accumulated other comprehensive loss</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; background-color: #ffffff; color: #000000; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(2,293,041)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; background-color: #ffffff; vertical-align: bottom; width: 10%">
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<DIV STYLE="clear: both; clear: both"></DIV>

<DIV STYLE="clear: both; clear: both"></DIV>

<DIV STYLE="clear: both; clear: both"></DIV>

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<DIV STYLE="clear: both; clear: both"></DIV> </DIV> </DIV>

<DIV STYLE="clear: both; text-indent: -13.7pt; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; size: 8.5in 11.0in; text-align: justify"><I><FONT STYLE="font-size: 10pt"> &#160;</FONT></I></DIV>

<DIV STYLE="clear: both; text-indent: 0in; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; size: 8.5in 11.0in; text-align: justify"><I><FONT STYLE="font-size: 10pt">The accompanying notes are an integral part of these condensed consolidated financial statements.</FONT></I></DIV>

<DIV STYLE="clear: both; text-indent: 0in; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; size: 8.5in 11.0in; text-align: justify">&#160;</DIV>

<DIV STYLE="clear: both; text-indent: -13.7pt; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; size: 8.5in 11.0in; text-align: justify"><I><FONT STYLE="font-size: 10pt"> &#160;</FONT></I></DIV> <FONT STYLE="font: 10pt Times New Roman,serif"></FONT>

<DIV STYLE="clear: both; clear: both; size: 8.5in 11.0in"><FONT STYLE="font: 10pt Times New Roman,serif"> </FONT>

<TABLE STYLE="width: 100%">
<TR>
    <TD STYLE="width: 33%; vertical-align: bottom; text-align: left"></TD>
    <TD STYLE="width: 34%; vertical-align: bottom"></TD>
    <TD STYLE="font: normal 10pt Times New Roman; width: 33%; vertical-align: bottom; text-align: right">7</TD> </TR>
<TR>
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<DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; size: 8.5in 11.0in; text-align: center"><FONT STYLE="font-size: 10pt">LAKELAND INDUSTRIES, INC. AND SUBSIDIARIES</FONT></DIV>

<DIV STYLE="clear: both; clear: both; size: 8.5in 11.0in; text-align: center"><FONT STYLE="font-variant: small-caps; font-size: 10pt"> CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY</FONT></DIV>

<DIV STYLE="clear: both; clear: both; size: 8.5in 11.0in; text-align: center"><FONT STYLE="font-variant: small-caps; font-size: 10pt"> (UNAUDITED)</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; size: 8.5in 11.0in; text-align: center"><FONT STYLE="font-size: 10pt">Nine months ended October 31, 2013</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; size: 8.5in 11.0in; text-align: center"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV>

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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 8pt Times New Roman; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 8pt Times New Roman; vertical-align: bottom; border-top: #000000 1px solid; width: 7%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 8pt Times New Roman; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 8pt Times New Roman; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 8pt Times New Roman; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 8pt Times New Roman; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 8pt Times New Roman; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 8pt Times New Roman; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 8pt Times New Roman; vertical-align: bottom; width: 7%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 8pt Times New Roman; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 8pt Times New Roman; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 8pt Times New Roman; vertical-align: bottom; width: 7%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 8pt Times New Roman; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 8pt Times New Roman; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 8pt Times New Roman; vertical-align: bottom; width: 7%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 8pt Times New Roman; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 8pt Times New Roman; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 8pt Times New Roman; vertical-align: bottom; width: 7%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 8pt Times New Roman; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 8pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 27%">
        <DIV STYLE="clear: both; clear: both">Balance, January 31, 2013</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 8pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 8pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 8pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 7%">
        <DIV STYLE="clear: both; clear: both">5,688,600</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 8pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 8pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
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    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 8pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 7%">
        <DIV STYLE="clear: both; clear: both">56,886</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 8pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 8pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 8pt Times New Roman; text-align: right; background-color: #ccffcc; vertical-align: bottom; width: 7%">
        <DIV STYLE="clear: both; clear: both">(356,441)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 8pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 8pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 8pt Times New Roman; text-align: right; background-color: #ccffcc; vertical-align: bottom; width: 7%">
        <DIV STYLE="clear: both; clear: both">(3,352,291)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 8pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 8pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 8pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 7%">
        <DIV STYLE="clear: both; clear: both">50,973,065</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 8pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 8pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 8pt Times New Roman; text-align: right; background-color: #ccffcc; vertical-align: bottom; width: 7%">
        <DIV STYLE="clear: both; clear: both">(472,444)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 8pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 8pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
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        <DIV STYLE="clear: both; clear: both">1,491,439</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">1,491,439</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#151;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">(1,078,926)</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">(1,078,926)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 8pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
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    <TD STYLE="text-align: right; font: normal 400 8pt Times New Roman; padding-right: 4px; background-color: #ffffff; vertical-align: bottom; width: 7%">
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        <DIV STYLE="clear: both; clear: both">5,711,727</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">48,777,339</DIV> </TD>
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<DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; size: 8.5in 11.0in; text-align: justify"><I><FONT STYLE="font-size: 10pt">The accompanying notes are an integral part of these condensed consolidated financial statements.</FONT></I></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; size: 8.5in 11.0in; text-align: justify">&#160;</DIV>

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<TABLE STYLE="width: 100%">
<TR>
    <TD STYLE="width: 33%; vertical-align: bottom; text-align: left"></TD>
    <TD STYLE="width: 34%; vertical-align: bottom"></TD>
    <TD STYLE="font: normal 10pt Times New Roman; width: 33%; vertical-align: bottom; text-align: right">8</TD> </TR>
<TR>
    <TD><BR> </TD> </TR>
</TABLE>

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<DIV STYLE="clear: both; clear: both; size: 8.5in 11.0in; text-align: center"><FONT STYLE="font-variant: small-caps; font-size: 10pt"> LAKELAND INDUSTRIES, INC.&#160;AND SUBSIDIARIES</FONT></DIV>

<DIV STYLE="clear: both; clear: both; size: 8.5in 11.0in; text-align: center"><FONT STYLE="font-variant: small-caps; font-size: 10pt"> CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</FONT></DIV>

<DIV STYLE="clear: both; clear: both; size: 8.5in 11.0in; text-align: center"><FONT STYLE="font-variant: small-caps; font-size: 10pt"> (UNAUDITED)</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; size: 8.5in 11.0in; text-align: center"><FONT STYLE="font-size: 10pt">Nine months ended October 31, 2013 and 2012</FONT></DIV>

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<DIV STYLE="clear: both; clear: both; size: 8.5in 11.0in">

<DIV STYLE="clear: both; position: relative; text-indent: 0in; width: 100%; clear: both">

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<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: bottom; width: 1%">
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        <DIV STYLE="clear: both; clear: both"> For&#160;the&#160;Nine&#160;Months&#160;Ended&#160;October&#160;31,</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: bottom; width: 75%">
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        <DIV STYLE="clear: both; clear: both">2013</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
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    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">1,491,439</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">(8,194,991)</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
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    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 10%">
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    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
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<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ffffff; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Arbitration award in Brazil</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
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    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; color: #000000; vertical-align: bottom; width: 10%">
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    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
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    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">7,873,847</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ccffcc; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Provision for inventory obsolescence</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">617,890</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
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    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">300,000</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ffffff; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Provision for doubtful accounts</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(97,327)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(30,000)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ccffcc; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Deferred income taxes</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(4,635,499)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(1,209,562)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ffffff; color: #000000; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Deferred taxes long-term</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">1,534</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#151;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
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<TR STYLE="height: 12px">
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    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">1,226,422</DIV> </TD>
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    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">1,128,784</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
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        <DIV STYLE="clear: both; clear: both">Interest expense resulting from amortization of warrant OID</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">149,024</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#151;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ccffcc; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Stock based and restricted stock compensation</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">179,002</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 75%">
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ccffcc; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Accounts receivable</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(1,278,455)</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(3,416,523)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ffffff; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Inventories</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(2,553,057)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">2,591,044</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ccffcc; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Prepaid income taxes and other current assets</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">936,421</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(760,075)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ffffff; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Other assets-mainly prepaid fees from financing transaction</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; color: #000000; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(2,507,068)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(370,858)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ccffcc; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Cash received from sale of discontinued operations</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">428,827</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#151;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ffffff; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Assets of discontinued operations</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">364,435</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">8,507</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Increase (decrease) in operating liabilities</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ffffff; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Accounts payable</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; color: #000000; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">2,797,213</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">3,482,073</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ccffcc; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Accrued expenses and other liabilities</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; color: #000000; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">568,456</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">408,254</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ffffff; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Arbitration award in Brazil, net of imputed interest</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(702,000)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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<TR STYLE="height: 12px">
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 27px; background-color: #ffffff; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Net cash provided by (used in) operating activities</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">1,615,467</DIV> </TD>
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<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Cash flows from investing activities:</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ffffff; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Proceeds from sales of Qingdao net of cost of shutdown</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; color: #000000; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#151;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ccffcc; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Purchases of property and equipment</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; background-color: #ccffcc; color: #000000; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(682,227)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(1,291,197)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 27px; background-color: #ffffff; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Net cash provided by (used in) investing activities</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">221,435</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">(1,291,197)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Cash flows from financing activities:</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ffffff; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Net borrowings under credit agreement (revolver)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">11,790,905</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; color: #000000; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(1,898,925)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ccffcc; color: #000000; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Proceeds from term loans, net of repayments</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; color: #000000; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#151;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 3px; background-color: #ccffcc; color: #000000; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">2,280,000</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ffffff; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">TD Bank and BDC repayments at closing of new financing</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(15,108,882)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#151;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ccffcc; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Canada loan repayments</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(1,398,566)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(175,150)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ffffff; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Canada borrowings</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">1,121,317</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#151;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ccffcc; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Subordinated debt financing including warrant valuation</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">3,500,000</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#151;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ffffff; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Legal fees associated with the warrant OID</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(9,000)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#151;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ccffcc; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Borrowings in Brazil</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">159,462</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#151;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ffffff; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Repayments in Brazil</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(606,432)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; color: #000000; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(542,489)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ccffcc; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">UK borrowings, net</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">915,750</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#151;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ffffff; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">China borrowings, net</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">804,922</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#151;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ccffcc; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Other liabilities</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(8,454)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(15,558)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ffffff; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Shares returned in lieu of taxes under restricted stock program</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(31,683)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; color: #000000; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(131,223)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ccffcc; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">VAT taxes payable</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#151;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">10,040</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Net cash provided by (used in) financing activities</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">1,129,339</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">(473,305)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ccffcc; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Effect of exchange rate changes on cash</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">(30,735)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">(10,268)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ffffff; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Net (decrease) in cash and cash equivalents</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">(1,717,745)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">(159,303)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ccffcc; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Cash and cash equivalents at beginning of year</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">6,736,962</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">5,711,038</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ffffff; vertical-align: bottom; width: 75%">
        <DIV STYLE="clear: both; clear: both">Cash and cash equivalents at end of year</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">5,019,217</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">5,551,735</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
</TABLE>

<DIV STYLE="clear: both; clear: both"></DIV> </DIV> </DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; size: 8.5in 11.0in"> <I><FONT STYLE="font-size: 10pt">&#160;</FONT></I></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; size: 8.5in 11.0in"> <I><FONT STYLE="font-size: 10pt">The accompanying notes are an integral part of these condensed consolidated financial statements.</FONT></I></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; size: 8.5in 11.0in; text-align: justify"><I><FONT STYLE="font-size: 10pt">Certain reclassifications of prior period data have been made to conform to current period classification.</FONT></I></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; size: 8.5in 11.0in; text-align: justify">&#160;</DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; size: 8.5in 11.0in; text-align: justify"><I><FONT STYLE="font-size: 10pt"> &#160;</FONT></I></DIV> <FONT STYLE="font: 10pt Times New Roman,serif"></FONT>

<DIV STYLE="clear: both; clear: both; size: 8.5in 11.0in"><FONT STYLE="font: 10pt Times New Roman,serif"> </FONT>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: center"><B><FONT STYLE="font-size: 10pt">LAKELAND INDUSTRIES, INC. AND SUBSIDIARIES</FONT></B></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: center"><B><FONT STYLE="font-size: 10pt">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</FONT></B></DIV>

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<DIV STYLE="clear: both; text-indent: 0in; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><B><I><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"></FONT>1.&#160;&#160;&#160;&#160;Business</FONT></I></B></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">Lakeland Industries, Inc. and Subsidiaries (the "Company"), a Delaware corporation organized in April 1982, manufactures and sells a comprehensive line of safety garments and accessories for the industrial protective clothing and homeland security markets. The principal market for our products is the United States. <FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">No customer accounted for more than 10% of net sales</FONT></FONT> during the nine-month periods ended October 31, 2013 and 2012.<FONT STYLE="font-size: 10pt"></FONT></FONT></DIV> </DIV> <BR>

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<DIV STYLE="clear: both; text-indent: 0in; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><B><I><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"></FONT>2.&#160;&#160;&#160;&#160;Basis of Presentation</FONT></I></B></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">The condensed consolidated financial statements included herein have been prepared by us, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission, and reflect all adjustments (consisting of only normal and recurring adjustments) which are, in the opinion of management, necessary to present fairly the condensed consolidated financial information required therein.&#160;Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) have been condensed or omitted pursuant to such rules and regulations. While we believe that the disclosures are adequate to make the information presented not misleading, it is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K and Form 10-K/A filed with the Securities and Exchange Commission for the fiscal year ended January 31, 2013.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">Our consolidated financial statements have been prepared using the accrual method of accounting in accordance with GAAP.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">Certain reclassifications of prior period data have been made to conform to current period classification.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">The results of operations for the three and nine-month periods ended October 31, 2013, are not necessarily indicative of the results to be expected for the full year.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">In this Form 10-Q, (a)&#160;&#8220;FY&#8221; means fiscal year; thus, for example, FY14 refers to the fiscal year ending January 31, 2014 <FONT STYLE="background-color: #ffffff">and (b) &#8220;Q&#8221; refers to quarter; thus, for example, Q3 FY14 refers to the third quarter of the fiscal year ending January 31, 2014.</FONT></FONT></DIV> </DIV> <BR>

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<DIV STYLE="clear: both; text-indent: 0in; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><B><I><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"></FONT>3.&#160;&#160;&#160;&#160;Principles of Consolidation</FONT></I></B></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.</FONT></DIV> </DIV> <BR>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"></FONT>Inventories consist of the following:</FONT></DIV>

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        <DIV STYLE="clear: both; clear: both"> October&#160;31,&#160;2013</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
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        <DIV STYLE="clear: both; clear: both">Raw materials</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">17,059,057</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">16,361,872</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
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        <DIV STYLE="clear: both; clear: both">Work-in-process</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">1,640,632</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">1,812,788</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
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        <DIV STYLE="clear: both; clear: both">Finished goods</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">21,740,598</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">21,096,015</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 45%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">40,440,287</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">39,270,675</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">Inventories include freight-in, materials, labor and overhead costs and are stated at the lower of cost (on a first-in, first-out basis) or market.</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="background-color: #ffffff">In Q3 FY14, management determined the need for inventory adjustments in the USA and Brazil totaling $<FONT STYLE="font-size: 10pt">1,886,000</FONT> as follows:</FONT></FONT></DIV> <FONT STYLE="font-size: 10pt"></FONT>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; font: 12pt Times New Roman,serif; clear: both; text-align: justify">&#160;</DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt"><U><FONT STYLE="font-size: 10pt"></FONT>USA-Change of Estimate</U></FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="background-color: #ffffff">Management has followed the practice of reviewing its overhead rates on a quarterly basis. In order to properly revise overhead rates, a stabilized period of reliable historical data is needed both for sales volume and for the overhead cost pool. Due to the extended loss in volume resulting from the DuPont license termination in July 2011 and the ensuing cost reduction measures taken in the US, management determined better data was now available in Q3 FY14, at which point management revised its overhead rates relating to US inventory. As a result,</FONT> inventory valuation <FONT STYLE="background-color: #ffffff">was reduced</FONT> by $<FONT STYLE="font-size: 10pt">353,000</FONT> <FONT STYLE="background-color: #ffffff">overall in the US, primarily related to the disposable division. Such adjustment was only applied to inventory produced or purchased in FY14.</FONT></FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;</FONT> <FONT STYLE="font-size: 10pt">&#160;</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><U><FONT STYLE="font-size: 10pt">USA-Lower of Cost or Market</FONT></U></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">There is one discontinued product line in the US that management had been converting to a different style for one customer and reserving the cost of conversion. While this customer continues to purchase these converted styles, during Q3 FY14, management determined that this one customer would not purchase these converted items in sufficient quantity and management will have to sell the remaining stock at a deep discount. Accordingly, <FONT STYLE="background-color: #ffffff">an additional inventory write-down</FONT> of $<FONT STYLE="font-size: 10pt">375,000</FONT> was determined to be appropriate.</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><U><FONT STYLE="font-size: 10pt">Brazil-Lower of Cost or Market</FONT></U></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">In Q3 FY14, it was determined that due to the introduction of a new fabric domestically sourced in Brazil which drove down market pricing, <FONT STYLE="background-color: #ffffff">along with significant improvements and elimination of inefficiencies in the production process,</FONT> adjustments were made to inventory totaling US <FONT STYLE="text-transform: lowercase">$<FONT STYLE="font-size: 10pt">810,000</FONT>.</FONT></FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt"><U> Brazil-Obsolete</U><BR> In addition, in the third quarter of fiscal 2014, the Company identified certain inventory in Brazil as obsolete. The inventory became obsolete as a result of the introduction of competing new products into the Brazilian marketplace which rendered the inventory items obsolete. As a result, the inventory was written down to scrap value. Accordingly, during the third quarter of fiscal 2014 the Company recorded a non-cash charge against inventory of US $<FONT STYLE="font-size: 10pt">348,000</FONT>.<FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt"></FONT></FONT><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"></FONT></FONT></DIV> </DIV> <BR>

