<SEC-DOCUMENT>0001213900-17-011401.txt : 20171106
<SEC-HEADER>0001213900-17-011401.hdr.sgml : 20171106
<ACCEPTANCE-DATETIME>20171106085837
ACCESSION NUMBER:		0001213900-17-011401
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20171106
FILED AS OF DATE:		20171106
DATE AS OF CHANGE:		20171106

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MIND CTI LTD
		CENTRAL INDEX KEY:			0001119083
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING SERVICES [7371]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-31215
		FILM NUMBER:		171178400

	BUSINESS ADDRESS:	
		STREET 1:		INDUSTRIAL PARK BUILDING 7
		CITY:			YOQNEAM ILIT ISRAEL
		STATE:			L3
		ZIP:			20692
		BUSINESS PHONE:		97249936666

	MAIL ADDRESS:	
		STREET 1:		PO BOX 144
		CITY:			YOQNEAM ILIT ISRAEL
		STATE:			L3
		ZIP:			20692
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6k110617_mindctiltd.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0in; margin-bottom: 0in"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>FORM
6-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>SECURITIES
AND EXCHANGE COMMISSION<BR>
Washington D.C. 20549</B></FONT> </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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Report
of Foreign Private Issuer</B></FONT><BR>
<BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Pursuant to Rule 13a-16 or 15d-16</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>of the Securities Exchange Act of 1934</B></FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the month of November, 2017<BR>
Commission File Number: 000-31215</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>MIND
C.T.I. LTD.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Translation
of registrant&rsquo;s name into English)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Industrial
Park, Building 7, P.O.Box 144, Yoqneam 20692, Israel</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address
of principal executive offices)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
20-F&nbsp;&nbsp;&nbsp;&#9746;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F&nbsp;&nbsp;&nbsp;&#9744;</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): N/A</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): N/A</FONT></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; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&nbsp;&#9746;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
&ldquo;Yes&rdquo; is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- N/A</FONT></P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0in; margin-bottom: 0in"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt; padding: 0pt 0pt 3pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INCORPORATION
BY REFERENCE</B></FONT></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: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Registrant&rsquo;s GAAP financial statements attached to the press release in Exhibit 1 to this Report on Form 6-K are hereby incorporated
by reference into: (i) the Registrant&rsquo;s Registration Statement on Form S-8, Registration No. 333-181383; (ii) the Registrant&rsquo;s
Registration Statement on Form S-8, Registration No. 333-117054; (iii) the Registrant&rsquo;s Registration Statement on Form S-8, Registration
No. 333-100804; and (iv) the Registrant&rsquo;s Registration Statement on Form S-8, Registration No. 333-54632.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
report on Form 6-K of the registrant consists of the following Exhibit, which is attached hereto and incorporated by reference
herein:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Press
Release: <B>MIND CTI Reports Third Quarter 2017 Results.</B></FONT></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"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt; padding: 0pt 0pt 3pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: bottom; width: 64%">&nbsp;</TD>
    <TD STYLE="width: 36%">By Order of the Board of Directors,</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Monica Iancu</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">Date: November 6, 2017</TD>
    <TD>Title: Monica Iancu</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>President and Chief Executive Officer </TD></TR>
</TABLE>