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<DIV STYLE="clear: both; text-indent: 0in; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><B><I><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt"></FONT>5.&#160;&#160;&#160;&#160;Earnings Per Share</FONT></I></B></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">Basic earnings per share are based on the weighted average number of common shares outstanding without consideration of common stock equivalents. Diluted earnings per share are based on the weighted average number of common and common stock equivalents. The diluted earnings per share calculation take into account the shares that may be issued upon exercise of stock options, reduced by the shares that may be repurchased with the funds received from their exercise, based on the average price during the period.</FONT></DIV> <FONT STYLE="font-size: 10pt"></FONT>

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    <TD STYLE="font: normal 10pt Times New Roman; width: 33%; vertical-align: bottom; text-align: right">11</TD> </TR>
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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt"></FONT>The following table sets forth the computation of basic and diluted earnings (loss) per share at October 31, 2013 and 2012.</FONT></DIV>

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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; width: 1%">
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">1,491,439</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
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        <DIV STYLE="clear: both; clear: both">Denominator</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 15px; background-color: #ccffcc; vertical-align: bottom; width: 46%">
        <DIV STYLE="clear: both; clear: both">Weighted-average shares outstanding before common share equivalents</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
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    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">5,276,288</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
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<TR STYLE="height: 12px">
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        <DIV STYLE="clear: both; clear: both">Weighted average common equivalent shares resulting from the warrant issued June 28, 2013 to the subordinated debt lender LKL Investments LLC</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">566,015</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#151;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">262,044</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 6px; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#151;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 15px; background-color: #ccffcc; vertical-align: bottom; width: 46%">
        <DIV STYLE="clear: both; clear: both">Total weighted average, including common equivalent shares</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">5,919,253</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; color: #000000; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">5,330,286</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">5,607,654</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; color: #000000; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">5,276,288</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 46%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 16px; background-color: #ccffcc; vertical-align: bottom; width: 46%">
        <DIV STYLE="clear: both; clear: both">Effect of dilutive securities from restricted stock plan and from dilutive effect of stock options</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 6px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#151;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">36,957</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">107,497</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 6px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#151;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 46%">
        <DIV STYLE="clear: both; clear: both">Denominator for diluted earnings (loss) per share (adjusted weighted average shares)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">5,919,253</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">5,367,243</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">5,715,151</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">5,276,288</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 46%">
        <DIV STYLE="clear: both; clear: both">Basic earnings ( loss) per share from continuing operations</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 10%">
        <DIV STYLE="clear: both; clear: both">(0.31)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.05</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.27</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 10%">
        <DIV STYLE="clear: both; clear: both">(1.55)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 46%">
        <DIV STYLE="clear: both; clear: both">Diluted earnings (loss) per share from continuing operations</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">(0.31)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.05</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.26</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">(1.55)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
</TABLE>

<DIV STYLE="clear: both; clear: both"></DIV> </DIV> <FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt"></FONT></DIV> <BR>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; size: 8.5in 11.0in; text-align: justify"><B><I><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt"></FONT>6.&#160;&#160;&#160;&#160;Long-Term Debt</FONT></I></B></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0in 0.2in; font: 12pt Times New Roman,serif; clear: both; size: 8.5in 11.0in; text-align: justify"><FONT STYLE="font-size: 10pt">On June 28, 2013, the Company and its wholly-owned subsidiary, Lakeland Protective Wear Inc. (collectively with the Company, the &#8220;Borrowers&#8221;), entered into a Loan and Security Agreement (the &#8220;Senior Loan Agreement&#8221;) with AloStar Business Credit, a division of AloStar Bank of Commerce, a state banking institution formed under Alabama law (the &#8220;Senior Lender&#8221;). The Senior Loan Agreement provides the Borrowers with a three year $<FONT STYLE="font-size: 10pt">15</FONT> million revolving line of credit, at a variable interest rate based on LIBOR, with a first priority lien on substantially all of the United States and Canada assets of the Company, except for the Canadian warehouse.&#160;</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0in 0.2in; font: 12pt Times New Roman,serif; clear: both; size: 8.5in 11.0in; text-align: justify"><FONT STYLE="font-size: 10pt">On June 28, 2013, the Borrowers also entered into a Loan and Security Agreement (the &#8220;Subordinated Loan Agreement&#8221;) with LKL Investments, LLC, an affiliate of Arenal Capital, a private equity fund (the &#8220;Junior Lender&#8221;). The Subordinated Loan Agreement provides for a $<FONT STYLE="font-size: 10pt">3.5</FONT> million term loan to be made to the Borrowers and a second priority lien on substantially all of the assets of the Company in the United States and Canada, except for the Canadian warehouse and except for a first lien on the Company&#8217;s Mexican facility. Pursuant to the Subordinated Loan Agreement, among other things, Borrowers issued to the Junior Lender a five year term loan promissory note (the &#8220;Note&#8221;). At the election of the Junior Lender, interest under the Note may be paid in cash, by payment in kind (PIK) in additional notes or payable in shares of common stock, par value $.<FONT STYLE="font-size: 10pt">01</FONT> per share (&#8220;Common Stock&#8221;), of the Company (the &#8220;Interest Shares&#8221;). If shares of Common Stock are used to make interest payments on the Note, the number of Interest Shares will be based upon <FONT STYLE="font-size: 10pt">100</FONT>% of an average of the then current market value of the Common Stock, subject to the limitations set forth in the Subordinated Loan Agreement.&#160;The Junior Lender also, in connection with this transaction, received a common stock purchase warrant (the &#8220;Warrant&#8221;) to purchase up to <FONT STYLE="font-size: 10pt">566,015</FONT> shares of Common Stock (subject to adjustment), representing beneficial ownership of approximately <FONT STYLE="font-size: 10pt">9.58</FONT>% of the outstanding Common Stock of the Company, as of the closing of the transactions contemplated by the Subordinated Loan Agreement. The Company&#8217;s receipt of gross proceeds of $<FONT STYLE="font-size: 10pt">3.5</FONT> million in subordinated debt financing was a condition precedent set by Senior Lender, of which this transaction satisfied.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0in 0.2in; font: 12pt Times New Roman,serif; clear: both; size: 8.5in 11.0in; text-align: justify"><FONT STYLE="font-size: 10pt">The proceeds from such financings have been used to fully repay the Company&#8217;s former financing facility with TD Bank, N.A. in the amount of approximately US $<FONT STYLE="font-size: 10pt">13.7</FONT> million. Also repaid upon closing of the financings was the warehouse loan in Canada with a balance of CDN $<FONT STYLE="font-size: 10pt">1,362,000</FONT> Canadian dollars (approximately US $<FONT STYLE="font-size: 10pt">1,320,000</FONT>), payable to Business Development Bank of Canada (&#8220;BDC&#8221;).</FONT><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV> <FONT STYLE="font-size: 10pt"></FONT>

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<DIV STYLE="clear: both; margin: 0in 0in 0in 0.2in; font: 12pt Times New Roman,serif; clear: both; size: 8.5in 11.0in; text-align: justify"><U><FONT STYLE="font-size: 10pt">$<FONT STYLE="font-size: 10pt">15</FONT> million Senior Credit Facility</FONT></U></DIV>

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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">Borrowers are both Lakeland Industries, Inc. and its Canadian operating subsidiary Lakeland Protective Wear Inc.</FONT></DIV> </TD> </TR>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">Borrowing pursuant to a revolving credit facility subject to a borrowing base calculated as the sum of:</FONT></DIV> </TD> </TR>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">85</FONT>% of eligible accounts receivable as defined</FONT></DIV> </TD> </TR>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">The lesser of <FONT STYLE="font-size: 10pt">60</FONT>% of eligible inventory as defined or <FONT STYLE="font-size: 10pt">85</FONT>% of net orderly liquidation value of inventory</FONT></DIV> </TD> </TR>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">In transit inventory in bound to the US up to a cap of $<FONT STYLE="font-size: 10pt">1,000,000</FONT>, subject to a satisfactory appraisal of Alabama real estate, which was received and resolved in August 2013.</FONT></DIV> </TD> </TR>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">Receivables and inventory held by the Canadian operating subsidiary to be included, up to a cap of $<FONT STYLE="font-size: 10pt">2</FONT> million of availability</FONT></DIV> </TD> </TR>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">Amount available at closing was approximately $<FONT STYLE="font-size: 10pt">12.3</FONT> million</FONT></DIV> </TD> </TR>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font: 10pt Courier New">o</FONT></DIV> </TD>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">A perfected first security lien on all of the Borrowers United States and Canadian assets, other than its Mexican plant and the Canadian warehouse</FONT></DIV> </TD> </TR>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">Pledge of 65% of Lakeland US stock in all foreign subsidiaries other than 100% pledge of stock of its Canadian subsidiaries</FONT></DIV> </TD> </TR>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">All customers of Borrowers must remit to a lockbox controlled by Senior Lender or into a blocked account with all collection proceeds applied against the outstanding loan balance</FONT></DIV> </TD> </TR>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">An initial term of three years from June 28, 2013 (the &#8220;Closing Date&#8221;)</FONT></DIV> </TD> </TR>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"></FONT>Prepayment penalties of 3%, if prepaid prior to the first anniversary of Closing Date; 2% if prior to the second anniversary and 1% if prior to the third anniversary of the Closing Date</FONT></DIV> </TD> </TR>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font: 10pt Courier New">o</FONT></DIV> </TD>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">Rate equal to <FONT STYLE="font-size: 10pt">LIBOR rate plus 525 basis points</FONT></FONT></DIV> </TD> </TR>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font: 10pt Courier New">o</FONT></DIV> </TD>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">0.50</FONT>% per annum on unused portion of commitment</FONT></DIV> </TD> </TR>
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    <TD STYLE="padding: 0in; width: 11%; vertical-align: top; width: 11%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV> </TD>
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    <TD STYLE="padding: 0in; width: 11%; vertical-align: top; width: 11%">
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font: 10pt Courier New">o</FONT></DIV> </TD>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV> </TD>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font: 10pt Courier New">o</FONT></DIV> </TD>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">Borrowers covenanted that, from the Closing Date until the commitment termination date and full payment of the obligations to Senior Lender, Lakeland Industries, Inc. (the parent company), together with its subsidiaries on a consolidated basis, excluding its Brazilian subsidiary, shall comply with the following additional covenants:</FONT></DIV> </TD> </TR>
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    <TD STYLE="padding: 0in; width: 20%; vertical-align: top; width: 20%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV> </TD>
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</TABLE> </DIV>

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<TR>
    <TD STYLE="padding: 0in; width: 26%; vertical-align: top; width: 26%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV> </TD>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font: 10pt Courier New">o</FONT></DIV> </TD>
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    <TD STYLE="padding: 0in; width: 26%; vertical-align: top; width: 26%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV> </TD>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font: 10pt Courier New">o</FONT></DIV> </TD>
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    <TD STYLE="padding: 0in; width: 26%; vertical-align: top; width: 26%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV> </TD>
    <TD STYLE="padding: 0in; width: 4%; vertical-align: top; width: 4%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font: 10pt Courier New"></FONT>
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font: 10pt Courier New"><FONT STYLE="font: 10pt Courier New">o</FONT></FONT></DIV> </DIV> </TD>
    <TD STYLE="padding: 0in; width: 70%; vertical-align: top; width: 70%">
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">Capital Expenditures. Borrowers shall not during any fiscal year make capital expenditures in an amount exceeding $<FONT STYLE="font-size: 10pt">1</FONT> million in the aggregate</FONT></DIV> </TD> </TR>
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    <TD STYLE="padding: 0in; width: 20%; vertical-align: top; width: 20%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV> </TD>
    <TD STYLE="padding: 0in; width: 4%; vertical-align: top; width: 4%">
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">The Company is in compliance with all loan covenants of the Senior Debt at October 31, 2013.</FONT></DIV> </TD> </TR>
</TABLE> </DIV> <FONT STYLE="font-size: 10pt"></FONT>

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    <TD STYLE="font: normal 10pt Times New Roman; width: 33%; vertical-align: bottom; text-align: right">13</TD> </TR>
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    <TD STYLE="padding: 0in; width: 4%; vertical-align: top; width: 4%">
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV> </TD>
    <TD STYLE="padding: 0in; width: 4%; vertical-align: top; width: 4%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font: 10pt Courier New">o</FONT></DIV> </TD>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">Standard financial reporting requirements as defined</FONT></DIV> </TD> </TR>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV> </TD>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font: 10pt Courier New">o</FONT></DIV> </TD>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV> </TD>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font: 10pt Courier New">o</FONT></DIV> </TD>
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</TABLE> </DIV>

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    <TD STYLE="padding: 0in; width: 4%; vertical-align: top; width: 4%">
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    <TD STYLE="padding: 0in; width: 11%; vertical-align: top; width: 11%">
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    <TD STYLE="padding: 0in; width: 11%; vertical-align: top; width: 11%">
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV> </TD>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">Registration Rights: the Company commits to filing with the Securities and Exchange Commission a registration statement covering the shares issuable in connection with the subordinated loan transaction within 90 days of the Closing Date and to have it effective no later than 180 days from the Closing Date, which requirement has been complied with</FONT></DIV> </TD> </TR>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">Investor Rights: Junior lender will have the right to designate one board member or a board observer, subject to certain conditions. As of December 12, 2013, the Junior lender has not exercised this right</FONT></DIV> </TD> </TR>
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    <TD STYLE="padding: 0in; width: 11%; vertical-align: top; width: 11%">
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    <TD STYLE="padding: 0in; width: 11%; vertical-align: top; width: 11%">
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font: 10pt Courier New">o</FONT></DIV> </TD>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV> </TD>
    <TD STYLE="padding: 0in; width: 4%; vertical-align: top; width: 4%">
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">(a) Upon early repayment of the Term Loan, Borrowers shall be obligated to pay, in addition to all of the other Obligations then outstanding, an amount equal to the product obtained by multiplying $<FONT STYLE="font-size: 10pt">3,500,000</FONT> by the applicable percentage set forth below:</FONT></DIV> </TD> </TR>
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<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; clear: both; font-size: 10pt; width: 100%">
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<TR>
    <TD STYLE="padding: 0in; width: 28%; vertical-align: top; width: 28%">
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<TR>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font: 10pt Courier New">o</FONT></DIV> </TD>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">Financial covenants setback <FONT STYLE="font-size: 10pt">10</FONT>% from those in the Senior Loan Agreement</FONT></DIV> </TD> </TR>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV> </TD>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font: 10pt Courier New">o</FONT></DIV> </TD>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">Second priority lien on substantially all of the assets of the Company in the United States and Canada, except a first lien on Mexican facility</FONT></DIV> </TD> </TR>
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    <TD STYLE="padding: 0in; width: 11%; vertical-align: top; width: 11%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV> </TD>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font: 10pt Courier New">o</FONT></DIV> </TD>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">The Company is in compliance with all covenants of the Subordinated Debt at October 31, 2013.</FONT></DIV> </TD> </TR>
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    <TD STYLE="font: normal 10pt Times New Roman; width: 33%; vertical-align: bottom; text-align: right">14</TD> </TR>
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    <TD><BR> </TD> </TR>
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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"> </FONT>Management has valued the Warrant at $<FONT STYLE="font-size: 10pt">2.2</FONT> million. This has been treated as Original Issue Discount (OID) and is being amortized as additional interest over the five-year term of the related subordinated debt. The effective rate of return to the Junior Lender is computed by deducting the warrant valuation OID from the $3.5 million principal leaving a valuation for the debt at closing of $<FONT STYLE="font-size: 10pt">1.3</FONT> million.&#160;Including the <FONT STYLE="font-size: 10pt">12</FONT>% coupon and the amortization of the OID gives an effective per annum rate on just the debt of approximately <FONT STYLE="font-size: 10pt">47</FONT>%, assuming the warrant is broken out separately.&#160;However, management views this to be one blended loan or transaction along with the Senior Debt of up to $15 million at <FONT STYLE="font-size: 10pt"> 6.25</FONT>%, since the subordinated debt was <FONT STYLE="font: 10pt Times New Roman; color: black"> since the subordinated debt was a</FONT> required condition of closing made by the Senior Lender.&#160;</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">Amounts outstanding as of October 31, 2013 under the Senior Lender Facility were $<FONT STYLE="font-size: 10pt">11.8</FONT> million and under the Junior Lender Facility, $<FONT STYLE="font-size: 10pt">3.5</FONT> million net of un-amortized original issue discount of $<FONT STYLE="font-size: 10pt">2.0</FONT> million for a net value of $<FONT STYLE="font-size: 10pt">1.5</FONT> million included in the subordinated debt on the balance sheet.</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><B> <FONT STYLE="font-size: 10pt">Borrowings in Brazil</FONT></B></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">On April 19, 2013 the Company borrowed approximately US $<FONT STYLE="font-size: 10pt">240,000</FONT> (R<FONT STYLE="font-size: 10pt">560,000</FONT>) for working capital at an annual interest rate of <FONT STYLE="font-size: 10pt"> 18.16</FONT>%. On September 5, 2013, the Company borrowed approximately US $<FONT STYLE="font-size: 10pt">150,000</FONT> (R<FONT STYLE="font-size: 10pt">354,000</FONT>) for working capital at an interest rate of&#160;<FONT STYLE="font-size: 10pt"> 1.80</FONT>% per month The total bank loans in Brazil outstanding at October 31, 2013 were the equivalent of US $<FONT STYLE="font-size: 10pt">1.1</FONT> million and are included in short term borrowings on the balance sheet.</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><B> <FONT STYLE="font-size: 10pt">Borrowings in UK</FONT></B></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">On February 20, 2013 the Company and its UK subsidiary completed an agreement to obtain accounts receivable financing with HSBC Bank in the UK in the amount &#163;<FONT STYLE="font-size: 10pt">1,000,000</FONT> (approximately US $<FONT STYLE="font-size: 10pt">1,500,000</FONT> at current exchange rates), more fully described in the Company&#8217;s Form 8-K which was filed on February 20, 2013. The balance outstanding under this facility at October 31, 2013 was the equivalent of US $<FONT STYLE="font-size: 10pt">1.2</FONT> million and is included in short-term borrowings on the balance sheet. The interest rate repayment rate is <FONT STYLE="font-size: 10pt">3.46</FONT>% and the term is for a minimum period of one year renewable on January 31, 2014. The Company is negotiating for renewal and expects the renewal to occur.&#160;</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><B> <FONT STYLE="font-size: 10pt">China Loan</FONT></B></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">On August 12, 2013, the Company&#8217;s China subsidiary borrowed approximately US $<FONT STYLE="font-size: 10pt">0.8</FONT> million at an interest rate of <FONT STYLE="font-size: 10pt">5.395</FONT>% for a term of one year as more fully described in the Company&#8217;s Form 8-K which was filed on August 16, 2013. The balance under this loan outstanding at October 31, 2013 was $<FONT STYLE="font-size: 10pt">804,922</FONT>. Such amounts mature August 2014 and is included in short-term borrowings on the balance sheet.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><B> <FONT STYLE="font-size: 10pt">Canada Loan</FONT></B></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">In September 2013 the Company refinanced its loan with the Development Bank of Canada (BDC) for a principal amount of approximately Canadian and US $ <FONT STYLE="font-size: 10pt">1.1</FONT> million. Such loan is for a term of <FONT STYLE="font-size: 10pt">240</FONT> months at an interest rate of <FONT STYLE="font-size: 10pt">6.45</FONT>% with fixed monthly payments of approximately US $<FONT STYLE="font-size: 10pt">7,780</FONT> (C$<FONT STYLE="font-size: 10pt">8,169</FONT>) including principal and interest. It is collateralized by a mortgage on the Company's warehouse in Brantford, Ontario. The amount outstanding at October 31, 2013 is $<FONT STYLE="font-size: 10pt">1,061,776</FONT> which is included as $<FONT STYLE="font-size: 10pt">1,011,776</FONT> Canadian loan on the accompanying balance sheet, net of current maturities of $<FONT STYLE="font-size: 10pt">50,000<FONT STYLE="font-size: 10pt"></FONT></FONT></FONT></DIV> <FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt"></FONT>

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<DIV STYLE="clear: both; text-align: justify; margin: 0in 0in 0in 0.25in; clear: both"> <FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman">No supplier accounted for</FONT> more than <FONT STYLE="font-size: 10pt"> 10</FONT>% of cost of sales&#160;during the nine month period ended October 31, 2013.</FONT></DIV>

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<DIV STYLE="clear: both; text-indent: -0.25in; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><B><I><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"></FONT>8.<FONT STYLE="font-size: 10pt">&#160;&#160;&#160;&#160;</FONT> Employee Stock Compensation</FONT></I></B></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0in 0.25in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">The Company has three main share-based payment plans:<FONT STYLE="font-size: 10pt">&#160;</FONT> The Nonemployee Directors Option Plan (the &#8220;Directors Plan&#8221;) and two Restricted Stock Plans (the &#8220;2009 Equity Plan&#8221; and the &#8220;2012 Equity Plan&#8221;). Both the 2009 and 2012 Equity Plans have an identical structure. The below table summarizes the main provisions of each of these plans:</FONT></DIV>

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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV> </TD>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">The plan provides for an automatic one-time grant of options to purchase <FONT STYLE="font-size: 10pt">5,000</FONT> shares of common stock to each nonemployee director newly elected or appointed. Options are granted at not less than fair market value, become exercisable commencing six months from the date of grant and expire six years from the date of grant. In addition, all nonemployee directors re-elected to the Company&#8217;s Board of Directors at any annual meeting of the stockholders will automatically be granted additional options to purchase <FONT STYLE="font-size: 10pt"> 1,000</FONT> shares of common stock on that date. Such plan expired at December 31, 2012, as to any new awards. Existing options will expire based on individual award dates.</FONT></DIV> </TD> </TR>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">Long-term incentive compensation three-year plan. Directors are granted potential share awards at the beginning of the three-year cycle at baseline and maximum amounts.<FONT STYLE="font-size: 10pt">&#160;</FONT> The level of award and final vesting is based on the Board of Director&#8217;s opinion as to the performance of the Company and management in the entire three-year cycle.<FONT STYLE="font-size: 10pt">&#160;</FONT> All vesting is three-year &#8220;cliff&#8221; vesting - there is no early vesting. The valuation is based on the stock price at the grant date and amortized to expense over the three-year period.</FONT></DIV> </TD> </TR>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">All participating employees are eligible to receive one share of restricted stock awarded for each two shares of Lakeland stock purchased on the open market. Such restricted shares are subject to three-year time vesting. The valuation is based on the stock price at the grant date and amortized to expense over the three-year period.</FONT></DIV> </TD> </TR>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">All participating employees are eligible to elect to receive any cash bonus in shares of restricted stock.<FONT STYLE="font-size: 10pt">&#160;</FONT> Such restricted shares are subject to two-year time vesting. The valuation is based on the stock price at the grant date and amortized to expense over the two-year period. Since the employee is giving up cash for unvested shares, the amount of shares awarded is <FONT STYLE="font-size: 10pt">133</FONT>% of the cash amount based on the grant date stock price. The Chief Executive Officer, Chief Financial Officer and the Chief Operating Officer of the Company have all elected to take <FONT STYLE="font-size: 10pt"> 30</FONT>% of their cash compensation in restricted stock pursuant to this program, commencing in October 2012 <FONT STYLE="font: 10pt Times New Roman; color: black">and ending in July 2013</FONT>.</FONT></DIV> </TD> </TR>
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<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"></FONT>The following table represents our stock options granted, exercised and forfeited during the nine months ended October 31, 2013.</FONT></DIV>

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        <DIV STYLE="clear: both; clear: both">Aggregate<BR> Intrinsic<BR> Value</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 51%">
        <DIV STYLE="clear: both; clear: both">Outstanding at January 31, 2013</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">24,000</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">7.47</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">3.95 years</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">1,300</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 51%">
        <DIV STYLE="clear: both; clear: both">Granted during the nine months ended October 31, 2013</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#151;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#151;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#151;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#151;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 19px; background-color: #ccffcc; vertical-align: bottom; width: 51%">
        <DIV STYLE="clear: both; clear: both">Outstanding at October 31, 2013</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">24,000</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">7.47</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">3.20 years</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#151;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 19px; background-color: #ffffff; vertical-align: bottom; width: 51%">
        <DIV STYLE="clear: both; clear: both">Exercisable at October 31, 2013</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">24,000</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">7.47</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">3.20 years</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#151;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 51%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
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        <DIV STYLE="clear: both; clear: both">Reserved for future issuance:</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
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        <DIV STYLE="clear: both; clear: both">Directors&#8217; Plan (expired on December 31, 2012)</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 4px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#151;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"><FONT STYLE="font-size: 10pt">There were no exercises or forfeitures during the nine months ended October 31, 2013.</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><B><I><FONT STYLE="font-size: 10pt"> &#160;</FONT></I></B></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><B><I><FONT STYLE="font-size: 10pt">Restricted Stock Plan and Performance Equity Plan</FONT></I></B></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><B><I><FONT STYLE="font-size: 10pt"> &#160;</FONT></I></B></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">On June 17, 2009, the stockholders of the Company approved the 2009 Equity Plan. A total of <FONT STYLE="font-size: 10pt">253,000</FONT> shares of restricted stock were authorized under this plan. On June 20, 2012, the stockholders of the Company authorized <FONT STYLE="font-size: 10pt">310,000</FONT> shares under the 2012 Equity Plan. Under these restricted stock plans, eligible employees and directors are awarded performance-based restricted shares of the Company common stock. The amount recorded as expense for the performance-based grants of restricted stock are based upon an estimate made at the end of each reporting period as to the most probable outcome of this plan at the end of the three-year performance period (e.g., baseline, maximum or zero). In addition to the grants with vesting based solely on performance, certain awards pursuant to the plan have a time-based vesting requirement, under which awards vest from two to three years after grant issuance, subject to continuous employment and certain other conditions.<FONT STYLE="font-size: 10pt">&#160;</FONT> Restricted stock has voting rights, and the underlying shares are not considered to be issued and outstanding until vested.</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">Under the 2009 Equity Incentive Plan, the Company has issued <FONT STYLE="font-size: 10pt">177,293</FONT> fully vested shares as of October 31, 2013. The Company has granted up to a maximum of <FONT STYLE="font-size: 10pt">5,567</FONT> restricted stock awards remaining unvested as of October 31, 2013 and have a weighted average grant date fair value of $8.86.<FONT STYLE="font-size: 10pt">&#160;</FONT> The Company recognizes expense related to performance-based awards over the requisite service period using the straight-line attribution method based on the outcome that is probable.</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">As of October 31, 2013, unrecognized stock-based compensation expense related to restricted stock awards totaled $<FONT STYLE="font-size: 10pt">4,807</FONT> pursuant to the 2009 Equity Incentive Plan and $<FONT STYLE="font-size: 10pt">1,425,477</FONT> pursuant to the 2012 Equity Incentive Plan, before income taxes, based on the maximum performance award level, less what has been charged to expense on a cumulative basis through October 31, 2013, which was set to zero. Such unrecognized stock-based compensation expense related to restricted stock awards totaled $<FONT STYLE="font-size: 10pt">4,807</FONT> for the 2009 Equity Incentive Plan and $<FONT STYLE="font-size: 10pt">1,029,417</FONT> for the 2012 Equity Incentive Plan at the baseline performance level. The cost of these nonvested awards is expected to be recognized over a weighted-average period of three years. The Board has estimated its current performance level to be at zero, and expenses have been recorded accordingly. The performance-based awards are not considered stock equivalents for earnings per share (&#8220;EPS&#8221;) calculation purposes.</FONT></DIV>

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<TABLE STYLE="width: 100%">
<TR>
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    <TD STYLE="width: 34%; vertical-align: bottom"></TD>
    <TD STYLE="font: normal 10pt Times New Roman; width: 33%; vertical-align: bottom; text-align: right">18</TD> </TR>
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    <TD><BR> </TD> </TR>
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<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><B><I><FONT STYLE="font-size: 10pt">Stock-Based Compensation</FONT></I></B></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">The Company recognized total stock-based compensation costs of $<FONT STYLE="font-size: 10pt">179,002</FONT> and $<FONT STYLE="font-size: 10pt">349,530</FONT> for the nine-months ended October 31, 2013 and 2012, respectively, of which $<FONT STYLE="font-size: 10pt">13,881</FONT> and $<FONT STYLE="font-size: 10pt">124,342</FONT> result from the 2009 Equity Plan and $<FONT STYLE="font-size: 10pt">165,121</FONT> and $<FONT STYLE="font-size: 10pt">204,663</FONT> result from the 2012 Equity Plan for the years ended October 31, 2013 and 2012, respectively, and $<FONT STYLE="font-size: 10pt">0</FONT> and $<FONT STYLE="font-size: 10pt">20,525</FONT>, respectively, from the Director Option Plan. These amounts are reflected in selling, general and administrative expenses. The total income tax benefit recognized for stock-based compensation arrangements was $<FONT STYLE="font-size: 10pt">64,441</FONT> and $<FONT STYLE="font-size: 10pt">127,310</FONT> for the years ended October 31, 2013 and 2012, respectively.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; font-size: 10pt"> <FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt"></FONT>

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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">164,500</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
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        <DIV STYLE="clear: both; clear: both">Restricted stock grants &#150; directors</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">49,500</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">49,500</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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<TR STYLE="height: 12px">
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        <DIV STYLE="clear: both; clear: both">Weighted average grant date fair value</DIV> </TD>
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<DIV STYLE="clear: both; clear: both"></DIV> </DIV> </DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV>

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        <DIV STYLE="clear: both; clear: both">&#151;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#151;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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<TR STYLE="height: 12px">
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">5,566</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#151;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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</TABLE>

<DIV STYLE="clear: both; clear: both"></DIV> </DIV> </DIV>

<DIV STYLE="clear: both; text-indent: -0.25in; margin: 0in 0in 0pt 0.5in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV>

<DIV STYLE="clear: both; text-indent: -0.25in; margin: 0in 0in 0pt 0.5in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>(a)</SUP><FONT STYLE="font-size: 10pt">&#160;&#160;</FONT> The Board has estimated the current performance level at zero and expenses have been recorded accordingly.</FONT></DIV>

<DIV STYLE="clear: both; text-indent: -0.25in; margin: 0in 0in 0pt 0.5in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT>&#160;</DIV>

<DIV STYLE="clear: both; text-indent: -0.25in; margin: 0in 0in 0pt 0.5in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT>&#160;</DIV>

<DIV STYLE="clear: both; text-indent: 0in; margin: 0in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT>

<TABLE STYLE="width: 100%">
<TR>
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    <TD STYLE="width: 34%; vertical-align: bottom"></TD>
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<TR>
    <TD><BR> </TD> </TR>
</TABLE>

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<DIV STYLE="clear: both; text-indent: -0.25in; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><B><I><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt"></FONT>9.<FONT STYLE="font-size: 10pt">&#160;&#160;&#160;&#160;</FONT> Manufacturing Segment Data</FONT></I></B></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both"> <FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"> </FONT><FONT STYLE="font-size: 10pt"></FONT>Domestic and international sales are as follows in millions of dollars:</FONT></DIV>

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    <TD COLSPAN="12" STYLE="text-align: center; font: normal 400 10pt Times New Roman; vertical-align: bottom; width: 40%">
        <DIV STYLE="clear: both; clear: both">Three Months Ended</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">Nine Months Ended</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">October 31,</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">October 31,</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
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    <TD COLSPAN="5" STYLE="border-bottom: #000000 1px solid; font: normal 700 10pt Times New Roman; text-align: center; vertical-align: bottom; width: 19%">
        <DIV STYLE="clear: both; clear: both">2013</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">2012</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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    <TD COLSPAN="5" STYLE="border-bottom: #000000 1px solid; font: normal 700 10pt Times New Roman; text-align: center; vertical-align: bottom; width: 19%">
        <DIV STYLE="clear: both; clear: both">2013</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD COLSPAN="5" STYLE="border-bottom: #000000 1px solid; font: normal 700 10pt Times New Roman; text-align: center; vertical-align: bottom; width: 19%">
        <DIV STYLE="clear: both; clear: both">2012</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
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        <DIV STYLE="clear: both; clear: both">Domestic</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 8%">
        <DIV STYLE="clear: both; clear: both">11.5</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 8%">
        <DIV STYLE="clear: both; clear: both">50</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">%</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 8%">
        <DIV STYLE="clear: both; clear: both">9.8</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 8%">
        <DIV STYLE="clear: both; clear: both">41</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">%</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 8%">
        <DIV STYLE="clear: both; clear: both">35.7</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 8%">
        <DIV STYLE="clear: both; clear: both">52</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">%</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 8%">
        <DIV STYLE="clear: both; clear: both">28.7</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 8%">
        <DIV STYLE="clear: both; clear: both">40</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">%</DIV> </TD> </TR>
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    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 16%">
        <DIV STYLE="clear: both; clear: both">International</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 8%">
        <DIV STYLE="clear: both; clear: both">11.3</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 8%">
        <DIV STYLE="clear: both; clear: both">50</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">%</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 8%">
        <DIV STYLE="clear: both; clear: both">14.4</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 8%">
        <DIV STYLE="clear: both; clear: both">59</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">%</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 8%">
        <DIV STYLE="clear: both; clear: both">33.5</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 8%">
        <DIV STYLE="clear: both; clear: both">48</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">%</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 8%">
        <DIV STYLE="clear: both; clear: both">43.0</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 8%">
        <DIV STYLE="clear: both; clear: both">60</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">%</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 16%">
        <DIV STYLE="clear: both; clear: both">Total</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 8%">
        <DIV STYLE="clear: both; clear: both">22.8</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 8%">
        <DIV STYLE="clear: both; clear: both">100</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">%</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 8%">
        <DIV STYLE="clear: both; clear: both">24.2</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 8%">
        <DIV STYLE="clear: both; clear: both">100</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">%</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 8%">
        <DIV STYLE="clear: both; clear: both">69.2</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 8%">
        <DIV STYLE="clear: both; clear: both">100</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">%</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 8%">
        <DIV STYLE="clear: both; clear: both">71.7</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 8%">
        <DIV STYLE="clear: both; clear: both">100</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">%</DIV> </TD> </TR>
</TABLE> </DIV> </DIV> <FONT STYLE="font-size: 10pt"></FONT>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0in 0.25in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">We manage our operations by evaluating each of our geographic locations. Our North American operations include our facilities in Alabama (primarily the distribution to customers of the bulk of our products and manufacturing of our chemical suit and fire protective products), Mexico (primarily disposable, glove, chemical suit and woven production) and Pennsylvania (primarily production of high visibility products). We also maintain two manufacturing companies in China (primarily disposable, chemical and woven suit production), a wovens manufacturing facility in Brazil and a small manufacturing facility in Argentina. We evaluate the performance of these entities based on operating profit, which is defined as income before income taxes, interest expense and other income and expenses. We have sales forces in Canada, Europe, Latin America, India, Russia, Kazakhstan and China, which sell and distribute products shipped from the United States, Mexico, Brazil or China.<FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt"></FONT>The table below represents information about reported manufacturing segments for the years noted therein:</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; font-size: 10pt">

<DIV STYLE="clear: both; position: relative; text-indent: 0in; width: 100%; clear: both">