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

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

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt; padding: 0pt 0pt 3pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXHIBIT
INDEX</B></FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                                                                                                                                                                                                                                                                                                              <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0in; padding-right: 0in; border-bottom: Black 1.5pt solid; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exhibit
Number</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0in 0in 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-top: 0in; padding-right: 0in; border-bottom: Black 1.5pt solid; padding-left: 0in; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">Description
                                         of Exhibit</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
<TD STYLE="width: 12%; padding: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="width: 1%; padding: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="padding: 0in; font: 10pt Times New Roman, Times, Serif; width: 87%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="f6k110617ex99-1_mindctiltd.htm">Press Release: <B>MIND CTI Reports Third Quarter 2017 Results.</B></A></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: -36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: -36pt"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0in; margin-bottom: 0in"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: -36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>f6k110617ex99-1_mindctiltd.htm
<DESCRIPTION>PRESS RELEASE: MIND CTI REPORTS THIRD QUARTER 2017 RESULTS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: right"><B>Exhibit 1</B></P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal">MIND
CTI Reports Third Quarter 2017 Results </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Yoqneam,
Israel, November 6, 2017 </B>MIND C.T.I. LTD. &ndash; (NasdaqGM:MNDO), a leading provider of convergent end-to-end prepaid/postpaid
billing and customer care product based solutions for service providers as well as unified communications analytics and call accounting
solutions for enterprises, today announced results for its third quarter ended September 30, 2017.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following will summarize our major achievements in the third quarter of 2017, as well as our business. Full financial results
can be found in the Company News section of our website at <U>http://www.mindcti.com/company/news/</U> and in our Form 6-K.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Q3
2017 Financial Highlights</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&#9679;</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
                                         were $4.6 million, compared to $4.5 million in the third quarter of 2016 and $4.6 million
                                         in the second quarter of 2017.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&#9679;</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
                                         income was $1.4 million, or 31% of total revenues, compared to $1.3 million, or 29% of
                                         total revenues in the third quarter of 2016 and $1.2 million, or 27% of total revenues
                                         in the second quarter of 2017.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&#9679;</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
                                         income was $1.2 million, or $0.06 per share, compared to $1.1 million, or $0.06 per share
                                         in the third quarter of 2016.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&#9679;</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Multiple
                                         follow-on orders.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&#9679;</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
                                         flow from operating activities was $1.7 million.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&#9679;</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
                                         position was $16.9 million as of September 30, 2017.</FONT></TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nine
Months Financial Highlights</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&#9679;</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
                                         were $13.6 million, compared to $13.4 million in the first nine months of 2016.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&#9679;</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
                                         income was $3.6 million, or 26% of total revenues, compared to $3.4 million, or 26% of
                                         total revenues in the first nine months of 2016.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&#9679;</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
                                         income was $4.0 million, or $0.21 per share, compared to $3.3 million, or $0.17 per share
                                         in the first nine months of 2016 (net income in the nine months period includes a one-time
                                         net capital gain of $0.9 million)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&#9679;</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
                                         flow from operating activities in the first nine months of 2017 was $2.0 million.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of September 30, 2017 we had 248 employees, compared with 267 as of September 30, 2016 and 248 as of June 30, 2017.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Monica
Iancu, MIND CTI CEO, commented: &ldquo;For the last few years, communications service providers encounter major challenges as
the economics of running a network remain complex and increased data traffic does not necessarily translate into increased profits.&nbsp;Operators
continue to develop new service offerings to improve revenues and at the same time attempt to reduce cost, both capex and opex,
in order to increase profitability. Our customers, tier 2 and 3 carriers, are under severe pressure as they compete against larger
operators, with hefty advertising budgets. Planning ahead for this expected market shift, we had improved our operating efficiency
and productivity. In parallel, we invested in developing the next versions of our platforms and we will continue to invest in
expanding our offering.&rdquo;</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
Distribution for Q3 2017</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
in the Americas represented 76.3%, revenues in Europe represented 15.2% and revenues in the rest of the world represented 8.5%
of our total revenues.</FONT></P>