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="LEFT" STYLE="border: #9eb6ce 0px solid; margin: 0in 0in 0in 0.25in; width: 90%; border-collapse: collapse; clear: both; overflow: visible">
<TR STYLE="height: 10px">
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both"> Three&#160;Months&#160;Ended<BR> October&#160;31<BR> (in&#160;millions&#160;of&#160;dollars)</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">Nine&#160;Months&#160;Ended<BR> October&#160;31<BR> (in&#160;millions&#160;of&#160;dollars)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">2013</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: center; vertical-align: bottom; width: 11%">
        <DIV STYLE="clear: both; clear: both">2012</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: center; vertical-align: bottom; width: 11%">
        <DIV STYLE="clear: both; clear: both">2013</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: center; vertical-align: bottom; width: 11%">
        <DIV STYLE="clear: both; clear: both">2012</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">Net Sales:</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ffffff; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">USA</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">12.40</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">10.58</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">37.60</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">30.77</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ccffcc; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">Other foreign</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">5.36</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">5.99</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">17.48</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">16.44</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ffffff; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">Mexico</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.90</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.69</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">2.35</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">1.75</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ccffcc; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">China</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">11.17</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">9.53</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">32.53</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">27.79</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ffffff; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">Brazil</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">1.91</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">4.28</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">5.40</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">14.17</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ccffcc; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">Corporate</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.37</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.14</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">1.50</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.53</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ffffff; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">Less intersegment sales</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(9.32)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(6.97)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(27.70)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(19.73)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 13px; background-color: #ccffcc; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">Consolidated sales</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">22.79</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">24.24</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">69.16</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">71.72</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">External Sales:</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; border-top: #000000 3px double; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; border-top: #000000 3px double; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; border-top: #000000 3px double; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; border-top: #000000 3px double; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; border-top: #000000 3px double; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; border-top: #000000 3px double; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; border-top: #000000 3px double; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; border-top: #000000 3px double; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 14px; background-color: #ccffcc; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">USA</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">11.47</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">9.83</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">35.65</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">28.69</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 14px; background-color: #ffffff; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">Other foreign</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">5.14</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">5.69</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">16.02</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">15.91</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 14px; background-color: #ccffcc; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">Mexico</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.38</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; color: #000000; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.24</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.88</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.50</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 14px; background-color: #ffffff; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">China</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">3.90</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">4.20</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">11.29</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">12.45</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 14px; background-color: #ccffcc; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">Brazil</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">1.90</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; color: #000000; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">4.28</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">5.32</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">14.17</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 14px; background-color: #ffffff; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">Consolidated external sales</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">22.79</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">24.24</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">69.16</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">71.72</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">Intersegment Sales:</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 15px; background-color: #ffffff; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">USA</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.93</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.75</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">1.95</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">2.08</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 15px; background-color: #ccffcc; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">Other foreign</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.21</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.30</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">1.50</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.53</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 15px; background-color: #ffffff; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">Mexico</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.52</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.45</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">1.47</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">1.25</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 15px; background-color: #ccffcc; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">China</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">7.27</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">5.33</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">21.24</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">15.34</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 15px; background-color: #ffffff; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">Brazil</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.02</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">0.00</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">0.08</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">0.00</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
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    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 15px; background-color: #ccffcc; vertical-align: bottom; width: 41%">
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">0.37</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">0.14</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">1.46</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">0.53</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 15px; background-color: #ffffff; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">Consolidated intersegment sales</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
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    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">6.97</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">27.70</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">19.73</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
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        <DIV STYLE="clear: both; clear: both">Operating Profit (Loss):</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 3px double; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 16px; background-color: #ffffff; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">USA</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">1.07</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.40</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">4.20</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.52</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 16px; background-color: #ccffcc; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">Other foreign</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">0.06</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.42</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">0.56</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.91</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 16px; background-color: #ffffff; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">Mexico</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">0.04</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.01</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">(0.03)</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">(0.05)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 16px; background-color: #ccffcc; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">China</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">1.06</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">1.01</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">2.65</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">2.15</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 16px; background-color: #ffffff; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">Brazil</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">(1.93)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(0.37)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(3.74)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(0.24)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 16px; background-color: #ccffcc; vertical-align: bottom; width: 41%">
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    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(1.25)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(1.25)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(3.61)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(3.62)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 16px; background-color: #ffffff; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">Less intersegment profit</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(0.08)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.05</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.00</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.77</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 16px; background-color: #ccffcc; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">Consolidated operating profit</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">(1.03)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.27</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; color: #000000; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.03</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.44</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
</TABLE>

<DIV STYLE="clear: both; clear: both"></DIV> </DIV> </DIV> <FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt"></FONT>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"><FONT STYLE="font: 10pt Cambria">&#160;</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"><FONT STYLE="font: 10pt Cambria"></FONT>&#160;</DIV> <FONT STYLE="font: 10pt Cambria"></FONT>

<DIV STYLE="clear: both; text-indent: 0in; margin: 0in; clear: both"> <FONT STYLE="font: 10pt Cambria"></FONT>

<TABLE STYLE="width: 100%">
<TR>
    <TD STYLE="width: 33%; vertical-align: bottom; text-align: left"></TD>
    <TD STYLE="width: 34%; vertical-align: bottom"></TD>
    <TD STYLE="font: normal 10pt Times New Roman; width: 33%; vertical-align: bottom; text-align: right">20</TD> </TR>
<TR>
    <TD><BR> </TD> </TR>
</TABLE>

<DIV STYLE="clear: both; page-break-after: always; background-color: rgb(0,0,0); font-style: normal; text-indent: 0in; margin: 0in; height: 1px; clear: both; font-size: 1px"></DIV> </DIV>

<DIV STYLE="clear: both; text-indent: 0in; margin: 0in; clear: both"> <FONT STYLE="font: 10pt Cambria"> &#160;</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; font-size: 10pt"> <FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt"></FONT>

<DIV STYLE="clear: both; position: relative; text-indent: 0in; width: 100%; clear: both">

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="LEFT" STYLE="border: #9eb6ce 0px solid; margin: 0in 0in 0in 0.25in; width: 90%; border-collapse: collapse; clear: both; overflow: visible">
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">2013</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">2012</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: center; color: #000000; vertical-align: bottom; width: 11%">
        <DIV STYLE="clear: both; clear: both">2013</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">2012</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">Depreciation and Amortization Expense:</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 15px; background-color: #ffffff; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">USA</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.05</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.07</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.16</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.20</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 15px; background-color: #ccffcc; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">Other foreign</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.04</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.03</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.14</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">0.09</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">0.20</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">0.26</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 15px; background-color: #ffffff; vertical-align: bottom; width: 41%">
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">0.09</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">0.09</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">0.28</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">0.27</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">0.19</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">0.09</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">0.42</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">0.24</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
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        <DIV STYLE="clear: both; clear: both">Less intersegment</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">(0.01)</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">(0.01)</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">0.00</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 15px; background-color: #ccffcc; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">Consolidated depreciation and amortization expense</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
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        <DIV STYLE="clear: both; clear: both">USA</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">0.00</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 16px; background-color: #ffffff; vertical-align: bottom; width: 41%">
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">0.87</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">0.76</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">0.33</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">0.17</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">0.74</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">0.41</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
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    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">(0.09)</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">(0.19)</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">(0.41)</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">(0.56)</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
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        <DIV STYLE="clear: both; clear: both">Consolidated interest expense</DIV> </TD>
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    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
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        <DIV STYLE="clear: both; clear: both">USA</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">0.73</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">0.00</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">(0.43)</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">(0.32)</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">(3.91)</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">(0.05)</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">(0.26)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
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        <DIV STYLE="clear: both; clear: both">Consolidated income tax benefit</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">(0.30)</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">(3.10)</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">(0.67)</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
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<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; font-size: 10pt">

<DIV STYLE="clear: both; position: relative; text-indent: 0in; width: 100%; clear: both">

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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">2013</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: center; color: #000000; vertical-align: middle; width: 11%">
        <DIV STYLE="clear: both; clear: both">2012</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: middle; width: 65%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD COLSPAN="5" STYLE="text-align: center; font: normal 400 10pt Times New Roman; color: #000000; vertical-align: middle; width: 23%">
        <DIV STYLE="clear: both; clear: both">(in millions of dollars)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 65%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: normal 400 10pt Times New Roman; background-color: #ffffff; color: #000000; vertical-align: bottom; width: 11%">
        <DIV STYLE="clear: both; clear: both">(Unaudited)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; color: #000000; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: center; font: normal 400 10pt Times New Roman; background-color: #ffffff; color: #000000; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: center; font: normal 400 10pt Times New Roman; background-color: #ffffff; color: #000000; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; color: #000000; vertical-align: bottom; width: 65%">
        <DIV STYLE="clear: both; clear: both">Total Assets:</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 15px; background-color: #ffffff; vertical-align: bottom; width: 65%">
        <DIV STYLE="clear: both; clear: both">USA</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">28.63</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">23.66</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 15px; background-color: #ccffcc; vertical-align: bottom; width: 65%">
        <DIV STYLE="clear: both; clear: both">Other foreign</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">19.93</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">13.19</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 15px; background-color: #ffffff; vertical-align: bottom; width: 65%">
        <DIV STYLE="clear: both; clear: both">Mexico</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">3.69</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">3.59</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 15px; background-color: #ccffcc; vertical-align: bottom; width: 65%">
        <DIV STYLE="clear: both; clear: both">China</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">26.16</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">26.66</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 15px; background-color: #ffffff; vertical-align: bottom; width: 65%">
        <DIV STYLE="clear: both; clear: both">India</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; color: #000000; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(1.12)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">1.61</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 15px; background-color: #ccffcc; vertical-align: bottom; width: 65%">
        <DIV STYLE="clear: both; clear: both">Brazil</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">8.65</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">14.14</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 15px; background-color: #ffffff; vertical-align: bottom; width: 65%">
        <DIV STYLE="clear: both; clear: both">Corporate</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; color: #000000; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">1.40</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">0.47</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 15px; background-color: #ccffcc; vertical-align: bottom; width: 65%">
        <DIV STYLE="clear: both; clear: both">Consolidated assets</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">87.34</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">83.32</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; color: #000000; vertical-align: bottom; width: 65%">
        <DIV STYLE="clear: both; clear: both">Long-Lived Assets:</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; border-top: #000000 3px double; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; border-top: #000000 3px double; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; border-top: #000000 3px double; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; border-top: #000000 3px double; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 16px; background-color: #ccffcc; vertical-align: bottom; width: 65%">
        <DIV STYLE="clear: both; clear: both">USA</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">2.39</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">2.55</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 16px; background-color: #ffffff; vertical-align: bottom; width: 65%">
        <DIV STYLE="clear: both; clear: both">Other foreign</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">2.25</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">2.38</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 16px; background-color: #ccffcc; vertical-align: bottom; width: 65%">
        <DIV STYLE="clear: both; clear: both">Mexico</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">2.21</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">14.09</DIV> </TD>
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<DIV STYLE="clear: both; text-indent: 0.25in; margin: 0in 0in 0pt; clear: both"> <FONT STYLE="font-size: 10pt">Beginning in November 2012, all direct shipments from China to US customers are billed from the US.<FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt"></FONT></FONT></DIV> <BR>

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<DIV STYLE="clear: both; text-indent: -0.25in; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><B><I><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"></FONT>10.<FONT STYLE="font-size: 10pt">&#160;</FONT> Income Taxes</FONT></I></B></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both"><B> <I><FONT STYLE="font-size: 10pt">Income Tax Audits</FONT></I></B></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">The Company is subject to US federal income tax, as well as income tax in multiple US state and local jurisdictions and a number of foreign jurisdictions. The Company&#8217;s federal income tax returns for the fiscal years ended January 31, 2003, 2004, 2005 and 2007, have been audited by the Internal Revenue Service (&#8220;IRS&#8221;). The Company has received a final &#8220;No Change Letter&#8221; from the IRS for FY07 dated August 20, 2009. The Company has received notice from the IRS on March 21, 2011, that it will shortly commence an audit for the FY09 tax return. There have been no further communications from the IRS since.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">Our three major foreign tax jurisdictions are China, Canada and Brazil. China tax authorities have performed limited reviews on all China subsidiaries as of tax years 2008, 2009, 2010, 2011 and 2012 with no significant issues noted. We believe our tax positions are reasonably stated as of January 31, 2013. On May 9, 2013, <FONT STYLE="font: 10pt Times New Roman">Weifang Lakeland Safety Products Co., Ltd.,</FONT> one of our China operations was notified by local tax authority that they would conduct an audit on transfer pricing. After preliminary communication with the tax authority, we believe the additional tax liability will be no more than US $<FONT STYLE="font-size: 10pt">16,000</FONT> or RMB<FONT STYLE="font-size: 10pt">100,000</FONT>. At the same time, the China tax authority also had questions about why the retained earnings amount was not being repatriated to corporate and why the payments in trade payables from corporate to the sister companies were delayed, especially from US parent to our Chinese subsidiary. Additionally, the China tax authority questioned if there is any tax avoidance motive in the investment by Weifang Lakeland Safety Products Co., Ltd. of US $<FONT STYLE="font-size: 10pt">500,000</FONT> to our Argentina subsidiary. We do not believe there will be any material tax consequences from the latter two inquiries.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">Lakeland Protective Wear, Inc., our Canadian subsidiary, follows Canada tax regulatory framework recording its tax expense and tax deferred assets or liabilities. As of this statement filing date, we believe the Company&#8217;s tax situation is reasonably stated, and we do not anticipate future tax liability.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">The Company&#8217;s Brazilian subsidiary&#160;is currently under a tax audit, which raised some issues regarding the tax impact related to the merger held in 2008 and the resulting goodwill resulting from the structure which was set up at the Company's Brazilian counsel's suggestion. This structure is relatively common in acquisitions of Brazilian operations made by non-Brazilian companies.&#160;In general, acquisitions with this structure have survived challenge by the taxing authorities in Brazil. The cumulative amount of tax benefits recognized on the Company&#8217;s books through October 31, 2013, resulting from the tax deduction of the goodwill amortization is now zero, net of the deferred tax valuation reserve. This results from the goodwill on the Brazilian books which, for Brazilian tax purposes, is eligible for tax write-off over a five-year period dating from November 2008.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">The Company&#8217;s Brazilian subsidiary has received notice from the Brazilian tax authorities of a claim totaling approx. US $<FONT STYLE="font-size: 10pt">1.0</FONT> million (R<FONT STYLE="font-size: 10pt">2,265,728</FONT>) consisting of tax of&#160;approx. US $<FONT STYLE="font-size: 10pt">127,000</FONT> (R<FONT STYLE="font-size: 10pt">280,416</FONT>)&#160;and the remainder in interest and penalty. Management believes it is probable it will ultimately prevail in this claim and as such no provision has been recorded.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><B><I><FONT STYLE="font-size: 10pt">Change in Accounting Estimate/Valuation Allowance</FONT></I></B></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we considered all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. The valuation allowance was $<FONT STYLE="font-size: 10pt">4.5</FONT> million at January 31, 2013 and zero at October 31, 2013. Management has determined that as a result of improved operations in the US and the dividends received from asset sales along with other taxable effects of the recent financing, that it is now more likely than not that the deferred tax asset will be realized in the future and therefore the valuation allowance of $<FONT STYLE="font-size: 10pt">4,544,431</FONT> has been reversed. The amount very&#160;favorably affected our (benefit) for income taxes, resulting in&#160;the inclusion of this $<FONT STYLE="font-size: 10pt">4.5</FONT> million in net income&#160;for the three and nine months ended October 31, 2013.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><B><I><FONT STYLE="font-size: 10pt">Unusual Tax Charges</FONT></I></B></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">As a result of the sale of its Qingdao plant, the Company received taxable dividends in the US which result in an accrual of a US deferred tax liability of $<FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">422,321</FONT> included on the balance sheet in deferred income tax.&#160;Because of our tax loss carry forwards there is no immediate current tax liability for these taxes. Further, as a result of the financing completed in June 2013, the Company incurred US taxable income from its Canadian operations which resulted in a US deferred tax liability of $<FONT STYLE="font-size: 10pt">100,000</FONT> <FONT STYLE="background-color: #ffffff">included on the balance sheet in deferred income tax.</FONT>&#160;Again, because of our tax loss carry forwards, no current tax liability is necessary.</FONT></DIV>

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<DIV STYLE="clear: both; text-indent: -0.25in; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><B><I><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt"></FONT>11.<FONT STYLE="font-size: 10pt">&#160;</FONT> Derivative Instruments and Foreign Currency Exposure</FONT></I></B></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">The Company is exposed to foreign currency risk. Management previously had a derivative instrument program to partially offset this risk by purchasing forward contracts to sell the Canadian Dollar, the Chilean Peso, the Euro, the Great Britain Pound and Brazil Real other than the cash flow hedge discussed below. However, as a result of the financing situation with its former lender, TD Bank, the Company&#8217;s corporate hedging program has been temporarily suspended. In <FONT STYLE="background-color: #ffffff">the third quarter of FY14</FONT>, the Company has established a foreign exchange facility with Wells Fargo Bank, N.A. Such contracts are largely timed to expire with the last day of the fiscal quarter, with a new contract purchased on the first day of the following quarter, to match the operating cycle of the Company. The Company has continued its currency hedging in China. We designated the forward contracts as derivatives but not as hedging instruments, with loss and gain recognized in current earnings. In the three months ended October 31, 2013, the Company sustained a gain on foreign exchange in Brazil of $<FONT STYLE="font-size: 10pt">115,764</FONT> or $<FONT STYLE="font-size: 10pt">0.02</FONT> per share included in net income. In the nine months ended October 31, 2013, the Company recorded a loss on foreign exchange in Brazil of $<FONT STYLE="font-size: 10pt">(271,647)</FONT> or $<FONT STYLE="font-size: 10pt">(0.05)</FONT> per share included in net income.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">The Company accounts for its foreign exchange derivative instruments by recognizing all derivatives as either assets or liabilities at fair value, which may result in additional volatility in both current period earnings and other comprehensive income as a result of recording recognized and unrecognized gains and losses from changes in the fair value of derivative instruments.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">Currently, we have two types of derivatives to manage the risk of foreign currency fluctuations. We enter into forward contracts with financial institutions to manage our currency exposure related to net assets and liabilities denominated in foreign currencies. Those forward contract derivatives, not designated as hedging instruments, are generally settled quarterly. Gain and loss on those forward contracts are included in current earnings. We also enter cash flow hedge contracts with financial institutions to manage our currency exposure on future cash payments denominated in foreign currencies. The effective portion of gain or loss on cash flow hedge is reported as a component of accumulated other comprehensive income. <FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt"></FONT>Our hedge positions are summarized below:</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center"><B><U><FONT STYLE="font-size: 10pt">Fair Value of Derivative Instruments</FONT></U></B></DIV>

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<DIV STYLE="clear: both; text-indent: 0.25in; margin: 0in; clear: both"><FONT STYLE="font-size: 10pt">Derivatives not designated as hedging instruments</FONT></DIV>

<DIV STYLE="clear: both; text-indent: 0.15in; margin: 0in 0in 0in 0.25in; clear: both"> <FONT STYLE="font-size: 10pt">Foreign Exchange Forward Contracts</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; font-size: 10pt">

<DIV STYLE="clear: both; position: relative; text-indent: 0in; width: 100%; clear: both">

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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both"> Three&#160;Months&#160;Ended&#160;October&#160;31,</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both"> Nine&#160;Months&#160;Ended&#160;October&#160;31,</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">2013</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: normal 400 10pt Times New Roman; vertical-align: bottom; width: 11%">
        <DIV STYLE="clear: both; clear: both">2012</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: normal 400 10pt Times New Roman; vertical-align: bottom; width: 11%">
        <DIV STYLE="clear: both; clear: both">2013</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: normal 400 10pt Times New Roman; vertical-align: bottom; width: 11%">
        <DIV STYLE="clear: both; clear: both">2012</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">Notional Value in USD</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; color: #000000; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">1,000</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">11,175</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; color: #000000; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">6,587</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">36,501</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 41%">
        <DIV STYLE="clear: both; clear: both">Gain and loss reported in current operating income (expense)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; color: #000000; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">(42)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">205</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; color: #000000; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">81</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">261</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
</TABLE>

<DIV STYLE="clear: both; clear: both"></DIV> </DIV> </DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><FONT STYLE="font: 10pt Cambria; color: black"> &#160;</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><FONT STYLE="color: black; font-size: 10pt">There is no outstanding balance from foreign exchange forward contracts as of October 31, 2013 or 2012.</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><FONT STYLE="color: black; font-size: 10pt"> &#160;</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in; clear: both">

<DIV STYLE="clear: both; text-indent: 0.25in; margin: 0in; clear: both"><FONT STYLE="font-size: 10pt">Derivatives designated as hedging instruments</FONT>&#160;</DIV>

<DIV STYLE="clear: both; text-indent: 0.25in; margin: 0in; clear: both"><FONT STYLE="font-size: 10pt">Asset Derivative from</FONT> <FONT STYLE="font-size: 10pt">Foreign Currency Cash Flow Hedge</FONT></DIV> </DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; font-size: 10pt">

<DIV STYLE="clear: both; position: relative; text-indent: 0in; width: 100%; clear: both">

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="LEFT" STYLE="border: #9eb6ce 0px solid; margin: 0in 0in 0in 0.5in; width: 90%; border-collapse: collapse; clear: both; overflow: visible">
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: bottom; width: 55%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: normal 400 10pt Times New Roman; color: #000000; vertical-align: bottom; width: 16%">
        <DIV STYLE="clear: both; clear: both"> As&#160;of&#160;October&#160;31,&#160;2013</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: normal 400 10pt Times New Roman; color: #000000; vertical-align: bottom; width: 16%">
        <DIV STYLE="clear: both; clear: both"> As&#160;of&#160;January&#160;31,&#160;2013</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: middle; width: 55%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; vertical-align: middle; width: 15%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; vertical-align: middle; width: 15%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 55%">
        <DIV STYLE="clear: both; clear: both">Notional value in USD</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; color: #000000; vertical-align: bottom; width: 15%">
        <DIV STYLE="clear: both; clear: both">412,440</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 15%">
        <DIV STYLE="clear: both; clear: both">6,944,040</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 55%">
        <DIV STYLE="clear: both; clear: both">Gain reported in equity as other comprehensive income</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; color: #000000; vertical-align: bottom; width: 15%">
        <DIV STYLE="clear: both; clear: both">(59,078)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 15%">
        <DIV STYLE="clear: both; clear: both">38,513</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
</TABLE>

<DIV STYLE="clear: both; clear: both"></DIV> </DIV> </DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV>

<DIV STYLE="clear: both; text-indent: 0.25in; margin: 0in; clear: both"><FONT STYLE="font-size: 10pt">Effect of Derivative on Income Statement from Foreign Currency Cash Flow Hedge</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; font-size: 10pt">

<DIV STYLE="clear: both; position: relative; text-indent: 0in; width: 100%; clear: both">

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="LEFT" STYLE="border: #9eb6ce 0px solid; margin: 0in 0in 0in 0.5in; width: 90%; border-collapse: collapse; clear: both; overflow: visible">
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: bottom; width: 65%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: normal 400 10pt Times New Roman; vertical-align: bottom; width: 11%">
        <DIV STYLE="clear: both; clear: both">Nine&#160;Months&#160;Ended<BR> October&#160;31,&#160;2013</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: normal 400 10pt Times New Roman; vertical-align: bottom; width: 11%">
        <DIV STYLE="clear: both; clear: both">Nine&#160;Months&#160;Ended<BR> October&#160;31,&#160;2012</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; color: #000000; vertical-align: bottom; width: 65%">
        <DIV STYLE="clear: both; clear: both">Gain reclassifed from other comprehensive income into current earnings during three months ended October 31, 2013, reported in operating income</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 4px; background-color: #ccffcc; color: #000000; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">85</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">33</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
</TABLE>

<DIV STYLE="clear: both; clear: both"></DIV> </DIV> <FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt"></FONT></DIV> <FONT STYLE="font-size: 10pt"></FONT>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT>&#160;</DIV>

<DIV STYLE="clear: both; text-indent: 0in; margin: 0in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT>

<TABLE STYLE="width: 100%">
<TR>
    <TD STYLE="width: 33%; vertical-align: bottom; text-align: left"></TD>
    <TD STYLE="width: 34%; vertical-align: bottom"></TD>
    <TD STYLE="font: normal 10pt Times New Roman; width: 33%; vertical-align: bottom; text-align: right">23</TD> </TR>
<TR>
    <TD><BR> </TD> </TR>
</TABLE>

<DIV STYLE="clear: both; page-break-after: always; background-color: rgb(0,0,0); font-style: normal; text-indent: 0in; margin: 0in; height: 1px; clear: both; font-size: 1px"></DIV> </DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT>&#160;</DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"></FONT>The cash flow hedge is designed to hedge the payments&#160;made in the Euro&#160;to our China subsidiaries.&#160;Other assets have been recorded as $<FONT STYLE="font-size: 10pt">92,011</FONT> and $<FONT STYLE="font-size: 10pt">19,544</FONT> in the balance sheet for Q3 FY14 vs. FY13, respectively.<FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt"></FONT></FONT></DIV> <BR>

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<DIV STYLE="clear: both; text-indent: -0.25in; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><B><I><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt"></FONT>12.<FONT STYLE="font-size: 10pt">&#160;</FONT> VAT Tax Issue in Brazil</FONT></I></B></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">Please see footnote 10 of the Company&#8217;s Annual Report on Form 10-K for the year ended January 31, 2013 for a more detailed discussion.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">The Bahia state tax auditors filed several claims for VAT taxes. The claims assert that the state VAT taxes are owed to the state of domicile of the ultimate importer/user and disregarded the fact that the VAT taxes had already been paid to the neighboring state.</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><FONT STYLE="color: black; font-size: 10pt">The Company has changed its strategy regarding the large VAT tax claim as a result of the current cash flow needs in Brazil.</FONT> <FONT STYLE="font-size: 10pt">At such time when a switch to a formal judicial proceeding is required, the Company intends to negotiate a guarantee with the court whereby the Company would either pledge its inventory as collateral for the judicial deposit or alternately would agree to deposit into an escrow account with the court system a monthly judicial deposit of a negotiated percentage of its future sales <FONT STYLE="background-color: #ffffff">in Brazil</FONT>. The Company believes it is probable it would be able to negotiate such an arrangement. The Company would then be able to avail itself of a later amnesty. Any amounts paid into the escrow would be available at such time to be applied to the amnesty payment. The Company believes it is more likely than not that it will have the cash from operations or the borrowing capacity at such time to fund such amnesty payment but no assurances can be given.&#160;</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">Such arrangement would result in a judicial tax claim filed against the Company for <FONT STYLE="font-size: 10pt">20</FONT>% greater than the total claim, or approximately US $<FONT STYLE="font-size: 10pt">6.7</FONT> million (R<FONT STYLE="font-size: 10pt">15.0</FONT> million).</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">Once this arrangement is completed, the formal judicial process could take from <FONT STYLE="font-size: 10pt">5</FONT> to <FONT STYLE="font-size: 10pt"> 10</FONT> years. The Company believes there is a strong likelihood that another amnesty would be offered by the state prior to such completion.</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">The Company has accepted amnesty for a smaller claim which will result in 8 <FONT STYLE="font-size: 10pt">monthly</FONT> payments of about US $<FONT STYLE="font-size: 10pt">19,000</FONT> (R<FONT STYLE="font-size: 10pt">42,000</FONT>) which reflects abatement of <FONT STYLE="font-size: 10pt">80</FONT>% of penalty and interest. An accrual of US $<FONT STYLE="font-size: 10pt">153,000</FONT> has been charged to expense and included in Other Accrual Expenses on the Balance Sheet <FONT STYLE="background-color: #ffffff">as of October 31, 2013.</FONT></FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="background-color: #ffffff">In December 2013, the company has just learned of a different VAT tax claimed by the State of Sao Paulo for a tax in the amount of approximately US $<FONT STYLE="font-size: 10pt">45,000</FONT> and total claim including interest and penalty totaling approximately US $<FONT STYLE="font-size: 10pt">200,000</FONT>.</FONT></FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT>&#160;</DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="background-color: #ffffff">Management needs more time to evaluate this claim but intends to defend until the next amnesty if loss is probable and will defend totally if loss is remote. Given the lack of materiality management will make a more definite judgment in the year-end report</FONT>.</FONT></DIV> <FONT STYLE="font-size: 10pt"></FONT>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT>&#160;</DIV> <FONT STYLE="font-size: 10pt"></FONT>

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<TABLE STYLE="width: 100%">
<TR>
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<DIV STYLE="clear: both; text-indent: 0in; margin: 0in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt"></FONT>A table summarizing all five different VAT claims and their status is listed below:</FONT></DIV>

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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ffffff; color: #000000; vertical-align: bottom; width: 12%">
        <DIV STYLE="clear: both; clear: both">Remote</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 19%">
        <DIV STYLE="clear: both; clear: both">To wait Judicial Process</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">Plant</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 7px">
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 7pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 9%">
        <DIV STYLE="clear: both; clear: both">6,209,836</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 7pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 9%">
        <DIV STYLE="clear: both; clear: both">3,142,429</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 7pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 9%">
        <DIV STYLE="clear: both; clear: both">3,511,156</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 7pt Times New Roman; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 9%">
        <DIV STYLE="clear: both; clear: both">12,863,422</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Calibri; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 7pt Times New Roman; padding-right: 5px; background-color: #ccffcc; color: #000000; vertical-align: bottom; width: 9%">
        <DIV STYLE="clear: both; clear: both">5,847,000</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ccffcc; color: #000000; vertical-align: bottom; width: 12%">
        <DIV STYLE="clear: both; clear: both">Probable</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 19%">
        <DIV STYLE="clear: both; clear: both">To wait Judicial Process and offer Judicial Deposit (approx. 3% net sales)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: center; font: normal 400 7pt Times New Roman; background-color: #ccffcc; color: #000000; vertical-align: bottom; width: 11%">
        <DIV STYLE="clear: both; clear: both">-</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 7px">
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 7pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 9%">
        <DIV STYLE="clear: both; clear: both">402,071</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 7pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 9%">
        <DIV STYLE="clear: both; clear: both">528,891</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 7pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 9%">
        <DIV STYLE="clear: both; clear: both">241,242</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 7pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 9%">
        <DIV STYLE="clear: both; clear: both">1,172,204</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Calibri; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 7pt Times New Roman; padding-right: 5px; background-color: #ffffff; color: #000000; vertical-align: bottom; width: 9%">
        <DIV STYLE="clear: both; clear: both">533,000</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ffffff; color: #000000; vertical-align: bottom; width: 12%">
        <DIV STYLE="clear: both; clear: both">Remote</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 19%">
        <DIV STYLE="clear: both; clear: both">To wait Judicial Process</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ffffff; color: #000000; vertical-align: bottom; width: 11%">
        <DIV STYLE="clear: both; clear: both">New Land</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 7px">
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 7pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 7pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 9%">
        <DIV STYLE="clear: both; clear: both">285,009</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 7pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 7pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 9%">
        <DIV STYLE="clear: both; clear: both">78,135</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 7pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 7pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 9%">
        <DIV STYLE="clear: both; clear: both">171,005</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 7pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 7pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 9%">
        <DIV STYLE="clear: both; clear: both">534,149</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 7pt Calibri; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 7pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; color: #000000; vertical-align: bottom; width: 9%">
        <DIV STYLE="clear: both; clear: both">243,000</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ccffcc; color: #000000; vertical-align: bottom; width: 12%">
        <DIV STYLE="clear: both; clear: both">Loss Agreed</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 19%">
        <DIV STYLE="clear: both; clear: both">*Accept State Amnesty (8 installments, approx. BRL 42K)</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: center; font: normal 400 7pt Times New Roman; background-color: #ccffcc; color: #000000; vertical-align: bottom; width: 11%">
        <DIV STYLE="clear: both; clear: both">-</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 7px">
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 7pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 7pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 9%">
        <DIV STYLE="clear: both; clear: both">7,776,270</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 7pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 7pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 9%">
        <DIV STYLE="clear: both; clear: both">4,814,038</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 7pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 7pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 9%">
        <DIV STYLE="clear: both; clear: both">4,448,567</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 7pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 7pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 9%">
        <DIV STYLE="clear: both; clear: both">17,038,875</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 7pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 7pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; color: #000000; vertical-align: bottom; border-top: #000000 1px solid; width: 9%">
        <DIV STYLE="clear: both; clear: both">7,745,000</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 12%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 700 7pt Times New Roman; background-color: #ffffff; color: #000000; vertical-align: bottom; width: 19%">
        <DIV STYLE="clear: both; clear: both">*After State Amnesty Accepted</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 7pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 11%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 7pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
</TABLE>

<DIV STYLE="clear: both; clear: both"></DIV> </DIV> </DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"><FONT STYLE="font-size: 10pt">&#160;</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; font-size: 10pt">

<DIV STYLE="clear: both; position: relative; text-indent: 0in; width: 100%; clear: both">

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border: #9eb6ce 0px solid; width: 80%; border-collapse: collapse; clear: both; overflow: visible">
<TR STYLE="height: 10px">
    <TD STYLE="text-align: center; font: normal 400 8pt Times New Roman; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 8pt Times New Roman; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: normal 400 8pt Times New Roman; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">PRINCIPAL</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 8pt Times New Roman; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 8pt Times New Roman; vertical-align: middle; width: 9%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: normal 400 8pt Times New Roman; color: #000000; vertical-align: bottom; width: 14%">
        <DIV STYLE="clear: both; clear: both">State&#160;Requirements</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 8pt Times New Roman; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 8pt Times New Roman; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 8pt Times New Roman; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 8pt Times New Roman; vertical-align: bottom; width: 9%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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<DIV STYLE="clear: both; text-indent: -0.25in; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><B><I><FONT STYLE="font-size: 10pt"><B><I><FONT STYLE="font-size: 10pt"></FONT></I></B><FONT STYLE="font-size: 10pt"></FONT>13.<FONT STYLE="font-size: 10pt">&#160;</FONT> Brazil Management and Share Purchase Agreement-Arbitration Award and Settlement Agreement</FONT></I></B></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">Please see footnote 4 of the Company&#8217;s Annual Report on Form 10-K for the year ended January 31, 2013 for a more detailed discussion.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">Lakeland Industries, Inc. and its wholly-owned subsidiary, Lakeland Brasil S.A. (&#8220;Lakeland Brasil&#8221; and together with Lakeland Industries, Inc., the &#8220;Company&#8221;) were parties to an arbitration proceeding in Brazil involving the Company and two former officers (the &#8220;former officers&#8221;) of Lakeland Brasil.&#160;On May 8, 2012, the Company received notice of an arbitral award in favor of the former officers.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">On September 11, 2012, the Company and the former officers entered into a settlement agreement (the &#8220;Settlement Agreement&#8221;) which fully and finally resolved all alleged outstanding claims against the Company arising from the arbitration proceeding. Pursuant to the Settlement Agreement, the Company agreed to a payment schedule to the former officers with a balance remaining as of October 31, 2013 of $<FONT STYLE="font-size: 10pt">5.25</FONT> million in US dollars consisting of 21 consecutive <FONT STYLE="font-size: 10pt"> quarterly</FONT> installments of US $<FONT STYLE="font-size: 10pt">250,000</FONT> ending on <FONT STYLE="font-size: 10pt">December 31, 2018</FONT>.The Company is current with all obligations pursuant to this Settlement Agreement</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">In addition, pursuant to the Settlement Agreement, as additional security for payment of the Settlement Amount, Lakeland Brasil agreed to grant the former officers a second mortgage interest on certain of its property in Brazil, which mortgage is expressly behind the lien securing the payment of tax debts to a state within Brazil related to certain notices of tax assessment on such property.<FONT STYLE="font-size: 10pt">&#160;</FONT> The Company also agreed to become a co-obligor, in lieu of a guarantor, for payment of the Settlement Amount.<FONT STYLE="font-size: 10pt"></FONT></FONT></DIV> <BR>

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<DIV STYLE="clear: both; text-align: justify; text-indent: -0.25in; margin: 0in 0in 0pt 0.25in; clear: both"> <B><I><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"> </FONT><FONT STYLE="font-size: 10pt"></FONT>14.<FONT STYLE="font-size: 10pt">&#160;</FONT> Goodwill</FONT></I></B><FONT STYLE="font-size: 10pt"></FONT></DIV>

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<DIV STYLE="clear: both; text-align: justify; margin: 0in 0in 0pt 0.25in; clear: both"> <FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"> </FONT>There was no change&#160;in the carrying amount of goodwill during fiscal year 2014.</FONT></DIV>