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
from customer care and billing software totaled $3.8 million, or 82% of total revenues, while revenues from enterprise call accounting
software totaled $0.8 million, or 18% of our total revenues.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
from licenses were $0.6 million, or 13% of total revenues, while revenues from maintenance and additional services were $4.0 million,
or 87% of our total revenues.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Follow-on
Orders</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
always strive to maintain the highest support level possible and to have happy customers. With this in mind, we adopted the Agile
methodology where we assign a dedicated team to customization tasks. This methodology enables us to better serve our customers
and as always, our follow-on orders reconfirm their satisfaction.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
quarter&rsquo;s follow-on orders include an upgrade to our latest Version 8 (third customer to upgrade to our new version), agreements
to support enhancements related to deployment of Voice over LTE (VoLTE), support for EMV (credit card payments, cards with chip),
mobile payments, IMS integration for billing and provisioning as well as specific customizations and additional professional services.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fluctuation
in Taxes</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
previously mentioned, on a quarterly basis we incurred high fluctuation in taxes.&nbsp;Taxes include provisions for income taxes
paid in our different locations at very different tax rates.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Also,
as previously mentioned, there is a change in the Israeli tax legislation, starting 2017. We have applied for a significantly
lower income tax rate, based on incentive plans approved in 2017 under the Encouragement of Capital Investments Law. In case we
obtain a tax pre-ruling that classifies us in Israel as a Preferred Technological Enterprise, we expect that our tax expenses
will be significantly lower and that the influence on our results for the first nine months of 2017 might be up to $0.5 million
less in taxes on income expense.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
third quarter financial results do not reflect our expectations of a lower tax rate, as there is no certainty that we will obtain
such a pre-ruling.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Update
on Pursuit of Acquisitions</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
we previously announced, given our strong cash position and our experienced organization, we believe that we are well positioned
and have the required resources to respond to market needs and at the same time focus on targeting potential acquisitions that
could benefit the company&rsquo;s growth. Our active pursuit is focused on acquisition targets at reasonable valuations that satisfy
the criteria we defined: proven revenues, complementary technology, geography and expected accretion to earnings within two to
three quarters.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the last two years, when evaluating acquisition targets, we faced increased competition from cash-rich corporations as well as
the private equity industry, both sectors having high liquidity that they allocate to M&amp;A activities.&nbsp;&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
excess of demand for deals has pushed valuations to highs, making it ever more challenging for us to find attractive deals.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">About
MIND</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MIND
C.T.I. Ltd. is a leading provider of convergent end-to-end billing and customer care product based solutions for service providers
as well as unified communications analytics and call accounting solutions for enterprises. MIND provides a complete range of billing
applications for any business model (license, managed service or complete outsourced billing service) for Wireless, Wireline,
Cable, IP Services and Quad-play carriers. A global company, with over twenty years of experience in providing solutions to carriers
and enterprises, MIND operates from offices in the United States, Romania and Israel.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cautionary
Statement for Purposes of the &ldquo;Safe Harbor&rdquo; Provisions of the Private Securities Litigation Reform Act of 1995: All
statements other than historical facts included in the foregoing press release regarding the Company&rsquo;s business strategy are &ldquo;forward-looking
statements.&rdquo; These statements are based on management&rsquo;s beliefs and assumptions and on information currently available to
management. Forward-looking statements are not guarantees of future performance, and actual results may materially differ. The
forward-looking statements involve risks, uncertainties, and assumptions, including the risks discussed in the Company&rsquo;s filings
with the United States Securities Exchange Commission. The Company does not undertake to update any forward-looking information.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>For
more information please contact:</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andrea
Dray</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MIND
C.T.I. Ltd.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel:
+972-4-993-6666</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>investor@mindcti.com</U></FONT></P>

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

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

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>MIND C.T.I. LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Unaudited)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center"><B>Three Months</B> <B>Ended </B></TD><TD><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD COLSPAN="6" STYLE="text-align: center"><B>Nine Months Ended </B></TD><TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 1.5pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><B>September 30,</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><B> September 30,</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 1.5pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><B>2017</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><B>2016</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><B>2017</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><B>2016</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 1.5pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="14" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><B>U.S. dollars in thousands (except per share
    data)</B></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left">Revenues</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">4,557</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">4,478</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">13,570</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">13,372</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Cost of revenues</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,415</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,661</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">5,230</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">5,298</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Gross profit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,142</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,817</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,340</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,074</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Research and development expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">977</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">867</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,594</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,760</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Selling and marketing expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">348</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">374</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">944</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">846</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">General and administrative expenses</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">422</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">263</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,244</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,051</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Operating income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,395</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,313</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,558</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,417</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Gain on disposal of a subsidiary</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">893</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Financial income - net</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">116</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">44</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">563</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">383</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Income before taxes on income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,511</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,357</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,014</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,800</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Taxes on income</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">270</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">240</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">976</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">474</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Net income</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,241</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,117</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">4,038</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">3,326</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Earnings per share:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt; padding-left: 0.125in">Basic and diluted</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">0.06</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">0.06</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">0.21</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">0.17</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Weighted average number of shares used in computation of
    earnings per share in thousands:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4pt; padding-left: 0.125in">Basic</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">19,298</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">19,233</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">19,291</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">19,226</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt; padding-left: 0.125in">Diluted</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">19,312</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">19,297</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">19,521</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">19,287</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