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<DIV STYLE="clear: both; text-indent: -0.25in; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><B><I><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"></FONT>15.<FONT STYLE="font-size: 10pt">&#160;</FONT> Recent Accounting Pronouncements</FONT></I></B></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">The Company considers the applicability and impact of all accounting standards updates (ASUs). No recent accounting pronouncement will have a material impact on the financial statements.<FONT STYLE="font-size: 10pt"></FONT></FONT></DIV> <BR>

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<DIV STYLE="clear: both; text-indent: -0.25in; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><B><I><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"></FONT>16.<FONT STYLE="font-size: 10pt">&#160;</FONT> Discontinued Operations in India</FONT></I></B></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">In 2011 the Company decided to discontinue operations in its India glove manufacturing facility and put the assets and business up for sale. The Company decided to sell this division primarily because it has incurred significant operating losses since inception, and the Company has been unsuccessful in developing sufficient sales to reach at least break even. The Company attempted to sell the operations as an ongoing operation but shut down its operations in December 2011. Total assets of discontinued operations were reduced <FONT STYLE="font: 10pt Times New Roman">$<FONT STYLE="font-size: 10pt">0.2</FONT> million</FONT> in the quarter primarily as a result of the sale&#160;of one of the three plots of real estate owned, as described in Note 17.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman">Subsequent to October 31, 2013, management has made plans to convert one of the two remaining plants in India to manufacture a specific line of disposable products using fabric mainly sourced in India. There will be an insignificant investment needed in terms of both capital expenditure and working capital.</FONT> <FONT STYLE="font-size: 10pt"></FONT></FONT></DIV> <BR>

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<DIV STYLE="clear: both; text-indent: -0.25in; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><B><I><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"></FONT>17.<FONT STYLE="font-size: 10pt">&#160;</FONT> Asset Sales</FONT></I></B></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">Sale of Real Estate in China</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">In April 2013, the Company executed a contract for the sale of real estate located in Qingdao, China, which was completed on June 30, 2013. The sale was structured as a sale of a subsidiary&#8217;s stock after transferring out all non-real estate assets to other Lakeland entities. The net proceeds of the sale to the Company were approximately $<FONT STYLE="font-size: 10pt">1.0</FONT> million, received in June 2013. All production from this facility has been transferred to other Lakeland manufacturing facilities. There are no product lines which will be dropped as a result of this plant relocation. Accordingly, the operations of this plant are not being treated as a discontinued operation. This sale resulted in no significant gain or loss for financial statement purposes. However, as a result of this sale there were dividends paid to the US parent company of approximately US$<FONT STYLE="font-size: 10pt">1.7</FONT> million, which results in taxable income in the US, generating a tax charge of $<FONT STYLE="font-size: 10pt">422,321</FONT>&#160;in Q2 2014&#160;financial statements. However, as a result of its loss carry forwards for US tax purposes, no cash tax liability has been incurred.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">Sale of India Property</FONT><FONT STYLE="font: 10pt Calibri"></FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><FONT STYLE="font: 10pt Calibri">&#160;</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">The Company has entered into a Memorandum of Understanding (&#8220;MOU&#8221;) in March 28, 2013 for the sale of Plot 24, the largest of three plots held for sale by the Company, which closed on July 29, 2013. The sale price was approximately US $<FONT STYLE="font-size: 10pt">428,000</FONT> (INR <FONT STYLE="font-size: 10pt">25,000,000</FONT>), which is less than previously anticipated due to foreign exchange deterioration in the Indian Rupee. The Company collected this cash on July 29, 2013.</FONT></DIV>

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    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 7px; background-color: #ccffcc; vertical-align: bottom; width: 55%">
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
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    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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<TR STYLE="height: 10px">
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    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
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    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 7px; background-color: #ffffff; vertical-align: bottom; width: 55%">
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">19,920</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">813,182</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; width: 55%">
        <DIV STYLE="clear: both; clear: both">Liabilities of discontinued operations:</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 6px; background-color: #ffffff; vertical-align: bottom; width: 55%">
        <DIV STYLE="clear: both; clear: both">Accounts payable</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#151;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">2,759</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 6px; background-color: #ccffcc; vertical-align: bottom; width: 55%">
        <DIV STYLE="clear: both; clear: both">Other liabilities</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#151;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ccffcc; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ccffcc; vertical-align: bottom; width: 10%">
        <DIV STYLE="clear: both; clear: both">22,282</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 6px; background-color: #ffffff; vertical-align: bottom; width: 55%">
        <DIV STYLE="clear: both; clear: both">Total liabilities of discontinued operations</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#151;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 1px solid; font: normal 400 10pt Times New Roman; text-align: right; padding-right: 5px; background-color: #ffffff; vertical-align: bottom; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">25,041</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 6px; background-color: #ccffcc; vertical-align: middle; width: 55%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; border-top: #000000 1px solid; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: right; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; border-top: #000000 1px solid; width: 10%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ccffcc; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
<TR STYLE="height: 10px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; padding-left: 6px; background-color: #ffffff; vertical-align: bottom; width: 55%">
        <DIV STYLE="clear: both; clear: both">Net assets of discontinued operations</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: middle; width: 1%">
        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="border-bottom: #000000 3px double; font: normal 400 10pt Times New Roman; text-align: left; background-color: #ffffff; vertical-align: bottom; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">19,920</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">788,141</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD> </TR>
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<DIV STYLE="clear: both; clear: both">&#160;</DIV>

<DIV STYLE="clear: both; text-indent: 0in; margin: 0in; clear: both"> <FONT STYLE="font-size: 10pt">&#160;</FONT></DIV>

<TABLE STYLE="width: 100%">
<TR>
    <TD STYLE="width: 33%; vertical-align: bottom; text-align: left"></TD>
    <TD STYLE="width: 34%; vertical-align: bottom"></TD>
    <TD STYLE="font: normal 10pt Times New Roman; width: 33%; vertical-align: bottom; text-align: right">26</TD> </TR>
<TR>
    <TD><BR> </TD> </TR>
</TABLE>

<DIV STYLE="clear: both; page-break-after: always; background-color: rgb(0,0,0); font-style: normal; text-indent: 0in; margin: 0in; height: 1px; clear: both; font-size: 1px"></DIV> &#160;

<DIV STYLE="clear: both; clear: both; clear: both"></DIV>

<DIV STYLE="clear: both"></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><B><FONT STYLE="font-size: x-small">Item 2.<FONT STYLE="font-size: 10pt">&#160;</FONT> Management&#8217;s Discussion and Analysis of Financial Condition and Results of Oper</FONT><A NAME="Page29"></A><FONT STYLE="font-size: x-small">ations</FONT></B></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><I><FONT STYLE="font-size: x-small">This Form 10-Q may contain certain &#8220;forward-looking&#8221; information within the meaning of the Private Securities Litigation Reform Act of 1995. This information involves risks and uncertainties. Our actual results may differ materially from the results discussed in the forward-looking statements.</FONT></I></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify">&#160;</DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><B><FONT STYLE="font-size: x-small">Overview</FONT></B></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify">&#160;</DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small">We manufacture and sell a comprehensive line of safety garments and accessories for the global industrial protective clothing markets. Our products are sold by our in-house sales force and independent sales representatives to a network of over 1,200 North American safety and mill supply distributors, end-users, and distributors internationally. These distributors in turn supply end user industrial customers, such as integrated oil, utilities, chemical/petrochemical, automobile, steel, glass, construction, smelting, janitorial, pharmaceutical and high technology electronics manufacturers. In addition, we supply federal, state and local governmental agencies and departments domestically and internationally, such as municipal fire and police departments, airport crash rescue units, the military, the Department of Homeland Security and the Centers for Disease Control and state and privately owned utilities and integrated oil companies.</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify">&#160;</DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small">We have operated facilities in Mexico since 1995, in China since 1996, in India since 2007 (glove manufacturing facilities are discontinued) and in Brazil since May 2008. Beginning in 1995, we moved the labor intensive sewing operation for our limited use/disposable protective clothing lines to these facilities. Our facilities and capabilities in China and Mexico allow access to a less expensive labor pool than is available in the United States and permit us to purchase certain raw materials at a lower cost than they are available domestically. As we have increasingly moved production of our products to our facilities in Mexico and China, we have seen improvements in the profit margins for these products. Our net sales attributable to customers outside the United States were $11.3 million and $14.4 million for the three months ended October 31, 2013 and October 31, 2012, respectively.</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify">&#160;</DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><B><FONT STYLE="font-size: x-small">Critical Accounting Policies and Estimates</FONT></B></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small">Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of our financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, net sales and expenses and disclosure of contingent assets and liabilities. We base estimates on our past experience and on various other assumptions that we believe to be reasonable under the circumstances, and we periodically evaluate these estimates.</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify">&#160;</DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small">We believe the following critical accounting policies affect our more significant judgments and estimates used in the preparation of our consolidated financial statements.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small"><I>Revenue Recognition.</I> <FONT STYLE="font-size: 10pt">&#160;</FONT> The Company derives its sales primarily from its limited use/disposable protective clothing and secondarily from its sales of high-end chemical protective suits, firefighting and heat protective apparel, gloves and arm guards and reusable woven garments. Sales are recognized when goods are shipped, at which time title and the risk of loss pass to the customer. Some sales in Brazil may be sold on terms with F.O.B. destination, which are recognized when received by the customer. Sales are reduced for sales returns and allowances. Payment terms are generally net 30 days for United States sales and net 90 days for international sales.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small"><I>Inventories.</I> <FONT STYLE="font-size: 10pt">&#160;</FONT> Inventories include freight-in, materials, labor and overhead costs and are stated at the lower of cost (on a first-in, first-out basis) or market. Inventory is written down for slow-moving, obsolete or unusable inventory.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small">In Q3 FY14, management determined the need for inventory adjustments in the USA and Brazil totaling $1,886,000 as follows:</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small"><I>US-Change of Estimate.<FONT STYLE="font-size: 10pt">&#160;</FONT></I> Management has followed the practice of reviewing its overhead rates on a quarterly basis.&#160;In order to properly revise overhead rates, a stabilized period of reliable historical data is needed both for sales volume and for the overhead cost pool.&#160;Due to the extended loss in volume resulting from the DuPont license termination and the ensuing cost reduction measures taken in the US, management determined better data was now available in Q3 FY14, at which point management revised its overhead rates relating to US inventory. As a result, inventory valuation was reduced by $353,000 overall in the US, primarily related to the disposable division. Such adjustment was only applied to current fast turnover inventory.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small"><I>US-Lower of Cost or Market.<FONT STYLE="font-size: 10pt">&#160;</FONT></I> There is one discontinued product line in the US that management had been converting to a different style for one customer and reserving the cost of conversion. While this customer continues to purchase these converted styles, during Q3 FY14, management determined that this one customer would not purchase these converted items in sufficient quantity and management will have to sell the remaining stock at a deep discount. Accordingly, an additional inventory write-down of $375,000 was determined to be appropriate.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small"><I>Brazil-Lower of Cost or Market.<FONT STYLE="font-size: 10pt">&#160;</FONT></I> In Q3 FY14, it was determined that due to the introduction of a new fabric domestically sourced in Brazil which drove down market pricing, along with significant improvements and elimination of inefficiencies in the production process, adjustments were made to inventory totaling US $810,000.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small"><I>Brazil-Obsolete.<FONT STYLE="font-size: 10pt">&#160;</FONT></I> In addition, in the third quarter of fiscal 2013, the Company identified certain inventory in Brazil as obsolete. The inventory became obsolete as a result of the introduction of competing new products into the Brazilian marketplace which rendered the inventory items obsolete. As a result, the inventory was written down to scrap value.&#160;Accordingly, during the third quarter of fiscal 2013 the Company recorded a non-cash charge against inventory of US $348,000.&#160;</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small"><I>Allowance for Doubtful Accounts.</I> <FONT STYLE="font-size: 10pt">&#160;</FONT> Trade accounts receivable are stated at the amount the Company expects to collect. The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. Management considers the following factors when determining the collectability of specific customer accounts:</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small">Customer creditworthiness, past transaction history with the customer, current economic industry trends and changes in customer payment terms. Past due balances over 90 days and other less creditworthy accounts are reviewed individually for collectability. If the financial condition of the Company&#8217;s customers were to deteriorate, adversely affecting their ability to make payments, additional allowances would be required. Based on management&#8217;s assessment, the Company provides for estimated uncollectible amounts through a charge to earnings and a credit to a valuation allowance. Balances that remain outstanding after the Company has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small"><I>Income Taxes and Valuation Allowances.</I> <FONT STYLE="font-size: 10pt">&#160;</FONT> We are required to estimate our income taxes in each of the jurisdictions in which we operate as part of preparing our consolidated financial statements. This involves estimating the actual current tax in addition to assessing temporary differences resulting from differing treatments for tax and financial accounting purposes. These differences, together with net operating loss carry forwards and tax credits, are recorded as deferred tax assets or liabilities on our balance sheet. A judgment must then be made of the likelihood that any deferred tax assets will be realized from future taxable income. A valuation allowance may be required to reduce deferred tax assets to the amount that is more likely than not to be realized. In the event we determine that we may not be able to realize all or part of our deferred tax asset in the future, or that new estimates indicate that a previously recorded valuation allowance is no longer required, an adjustment to the deferred tax asset is charged or credited to net income in the period of such determination.</FONT><A NAME="Page32"></A></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small"><I><FONT STYLE="font-family: Times New">Uncertain Tax Positions.</FONT></I> In the event the Company determines that it may not be able to realize all or part of our deferred tax assets in the future, or that new estimates indicate that a previously recorded valuation allowance is no longer required, an adjustment to the deferred tax asset is charged or credited to income in the period of such determination. The Company recognizes tax positions that meet a &#8220;more likely than not&#8221; minimum recognition threshold.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small"><I>Valuation of Goodwill and Other Intangible Assets.</I> Goodwill and indefinite lived, intangible assets are tested for impairment at least annually; however, these tests may be performed more frequently when events or changes in circumstances indicate the carrying amount may not be recoverable. Goodwill impairment is evaluated utilizing a two-step process as required by US GAAP. Factors that the Company considers important that could identify a potential impairment include: significant underperformance relative to expected historical or projected future operating results; significant changes in the overall business strategy; and significant negative industry or economic trends. The Company measures any potential impairment on a projected discounted cash flow method. Estimating future cash flows requires the Company&#8217;s management to make projections that can differ materially from actual results.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small"><I>Impairment of Long-Lived Assets.</I> <FONT STYLE="font-size: 10pt">&#160;</FONT> The Company evaluates the carrying value of long-lived assets to be held and used when events or changes in circumstances indicate the carrying value may not be recoverable. The carrying value of a long-lived asset is considered impaired when the total projected undiscounted cash flows from the asset are separately identifiable and are less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small"><I>Foreign Currency Risks</I>. The functional currency for the Brazil operation is the Brazil Real; the United Kingdom, the Euro; the trading company in China, the RenminBi; the Canada Real Estate, the Canadian dollar; and the Russia operation, the Russian Ruble and Kazakhstan Tenge. All other operations have the US dollar as its functional currency.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small"><I>Self-Insured Liabilities.</I> <FONT STYLE="font-size: 10pt">&#160;</FONT> We have a self-insurance program for certain employee health benefits. The cost of such benefits is recognized as expense based on claims filed in each reporting period and an estimate of claims incurred but not reported during such period. Our estimate of claims incurred but not reported is based upon historical trends. If more claims are made than were estimated or if the costs of actual claims increase beyond what was anticipated, reserves recorded may not be sufficient, and additional accruals may be required in future periods. We maintain separate insurance to cover the excess liability over set single claim amounts and aggregate annual claim amounts.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small"><I>Loss Contingencies</I>. Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company&#8217;s management and its legal counsel assess such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company&#8217;s legal counsel evaluates the perceived merits of any legal proceedings or unasserted claims, as well as the perceived merits of the amount of relief sought or expected to be sought therein.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small">If the assessment of a contingency indicates that it is probable that a material loss has been or is probable of being incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company&#8217;s financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, would be disclosed.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small">Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed.</FONT><A NAME="Page33"></A></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><B><FONT STYLE="font-size: x-small">Significant Balance Sheet Fluctuation October 31, 2013, As Compared to January 31, 2013</FONT></B></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small">Cash decreased by $1.7 million and borrowings under the revolving credit facility increased by $2.2 million, but term loans of $5.5 million were repaid and additional junior indebtedness of $3.5 million was incurred. Accounts receivables increased $1.3 million primarily due to operations in China and increased sales into the external market. Inventory increased by $1.2 million primarily in the US and China reflecting slow sales in Q3 and a seasonal buildup to avoid stock outs in peak times of late December through May in North America. Other current assets increased $0.8 million, primarily due to prepayments to material suppliers in China and Argentina. Assets of discontinued operations decreased $0.8 million with the sale of Plot 24 in India (discussed in more detail in Note 17) and further inventory sales. Accounts payables increased $2.5 million mainly in China due to extended payment terms negotiated with raw materials suppliers.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><B><FONT STYLE="font-size: x-small">Three months ended October 31, 2013, As Compared to the Three Months Ended October 31, 2012</FONT></B></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small"><B><I><FONT STYLE="font-family: 69ysyjpxdweyqkc,Italic">Net Sales</FONT></I></B><I><FONT STYLE="font-family: 69ysyjpxdweyqkc,Italic">.</FONT></I> Net sales decreased $1.5 million, or 6.0%, to $22.8 million for the three months ended October 31, 2013, from $24.2 million for the three months ended October 31, 2012, mainly due to a decrease in Brazil sales of $2.4 million, a decrease of 55%, as a result of several large bid orders shipped in the third quarter last year and a generally poor sales level in Brazil. There can be no assurance that sales in Brazil will improve. Domestic sales in China and to the Asia Pacific Rim decreased by $0.3 million or 7%, however, excluding direct ships to the US of $2.1 million included in prior year sales now included in US sales in the current year, China external sales increased by $1.8 million. China adjusted sales increased primarily due to increased orders from our customers in Japan and Korea and completion of a large apparel contract for China. UK sales increased by $0.3 million, or 10.9%. Russia and Kazakhstan sales combined decreased by $0.1 million, or 18%. US domestic sales of disposables increased by $1.5 million, mainly due to inclusion of direct ship billing of $2.1 million, chemical sales were flat, fires protection sales increased $0.6 million, wovens sales decreased $0.3 million and reflective sales increased by $0.2 million, for an overall sales gain in the US of $1.6 million, or 16.7%.&#160;Sales for Lakeland worldwide, excluding Brazil, increased $1.0 million, or 4.6%, over the third quarter of last year.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small"><B><I>Gross Profit</I></B><I>.</I> Gross profit decreased $2.3 million, or 31%, to $5.0 million for the three months ended October 31, 2013, from $7.3 million for the three months ended October 31, 2012. Gross profit as a percentage of net sales decreased to 22.1% for the three months ended October 31, 2013, from 30.1% for the three months ended October 31, 2012. Major factors driving the changes in gross margins were:</FONT></DIV>

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        <DIV STYLE="clear: both; clear: both"><FONT STYLE="font-size: x-small"><FONT STYLE="font-family: Symbol"></FONT>Brazil gross margin was a gross loss of (46.7) percentage points for this year compared with 27.1% last year resulting from several large bid contracts at a high margin last year, and heavy discounting in this year to promote sales, an inventory write-down of $1.2 million as explained above, along with sales of raw material below cost to raise cash for Brazil.</FONT></DIV> </TD> </TR>
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        <DIV STYLE="clear: both; clear: both"><FONT STYLE="font-size: x-small"><FONT STYLE="font-family: Symbol"></FONT>Argentina gross margin decreased by 15 percentage points mainly due to poor volume resulting from lack of working capital and government controls over imports.</FONT></DIV> </TD> </TR>
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    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: top; width: 85%">
        <DIV STYLE="clear: both; clear: both">million decrease in commissions primarily in Brazil as a result of reduced volume and no large bid contracts</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: top; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: top; width: 8%">
        <DIV STYLE="clear: both; clear: both">(0.3)</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: top; width: 85%">
        <DIV STYLE="clear: both; clear: both">million decrease in payroll administrative salaries due to reductions in Brazil</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: top; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">(0.2)</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: top; width: 85%">
        <DIV STYLE="clear: both; clear: both">million decrease in equity compensation reflecting the current estimation of zero performance level</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: top; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">(0.2)</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: top; width: 85%">
        <DIV STYLE="clear: both; clear: both">million decrease in currency fluctuation expense</DIV> </TD> </TR>
<TR STYLE="height: 12px">
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: top; width: 1%">
        <DIV STYLE="clear: both; clear: both">$</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">0.1</DIV> </TD>
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        <DIV STYLE="clear: both; clear: both">&#160;</DIV> </TD>
    <TD STYLE="text-align: left; font: normal 400 10pt Times New Roman; background-color: #ffffff; vertical-align: top; width: 85%">
        <DIV STYLE="clear: both; clear: both">million increase in amortization reflecting the financing completed in Q2</DIV> </TD> </TR>
</TABLE> </DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify">&#160;</DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small"><B><I>Operating Profit</I></B>. Operating profit decreased to a loss of $1.0 million for the three months ended October 31, 2013, from a profit of $0.3 million for the three months ended October 31, 2012, mainly as a result of the Brazilian operations. Operating margins were a loss of (4.5)% for the three months ended October 31, 2013, compared to 1.1% for the three months ended October 31, 2012.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small"><B><I>Interest Expenses</I></B>.<FONT STYLE="font-size: 10pt">&#160;</FONT> Interest expenses increased $0.3 million to $0.6 million for the three months ended October 31, 2013, from $0.3 million for the three months ended October 31, 2012, due to higher rates prevailing in Brazil, US, and UK, mainly resulting from the new financing completed in Q2. Also included in interest expense is a non-cash charge of approximately $138,000 of amortization of OID on the Subordinated Loan.</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><I>&#160;</I></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small"><B><I>Income Tax Expense</I></B>.&#160;Income tax expenses consist of federal, state and foreign income taxes. Income tax benefits were flat for the three months ended October 31, 2013, from $0.3 million for the three months ended October 31, 2012.</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify">&#160;</DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 13.5pt; clear: both; text-align: justify"><FONT STYLE="font-size: x-small"><B><I>Net Income (Loss)</I></B>.&#160;Net income decreased by $2.1 million to $(1.8) million for the three months ended October 31, 2013, from $0.3 million for the three months ended October 31, 2012, mainly due to the Brazilian losses and $1.2 million of inventory write-downs.</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 13.5pt; clear: both; text-align: justify"><B>&#160;</B></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 13.5pt; clear: both; text-align: justify"><B><I><FONT STYLE="font-size: x-small">New Strategy in Brazil</FONT></I></B></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 13.5pt; clear: both; text-align: justify"><FONT STYLE="font-size: x-small">During the Quarter ending October 31, 2013, Lakeland terminated the previous management in Brazil and hired a new CEO specializing in turnaround situations. We adopted a new strategy emphasizing industrial and smaller governmental agency orders, de-emphasizing large bid contracts. Accordingly, throughout the current fiscal year, there has been major cost cutting in Brazil to &#8220;right size&#8221; the operation to appropriate levels for the new lower volume strategy.</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><B>&#160;</B></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><B><FONT STYLE="font-size: x-small">Nine Months Ended October 31, 2013, As Compared to the Nine Months Ended October 31, 2012</FONT></B></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><B><FONT STYLE="font-size: x-small"><FONT STYLE="font-size: 10pt"> &#160;</FONT></FONT></B></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small"><B><I><FONT STYLE="font-family: 69ysyjpxdweyqkc,Italic">Net Sales</FONT></I></B><I><FONT STYLE="font-family: 69ysyjpxdweyqkc,Italic">.</FONT></I> Net sales decreased $2.5 million, or 3.5%, to $69.2 million for the nine months ended October 31, 2013, from $71.7 million for the nine months ended October 31, 2012. The net decrease was due to a $9.5 million decrease in foreign sales including a $8.8 million decrease in Brazil partially offset by an increase of $7.0 million in domestic sales. Domestic sales in China and to the Asia Pacific Rim decreased by $1.2 million or 10%, however, excluding direct ships to the US of $5.4 million included in prior year sales now included in US sales in the current year, China external sales increased by $4.2 million. UK sales increased by $1.4 million, or 19.1%. Russia and Kazakhstan sales combined increased by $0.7 million, or 91%. Domestic sales of disposables increased by $4.4 million, chemical sales increased by $0.4 million, fires sales increased $1.0 million, wovens sales increased $0.1 million and reflective sales increased by $2.5 million. Sales in Brazil decreased by $8.8 million, a decrease of 61.9%, as a result of several large bid orders shipped in the third quarter last year and a generally poor sales level in Brazil. There can be no assurance that sales in Brazil will improve. Sales for Lakeland worldwide, excluding Brazil, increased $6.3 million, or 10.9%, over the nine months of last year.</FONT><A NAME="Page36"></A></DIV>

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<TABLE STYLE="width: 100%">
<TR>
    <TD STYLE="width: 33%; vertical-align: bottom; text-align: left"></TD>
    <TD STYLE="width: 34%; vertical-align: bottom"></TD>
    <TD STYLE="font: normal 10pt Times New Roman; width: 33%; vertical-align: bottom; text-align: right">31</TD> </TR>
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    <TD><BR> </TD> </TR>
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<DIV STYLE="clear: both; page-break-after: always; background-color: rgb(0,0,0); font-style: normal; text-indent: 0in; margin: 0in; height: 1px; clear: both; font-size: 1px"></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small"><B><I>Gross Profit</I></B><I>.</I> Gross profit decreased $3.1 million, or 14.5%, to $18.6 million for the nine months ended October 31, 2013, from $21.7 million for the nine months ended October 31, 2012. Gross profit as a percentage of net sales decreased to 26.8% for the nine months ended October 31, 2013, from 29.7% for the nine months ended October 31, 2012. Major factors driving the changes in gross margins were:</FONT></DIV>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman; table-layout: fixed; clear: both; width: 100%">
<TR STYLE="padding-bottom: 0pt; padding-top: 0in">
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        <DIV STYLE="clear: both; clear: both"><FONT STYLE="font-size: x-small"><FONT STYLE="font-family: Symbol"></FONT>Brazil gross margin was a loss of (8.9)% for this year compared with 33.7% last year resulting from several large bid contracts at a high margin last year, and heavy discounting in this year to promote sales, an inventory write-down of $1.2 million as explained above, and sales of raw material below cost to raise cash for Brazil.</FONT></DIV> </TD> </TR>
<TR STYLE="padding-bottom: 0pt; padding-top: 0in">
    <TD STYLE="width: 0.5in"></TD>
    <TD STYLE="text-align: justify; width: 0.25in; vertical-align: top"><FONT STYLE="font-size: x-small"><FONT STYLE="font-family: Symbol"> &#183;<FONT STYLE="font-size: 10pt"></FONT></FONT></FONT></TD>
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        <DIV STYLE="clear: both; clear: both"><FONT STYLE="font-size: x-small"><FONT STYLE="font-family: Symbol"></FONT>Disposables gross margin increased by 5.3 percentage points due to higher volume resulting from conversion of customers to Lakeland branded products with a higher gross, a price increase and adjustments in transfer pricing, partially offset by a $368,000 reduction in inventory valuation due to changes in overhead rates, and a $375,000 addition to reserves for the discontinued product line.</FONT></DIV> </TD> </TR>
<TR STYLE="padding-bottom: 0pt; padding-top: 0in">
    <TD STYLE="width: 0.5in"></TD>
    <TD STYLE="text-align: justify; width: 0.25in; vertical-align: top"><FONT STYLE="font-size: x-small"><FONT STYLE="font-family: Symbol"> &#183;<FONT STYLE="font-size: 10pt"></FONT></FONT></FONT></TD>
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        <DIV STYLE="clear: both; clear: both"><FONT STYLE="font-size: x-small"><FONT STYLE="font-family: Symbol"></FONT>Wovens gross margin increased 11.5 percentage points in FY14 compared with FY13. This increase was mainly due to the FY13 inventory write-downs resulting from the closure of the Missouri plant, disruptions, inefficiencies and a shortage following the move.</FONT></DIV> </TD> </TR>
<TR STYLE="padding-bottom: 0pt; padding-top: 0in">
    <TD STYLE="width: 0.5in"></TD>
    <TD STYLE="text-align: justify; width: 0.25in; vertical-align: top"><FONT STYLE="font-size: x-small"><FONT STYLE="font-family: Symbol"> &#183;<FONT STYLE="font-size: 10pt"></FONT></FONT></FONT></TD>
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        <DIV STYLE="clear: both; clear: both"><FONT STYLE="font-size: x-small"><FONT STYLE="font-family: Symbol"></FONT>Chemical gross margins increased 7.1 percentage points in FY14 compared with FY13. This increase is primarily due to the conversion of customers to Lakeland brand products with higher gross margins and adjustments in transfer pricing.</FONT></DIV> </TD> </TR>
<TR STYLE="padding-bottom: 0pt; padding-top: 0in">
    <TD STYLE="width: 0.5in"></TD>
    <TD STYLE="text-align: justify; width: 0.25in; vertical-align: top"><FONT STYLE="font-size: x-small"><FONT STYLE="font-family: Symbol"> &#183;<FONT STYLE="font-size: 10pt"></FONT></FONT></FONT></TD>
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        <DIV STYLE="clear: both; clear: both"><FONT STYLE="font-size: x-small"><FONT STYLE="font-family: Symbol"></FONT>Argentina gross margin decreased by 13.9 percentage points mainly due to poor volume resulting from lack of working capital and government controls on imports.</FONT></DIV> </TD> </TR>
<TR STYLE="padding-bottom: 0pt; padding-top: 0in">
    <TD STYLE="width: 0.5in"></TD>
    <TD STYLE="text-align: justify; width: 0.25in; vertical-align: top"><FONT STYLE="font-size: x-small"><FONT STYLE="font-family: Symbol"> &#183;<FONT STYLE="font-size: 10pt"></FONT></FONT></FONT></TD>
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        <DIV STYLE="clear: both; clear: both"><FONT STYLE="font-size: x-small"><FONT STYLE="font-family: Symbol"></FONT>China gross margins decreased 3.3 percentage points primarily due to the accrual of shutdown costs in our Qingdao facility, offset by an increase in higher margin domestic China and Asia Pacific sales.</FONT></DIV> </TD> </TR>
<TR STYLE="padding-bottom: 0pt; padding-top: 0in">
    <TD STYLE="width: 0.5in"></TD>
    <TD STYLE="text-align: justify; width: 0.25in; vertical-align: top"><FONT STYLE="font-size: x-small"><FONT STYLE="font-family: Symbol"> &#183;<FONT STYLE="font-size: 10pt"></FONT></FONT></FONT></TD>
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        <DIV STYLE="clear: both; clear: both"><FONT STYLE="font-size: x-small"><FONT STYLE="font-family: Symbol"></FONT>Gloves margin decreased by 5.4 percentage points mainly resulting from an increase in inventory reserves for Nitrosol gloves.</FONT></DIV> </TD> </TR>
</TABLE>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small"><B><I>Operating Expenses</I></B><I>.</I> Operating expenses decreased $2.8 million, or 12.9%, to $18.5 million for the nine months ended October 31, 2013, from $21.3 million for the nine months ended October 31, 2012. As a percentage of sales, operating expenses decreased to 26.8% for the nine months ended October 31, 2013, from 29.7% for the nine months ended October 31, 2012. The $2.7 million decrease in operating expenses in the nine months ended October 31, 2013, as compared to the nine months ended October 31, 2012, was comprised of:</FONT></DIV>