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

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

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>MIND C.T.I. LTD.</B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; padding-left: 0; text-indent: 0">September&nbsp;30,</TD><TD STYLE="font-weight: bold; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; padding-left: 0; text-indent: 0">December 31,</TD><TD STYLE="font-weight: bold; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">2017</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">Unaudited</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">Audited</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">U.S. dollars in thousands</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; padding-left: 0; text-indent: 0">Assets</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0; text-indent: 0">CURRENT ASSETS:</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left; padding-left: 0.125in; text-indent: 0">Cash and cash equivalents</TD><TD STYLE="width: 1%; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; text-align: right; padding-left: 0; text-indent: 0">5,306</TD><TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; text-align: right; padding-left: 0; text-indent: 0">9,165</TD><TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: 0">Short-term bank deposits</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">5,433</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">5,033</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: 0">Marketable securities</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">5,505</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">4,784</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: 0">Accounts receivable, net:</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: 0">Trade</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">827</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">1,098</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: 0">Other</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">507</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">176</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: 0">Prepaid expenses</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">475</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">319</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: 0">Deferred cost of revenues</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">36</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: 0">Inventory</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">5</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">5</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0; text-indent: 0">Total current assets</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">18,094</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">20,580</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0; text-indent: 0">INVESTMENTS AND OTHER NON CURRENT ASSETS:</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: 0">Marketable securities - available-for-sale</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">552</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">832</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: 0">Long-term deposits</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">101</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: 0">Severance pay fund</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">1,651</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">1,565</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: 0">Deferred income taxes&#9;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">95</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">95</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><B>PROPERTY AND EQUIPMENT,</B> net of accumulated depreciation
    and amortization</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">181</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">498</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">GOODWILL</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">5,430</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">5,430</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 4pt; padding-left: 0; text-indent: 0">Total assets</TD><TD STYLE="padding-bottom: 4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right; padding-left: 0; text-indent: 0">26,104</TD><TD STYLE="padding-bottom: 4pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right; padding-left: 0; text-indent: 0">29,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: center; padding-left: 0; text-indent: 0">Liabilities and shareholders&rsquo; equity</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0; text-indent: 0">CURRENT LIABILITIES:</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: 0">Accounts payable and accruals:</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: 0">Trade</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">153</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">51</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: 0">Other</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">1,397</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">1,233</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: 0">Deferred revenues</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">2,904</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">4,079</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0; text-indent: 0">Total current liabilities</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">4,454</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">5,363</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0; text-indent: 0">LONG TERM LIABILITIES:</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: 0">Deferred revenues</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">441</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">665</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: 0">Employee rights upon retirement</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">1,798</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">1,687</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">Total liabilities</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">6,693</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">7,715</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0; text-indent: 0">SHAREHOLDERS&rsquo; EQUITY:</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: 0">Share capital</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">54</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">54</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: 0">Additional paid-in capital</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">26,132</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">25,998</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: 0">Accumulated other comprehensive loss</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(793</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(867</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: 0">Treasury shares</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(1,554</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(1,607</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: 0">Accumulated deficit</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">(4,428</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">(2,293</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">Total shareholders&rsquo; equity</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">19,411</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">21,285</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 4pt; padding-left: 0; text-indent: 0">Total liabilities and shareholders&rsquo; equity</TD><TD STYLE="padding-bottom: 4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right; padding-left: 0; text-indent: 0">26,104</TD><TD STYLE="padding-bottom: 4pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right; padding-left: 0; text-indent: 0">29,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>




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

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

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>MIND C.T.I. LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">CONSOLIDATED STATEMENTS OF CASH FLOWS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Unaudited)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; padding-left: 0; text-indent: 0">Three Months Ended </TD><TD STYLE="font-weight: bold; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; padding-left: 0; text-indent: 0">Nine Months Ended </TD><TD STYLE="font-weight: bold; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0"> September 30,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">September 30,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">2017</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">2017</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">U.S. dollars in thousands</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0; text-indent: 0">Cash flows from operating activities:</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left; padding-left: 0.125in; text-indent: 0">Net income</TD><TD STYLE="width: 1%; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; text-align: right; padding-left: 0; text-indent: 0">1,241</TD><TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; text-align: right; padding-left: 0; text-indent: 0">1,117</TD><TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; text-align: right; padding-left: 0; text-indent: 0">4,038</TD><TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; text-align: right; padding-left: 0; text-indent: 0">3,326</TD><TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -10pt">Adjustments to reconcile net income to net cash provided
    by operating activities:</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: 0">Depreciation and amortization</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">26</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">33</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">78</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">116</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: 0">Accrued severance pay</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">39</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(81</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(29</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(47</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: 0">Realized loss from <FONT STYLE="font-size: 10pt">marketable
securities available-for-sale</FONT></TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">27</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: 0">Unrealized loss (gain) on marketable securities, net</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">41</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">12</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">27</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(25</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: 0">Share-based compensation expenses</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">47</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">38</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">135</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">91</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: 0">Gain on disposal of a subsidiary</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(893</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: 0">Changes in operating asset and liability items:</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.375in; text-indent: 0">Decrease (increase) in accounts receivable:</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.5in; text-indent: 0">Trade</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">28</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">153</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">271</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">1,584</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.5in; text-indent: 0">Other</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(304</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(132</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(345</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(443</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.5in; text-indent: -10pt">Decrease (increase) in prepaid expenses and deferred
    cost of revenues</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(12</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">124</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(192</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">42</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.375in; text-indent: 0">Increase (decrease) in accounts payable and accruals:</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.5in; text-indent: 0">Trade</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">123</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(144</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">102</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(98</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.5in; text-indent: 0">Other</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">463</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">76</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">164</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(942</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 0.375in; text-indent: 0">Increase (decrease) in deferred revenues</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">26</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">935</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">(1,399</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">788</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: 0">Net cash provided by operating activities</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">1,718</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">2,131</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">1,984</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">4,392</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0; text-indent: 0">Cash flows from investing activities:</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: 0">Purchase of property and equipment</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(12</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(2</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(24</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(24</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: 0">Severance pay funds</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(37</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">74</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">54</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">21</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: 0">Proceeds from (Investment in) marketable securities</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">198</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">151</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(748</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">58</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: 0">Proceeds from marketable securities &ndash; available-for-sale</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">270</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">326</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">84</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: 0">Investment in bank deposits</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(2,756</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(1,370</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(500</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(2,028</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: 0">Proceeds from sale of subsidiary</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">1,169</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: 0">Net cash provided by (used in) investing activities</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">(2,607</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">(877</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">277</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">(1,889</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0; text-indent: 0">Cash flows from financing activities:</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: 0">Employee stock options exercised and paid</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">29</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">53</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">60</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: 0">Dividend paid</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">(6,173</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">(5,192</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: 0">Net cash provided by (used in) financing activities</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">29</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">(6,120</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">(5,132</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0; text-indent: 0">Increase (decrease) in cash and cash equivalents</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(889</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">1,283</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(3,859</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(2,629</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">Balance of cash and
    cash equivalents at beginning<FONT STYLE="font-family: Times New Roman, Times, Serif"><B> of <FONT STYLE="font-size: 10pt">period</FONT></B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">6,195</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">7,563</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">9,165</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">11,475</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 4pt; padding-left: 0; text-indent: 0">Balance of cash and cash equivalents at end of period</TD><TD STYLE="padding-bottom: 4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right; padding-left: 0; text-indent: 0">5,306</TD><TD STYLE="padding-bottom: 4pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right; padding-left: 0; text-indent: 0">8,846</TD><TD STYLE="padding-bottom: 4pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right; padding-left: 0; text-indent: 0">5,306</TD><TD STYLE="padding-bottom: 4pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right; padding-left: 0; text-indent: 0">8,846</TD><TD STYLE="padding-bottom: 4pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">5</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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


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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