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<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; clear: both; font-size: 10pt; width: 100%">
<TR>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt -0.9pt; clear: both; text-align: center">&#160;</DIV> </TD>
    <TD STYLE="border-style: #f0f0f0; padding: 0in; background-color: transparent; width: 8%; vertical-align: top; width: 8%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt -0.9pt; clear: both; text-align: center"><FONT STYLE="font-size: x-small">$(1.0)</FONT></DIV> </TD>
    <TD STYLE="border-style: #f0f0f0; padding: 0in; background-color: transparent; width: 85%; width: 85%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt 0.6pt; clear: both; text-align: justify"><FONT STYLE="font-size: x-small">million decrease in sales commission mainly resulting from two large bid contracts in Brazil last year which resulted in high commissions</FONT></DIV> </TD> </TR>
<TR>
    <TD STYLE="border-style: #f0f0f0; padding: 0in; background-color: transparent; width: 7%; vertical-align: top; width: 7%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center">&#160;</DIV> </TD>
    <TD STYLE="border-style: #f0f0f0; padding: 0in; background-color: transparent; width: 8%; vertical-align: top; width: 8%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center"><FONT STYLE="font-size: x-small">$(0.7)</FONT></DIV> </TD>
    <TD STYLE="border-style: #f0f0f0; padding: 0in; background-color: transparent; width: 85%; width: 85%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><FONT STYLE="font-size: x-small">million reduction in payroll administrative expense and payroll taxes primarily in Brazil as the labor complement was adjusted and lower Brazilian volume overall</FONT></DIV> </TD> </TR>
<TR>
    <TD STYLE="border-style: #f0f0f0; padding: 0in; background-color: transparent; width: 7%; vertical-align: top; width: 7%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center">&#160;</DIV> </TD>
    <TD STYLE="border-style: #f0f0f0; padding: 0in; background-color: transparent; width: 8%; vertical-align: top; width: 8%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center"><FONT STYLE="font-size: x-small">$(0.4)</FONT></DIV> </TD>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><FONT STYLE="font-size: x-small">million reduction in China operating expense reclassified from cost of goods sold, mainly resulting from less operating expense from the sale of the Qingdao operation</FONT></DIV> </TD> </TR>
<TR>
    <TD STYLE="border-style: #f0f0f0; padding: 0in; background-color: transparent; width: 7%; vertical-align: top; width: 7%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><FONT STYLE="font-size: x-small">million reduction to bad debt expense due to expense incurred in Argentina in FY13</FONT></DIV> </TD> </TR>
<TR>
    <TD STYLE="border-style: #f0f0f0; padding: 0in; background-color: transparent; width: 7%; vertical-align: top; width: 7%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center">&#160;</DIV> </TD>
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    <TD STYLE="border-style: #f0f0f0; padding: 0in; background-color: transparent; width: 85%; width: 85%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><FONT STYLE="font-size: x-small">million decrease in equity compensation expense due to FY13 change from baseline to zero on the 2012 Restricted Stock Plan</FONT></DIV> </TD> </TR>
<TR>
    <TD STYLE="border-style: #f0f0f0; padding: 0in; background-color: transparent; width: 7%; vertical-align: top; width: 7%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center"><FONT STYLE="font-size: x-small">$(0.2)</FONT></DIV> </TD>
    <TD STYLE="border-style: #f0f0f0; padding: 0in; background-color: transparent; width: 85%; width: 85%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><FONT STYLE="font-size: x-small">million decrease to miscellaneous general and administrative expenses</FONT></DIV> </TD> </TR>
<TR>
    <TD STYLE="border-style: #f0f0f0; padding: 0in; background-color: transparent; width: 7%; vertical-align: top; width: 7%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center">&#160;</DIV> </TD>
    <TD STYLE="border-style: #f0f0f0; padding: 0in; background-color: transparent; width: 8%; vertical-align: top; width: 8%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center"><FONT STYLE="font-size: x-small">$(0.1)</FONT></DIV> </TD>
    <TD STYLE="border-style: #f0f0f0; padding: 0in; background-color: transparent; width: 85%; width: 85%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><FONT STYLE="font-size: x-small">million reduction in officer cash salaries as officers voluntarily received one third of compensation in the form of restricted stock</FONT></DIV> </TD> </TR>
<TR>
    <TD STYLE="border-style: #f0f0f0; padding: 0in; background-color: transparent; width: 7%; vertical-align: top; width: 7%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center">&#160;</DIV> </TD>
    <TD STYLE="border-style: #f0f0f0; padding: 0in; background-color: transparent; width: 8%; vertical-align: top; width: 8%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center"><FONT STYLE="font-size: x-small">$(0.1)</FONT></DIV> </TD>
    <TD STYLE="border-style: #f0f0f0; padding: 0in; background-color: transparent; width: 85%; width: 85%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><FONT STYLE="font-size: x-small">million decrease in travel expenses as fewer trade shows were attended in FY14</FONT></DIV> </TD> </TR>
<TR>
    <TD STYLE="border-style: #f0f0f0; padding: 0in; background-color: transparent; width: 7%; vertical-align: top; width: 7%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center">&#160;</DIV> </TD>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center"><FONT STYLE="font-size: x-small">$(0.1)</FONT></DIV> </TD>
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<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><B><FONT STYLE="font-size: x-small">Liquidity and Capital Resources</FONT></B></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small"><I>Cash Flows.</I> <FONT STYLE="font-size: 10pt">&#160;</FONT> As of October 31, 2013, we had cash and cash equivalents of $5.0 million and working capital of $39.6 million. Cash and cash equivalents decreased $1.7 million, as a result of worldwide cash management and the operating losses in Brazil, and working capital increased $3.6 million from January 31, 2013. International cash management is affected by local requirements and movements of cash across borders can be slowed down significantly.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small">Net cash (used in) operating activities of $(3.0) million for the nine months ended October 31, 2013 was due primarily to profit from operations, an increase in accounts payable of $2.8 million offset by the reversal of the deferred tax asset write down of $4.6 million and a $2.6 million increase in inventories.<FONT STYLE="font-size: 10pt">&#160;</FONT> Net cash provided by investing activities of $0.2 million in the nine months ended October 31, 2013 was due to the completion of the sale of Qingdao and India Plot 24.&#160;</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 13.5pt; clear: both; text-align: justify"><FONT STYLE="font-size: x-small">We currently have one Senior credit facility:<FONT STYLE="font-size: 10pt">&#160;</FONT> $15 million revolving credit facility which commenced June 28, 2013, of which we had $11.8 million of borrowings outstanding as of October 31, 2013, expiring on June 30, 2016 at a current per annum rate of 6.25%. Maximum availability in excess of amount outstanding at October 31, 2013 was $2.3 million. Our current credit facility requires, and any future credit facilities may also require, that we comply with specified financial covenants relating to earnings before interest, taxes, depreciation and amortization and others relating to fixed charge coverage ratio and limits on capital expenditures and investments in foreign subsidiaries. Our ability to satisfy these financial covenants can be affected by events beyond our control, and we cannot guarantee that we will meet the requirements of these covenants. These restrictive covenants could affect our financial and operational flexibility or impede our ability to operate or expand our business. Default under our credit facilities would allow the lenders to declare all amounts outstanding to be immediately due and payable. Our lenders, including BDC, have a security interest in substantially all of our US and Canadian assets and pledges of 65% of the equity of the Company&#8217;s foreign subsidiaries, outside Canada. If our lenders declare amounts outstanding under any credit facility to be due, the lenders could proceed against our assets. Any event of default, therefore, could have a material adverse effect on our business. Lakeland has recently closed on new financing as described more fully in Note 6 to the Financial Statements. Our current availability under our Credit Facility, coupled with our anticipated operating cash and cash management strategy, is sufficient to cover our liquidity needs for the next&#160;12 months.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small"><I>Subordinated Debt Financing (Junior Lender).</I> As described more fully in Note 6, the June 28, 2013 financing included Subordinated Debt which contained warrants.&#160;The value of the warrants was treated as Original Issue Discount (OID) and will be amortized over the term of the loan. Management views this to be one blended loan or transaction along with the Senior Debt at 6.25%, since the subordinated debt was a required condition of closing made by the Senior Lender.&#160;In management&#8217;s view, this financing is at favorable terms considering Lakeland&#8217;s then deteriorating financial conditions at the time of the closing and the year prior as well as the alternatives available to the Company.&#160;Lakeland considered several &#8220;Unitranche&#8221; transactions with overall cost less favorable than the overall cost of the combined Senior and Junior financing closed June 28, 2013.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Capital Expenditures.</I></FONT><FONT STYLE="font: 10pt Times New Roman"><FONT STYLE="font-size: 10pt">Our capital expenditures principally relate to purchases of building and equipment in Brazil and Mexico, manufacturing equipment, computer equipment and leasehold improvements.</FONT> We anticipate FY14 capital expenditures to be approximately $1.0 million. <FONT STYLE="font-size: 10pt">Our facilities in China have not been encumbered by commercial bank mortgages and, thus, Chinese commercial mortgage loans or the sale of a facility may be available with respect to these real estate assets if we need additional liquidity. During the three months ended October 31, 2013, the Company&#8217;s China subsidiary completed a $0.8 million loan.</FONT></FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font: 10pt Times New Roman"><FONT STYLE="font-size: 10pt"></FONT></FONT>&#160;</DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font: 10pt Times New Roman"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman">During FY13 the AnQui City, China Weifang Lakeland factory expanded its operations substantially to accommodate the movement of the work in a leased facility, whose lease had expired. By bringing the two factories together, economies of scale were achieved.</FONT></FONT>&#160;</FONT></DIV> <I><FONT STYLE="font: 10pt Times New Roman"></FONT></I>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small"><I>Foreign Currency Exposure.</I> The Company has foreign currency exposure, principally through its investment in Brazil, sales in China, Canada and the UK and production in Mexico and China. Management has undertaken a hedging program to offset this risk by purchasing forward contracts to sell the Canadian Dollar, Chilean Peso, Euro and Great Britain Pound. However, such program was suspended as a result of the credit issues with its former lender. Management has established, in September 2013, a foreign exchange facility with Wells Fargo Bank, N.A. Such contracts are largely timed to expire with the last day of the fiscal quarter, with a new contract purchased on the first day of the following quarter, to match the operating cycle of the Company. Management has decided not to hedge its long position in the Chinese Yuan or Brazilian Real; however, as described in Note 11, the Company does engage in cash flow hedges between the CNY and the EUR.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><B><FONT STYLE="font-size: x-small">Item 3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Quantitative and Qualitative Disclosures About Market Risk</FONT></B></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small">There have been no significant changes in market risk from that disclosed in our Annual Report on Form 10-K for the fiscal year ended January 31, 2013.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><B><FONT STYLE="font-size: x-small">Item 4. &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Controls and Procedures</FONT></B></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small">We conducted an evaluation, under the supervision and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;)) as of October 31, 2013. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives. Based on their evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of October 31, 2013.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 13.5pt; clear: both; text-align: justify"><FONT STYLE="font-size: x-small">Management has assessed the effectiveness of the Company&#8217;s internal control over financial reporting as of October 31, 2013. In making this assessment, management used the criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based upon an evaluation performed as of October 31, 2013 and throughout FY13, we have identified a material weakness surrounding our internal control over international financial reporting and review. In response to the material weakness management is restructuring its international financial review process and believes these changes will remediate the issue. Further, this weakness did not result in any significant adjustment to the financial statements.</FONT></DIV>

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<DIV STYLE="clear: both; text-indent: -4.5pt; margin: 0in 0in 0pt 0.25in; clear: both; text-align: justify"><B><I><FONT STYLE="font-size: x-small">Changes in Internal Control over Financial Reporting</FONT></I></B></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small">There have been the following changes in Lakeland Industries, Inc.'s internal control over financial reporting that occurred during Lakeland's third quarter of fiscal 2014 that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting:</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small">During the three month period ending October 31, 2013, we changed the entire top management team in Brazil. Leaving were the President, Chief Financial Officer and V.P. Sales. On September 16, 2013, we hired a new President who has specialized experience in turnaround situations.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small">In the US, our International Controller left the Company. We promoted our former Internal Audit Manager to Corporate Controller. All of the duties previously handled by the International Controller were assumed by either the newly promoted Corporate Controller or the V.P. of Finance.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small">All internal control testing that cannot be conducted by existing personnel will be outsourced. The internal control program will be monitored/tested in a manner consistent with full Sarbanes-Oxley compliance.<B><FONT STYLE="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</FONT></B></FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"><B><FONT STYLE="font-size: x-small">PART II. OTHER INFORMATION</FONT></B></DIV>

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<DIV STYLE="clear: both; text-indent: 13.5pt; margin: 0in 0in 0pt; clear: both"> <FONT STYLE="font-size: x-small">Items 2, 3, 4 and 5 are not applicable</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><B><FONT STYLE="font-size: x-small">Item 1. &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Legal Proceedings.</FONT></B></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.2in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small">From time to time, we are a party to litigation arising in the ordinary course of our business. Other than the proceedings related to the VAT tax issue described in Note 12 to the financial statements, we are not currently a party to any litigation or other legal proceedings that we believe could reasonably be expected to have a material adverse effect on our results of operations, financial condition or cash flows.</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"><FONT STYLE="font-size: x-small"><B>Item 6. &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Exhibits</B>:</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"><FONT STYLE="font-size: x-small">Exhibits:</FONT></DIV>

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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify"><FONT STYLE="font-size: x-small">Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</FONT></DIV> </TD> </TR>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify">&#160;</DIV> </TD>
    <TD STYLE="border-style: #f0f0f0; padding: 0in; background-color: transparent; width: 89%; vertical-align: top; width: 89%">
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<TR>
    <TD STYLE="border-style: #f0f0f0; padding: 0in; background-color: transparent; width: 10%; vertical-align: top; width: 10%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"> &#160;</DIV> </TD>
    <TD STYLE="border-style: #f0f0f0; padding: 0in; background-color: transparent; width: 1%; vertical-align: top; width: 1%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: justify">&#160;</DIV> </TD>
    <TD STYLE="border-style: #f0f0f0; padding: 0in; background-color: transparent; width: 89%; vertical-align: top; width: 89%">
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<TR>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"> &#160;</DIV> </TD>
    <TD STYLE="border-style: #f0f0f0; padding: 0in; background-color: transparent; width: 1%; vertical-align: top; width: 1%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"> &#160;</DIV> </TD>
    <TD STYLE="border-style: #f0f0f0; padding: 0in; background-color: transparent; width: 89%; vertical-align: top; width: 89%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"> &#160;</DIV> </TD> </TR>
<TR>
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<TR>
    <TD STYLE="border-style: #f0f0f0; padding: 0in; background-color: transparent; width: 10%; vertical-align: top; width: 10%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"> &#160;</DIV> </TD>
    <TD STYLE="border-style: #f0f0f0; padding: 0in; background-color: transparent; width: 1%; vertical-align: top; width: 1%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"> &#160;</DIV> </TD>
    <TD STYLE="border-style: #f0f0f0; padding: 0in; background-color: transparent; width: 89%; vertical-align: top; width: 89%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"> &#160;</DIV> </TD> </TR>
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<TR>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"> &#160;</DIV> </TD>
    <TD STYLE="border-style: #f0f0f0; padding: 0in; background-color: transparent; width: 1%; vertical-align: top; width: 1%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"> &#160;</DIV> </TD>
    <TD STYLE="border-style: #f0f0f0; padding: 0in; background-color: transparent; width: 89%; vertical-align: top; width: 89%">
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<TR>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"> &#160;</DIV> </TD>
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<TR>
    <TD STYLE="border-style: #f0f0f0; padding: 0in; background-color: transparent; width: 10%; vertical-align: top; width: 10%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"> &#160;</DIV> </TD>
    <TD STYLE="border-style: #f0f0f0; padding: 0in; background-color: transparent; width: 1%; vertical-align: top; width: 1%">
        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"> &#160;</DIV> </TD>
    <TD STYLE="border-style: #f0f0f0; padding: 0in; background-color: transparent; width: 89%; vertical-align: top; width: 89%">
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<DIV STYLE="clear: both; margin: 0in 0in 0pt 0.45in; clear: both"> &#160;</DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"><FONT STYLE="font-size: x-small">Note: 24 month limited liability period has expired with this filing. XBRL is now deemed filed.</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"> &#160;</DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"> &#160;</DIV> <FONT STYLE="font: 10pt Times New Roman"></FONT>

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<TR>
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<TR>
    <TD><BR> </TD> </TR>
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<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"> &#160;</DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center"><B><FONT STYLE="font-size: x-small">SIGNATURES</FONT></B></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both; text-align: center">&#160;</DIV>

<DIV STYLE="clear: both; text-indent: 0.5in; margin: 0in 0in 0pt; clear: both; text-align: justify"><FONT STYLE="font-size: x-small">Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</FONT></DIV>

<DIV STYLE="clear: both; text-indent: 0.5in; margin: 0in 0in 0pt; clear: both; text-align: justify">&#160;</DIV> <FONT STYLE="font-size: x-small"><FONT STYLE="font-size: 10pt"></FONT></FONT>

<DIV STYLE="clear: both; text-indent: 0in; margin: 0in; clear: both; text-align: justify"><FONT STYLE="font-size: x-small"><FONT STYLE="font-size: 10pt"> </FONT></FONT>

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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; clear: both"><B><U> <FONT STYLE="font-size: 10pt">LAKELAND INDUSTRIES, INC.</FONT></U></B><FONT STYLE="font-size: 10pt"></FONT></DIV> </TD> </TR>
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<DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: right"><FONT STYLE="font-size: 10pt">Exhibit 31.1</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: center"><FONT STYLE="font-size: 10pt">CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: center"><FONT STYLE="font-size: 10pt">SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">I, Christopher J. Ryan, certify that:</FONT></DIV>

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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the registrant&#8217;s most recent fiscal quarter (the registrant&#8217;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</FONT></DIV> </TD> </TR>
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<DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both"> <FONT STYLE="font-size: 10pt">Date:&#160;December 12, 2013</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: right"><FONT STYLE="font-size: 10pt">Exhibit 31.2</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: center"><FONT STYLE="font-size: 10pt">CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO</FONT></DIV>

<DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: center"><FONT STYLE="font-size: 10pt">SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">I, Gary Pokrassa, certify that:</FONT></DIV>

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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">1.</FONT></DIV> </TD>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">I have reviewed this report on Form 10-Q of Lakeland Industries, Inc. (the &#8220;registrant&#8221;);</FONT></DIV> </TD> </TR>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">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> </TD> </TR>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">4.</FONT></DIV> </TD>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">The registrant&#8217;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant, and we have:</FONT></DIV> </TD> </TR>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the registrant&#8217;s most recent fiscal quarter (the registrant&#8217;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</FONT></DIV> </TD> </TR>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">Date:&#160;December 12, 2013</FONT></DIV> </TD>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></DIV> </TD> </TR>
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<DIV STYLE="clear: both; background-color: rgb(0,0,0); font-style: normal; text-indent: 0in; margin: 0in; height: 1px; clear: both; font-size: 1px"> </DIV> </DIV> &#160;

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<DIV STYLE="text-align: center"><FONT STYLE="font-variant: small-caps; font-size: 10pt">CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO</FONT></DIV>

<DIV STYLE="text-align: center"><FONT STYLE="font-variant: small-caps; font-size: 10pt">SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">In connection with the filing with the Securities and Exchange Commission of the Quarterly Report of Lakeland Industries, Inc. (the &#8220;Company&#8221;) on Form 10-Q for the period ended October 31, 2013 (the &#8220;Report&#8221;), I, Christopher J. Ryan, Chief Executive Officer, President, Secretary and General Counsel of the Company, certify, pursuant to 18 U.S.C. &#167; 1350, as adopted pursuant to &#167; 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt"> (1)&#160;&#160;&#160;The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt"> (2)&#160;&#160;&#160;The information contained in the Report fairly presents in all material respects, the financial condition and results of operations of the Company.</FONT></DIV>

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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both"> <FONT STYLE="font-size: 10pt">December 12, 2013</FONT></DIV> </TD>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both"> <I><FONT STYLE="font-size: 10pt">/s/Christopher J. Ryan</FONT></I></DIV> </TD> </TR>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both"> <FONT STYLE="font-size: 10pt">Christopher J. Ryan</FONT></DIV> </TD> </TR>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both"> <FONT STYLE="font-size: 10pt">Chief Executive Officer, President and Secretary</FONT></DIV> </TD> </TR>
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<DIV STYLE="clear: both; margin: 0in 0in 0pt; font-family: Times New Roman,serif; clear: both; text-align: right"><FONT STYLE="font-variant: small-caps; font-size: 10pt">Exhibit 32.2</FONT></DIV>

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<DIV STYLE="text-align: center"><FONT STYLE="font-variant: small-caps; font-size: 10pt">CERTIFICATION CHIEF FINANCIAL OFFICER PURSUANT TO</FONT></DIV>

<DIV STYLE="text-align: center"><FONT STYLE="font-variant: small-caps; font-size: 10pt">SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt">In connection with the filing with the Securities and Exchange Commission of the Quarterly Report of Lakeland Industries, Inc. (the &#8220;Company&#8221;) on Form 10-Q for the period ended October 31, 2013 (the &#8220;Report&#8221;), I, Gary Pokrassa, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. &#167; 1350, as adopted pursuant to &#167; 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt"> (1)&#160;&#160;&#160;The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</FONT></DIV>

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<DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both; text-align: justify"><FONT STYLE="font-size: 10pt"> (2)&#160;&#160;&#160;The information contained in the Report fairly presents in all material respects, the financial condition and results of operations of the Company.</FONT></DIV>

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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both"> <FONT STYLE="font-size: 10pt">December 12, 20</FONT><FONT STYLE="font-size: 10pt">13</FONT></DIV> </TD>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both"> <I><FONT STYLE="font-size: 10pt">/s/Gary Pokrassa</FONT></I></DIV> </TD> </TR>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both"> <FONT STYLE="font-size: 10pt">Gary Pokrassa,</FONT></DIV> </TD> </TR>
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        <DIV STYLE="clear: both; margin: 0in 0in 0pt; font: 12pt Times New Roman,serif; clear: both"> <FONT STYLE="font-size: 10pt">Chief Financial Officer&#160;</FONT></DIV> </TD> </TR>
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