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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001021408-03-001498.txt : 20030204
<SEC-HEADER>0001021408-03-001498.hdr.sgml : 20030204
<ACCEPTANCE-DATETIME>20030203183251
ACCESSION NUMBER:		0001021408-03-001498
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030131
FILED AS OF DATE:		20030204

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HIGHWAY HOLDINGS LTD
		CENTRAL INDEX KEY:			0001026785
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS FABRICATED METAL PRODUCTS [3490]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-28990
		FILM NUMBER:		03537223

	BUSINESS ADDRESS:	
		STREET 1:		FLAT G,7/F,PHASE KINGSWAY INDUSTRIAL BLD
		STREET 2:		173-175 WO YI HOP RD
		CITY:			KWAL CHUNG NT HONG K
		STATE:			K3
		ZIP:			00000

	MAIL ADDRESS:	
		STREET 1:		LEVEL 8 LANDMARK N 39 LUNG SUM AVE
		STREET 2:		STE 810
		CITY:			SHEUNG SHUI HONG KONG
		STATE:			K3
		ZIP:			999999999
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 6-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

<HR SIZE="3" NOSHADE COLOR="#000000" ALIGN="left"><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="5" COLOR="#000000"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B>Washington, D.C. 20549
</B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><HR WIDTH="21%" SIZE="1" NOSHADE COLOR="#000000"><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5" COLOR="#000000"><B>FORM 6-K </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="4" COLOR="#000000"><B>REPORT OF FOREIGN ISSUER </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="4"
COLOR="#000000"><B>PURSUANT TO RULE 13a-16 OR 15d-16 OF </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="4" COLOR="#000000"><B>THE SECURITIES EXCHANGE ACT OF 1934 </B></FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>For the month of January 2003 </B></FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><HR WIDTH="21%" SIZE="1" NOSHADE COLOR="#000000"><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="6" COLOR="#000000"><B>HIGHWAY HOLDINGS LIMITED </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>(Translation of
Registrant&#146;s Name Into English) </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Suite
810, Level 8 </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Landmark North </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>39 Lung Sum Avenue </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Sheung Shui </B></FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>New Territories, Hong Kong </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="1" COLOR="#000000"><B>(Address of Principal Executive Offices) </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><HR WIDTH="21%" SIZE="1" NOSHADE COLOR="#000000"><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F.) </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">Form 20-F&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#120;</FONT>&nbsp;&nbsp;Form 40-F&nbsp;&nbsp;</FONT><FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">&#168;</FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"> </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(Indicate by check mark whether the registrant by furnishing
the information contained in this Form 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="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Yes&nbsp;&nbsp;</FONT><FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">&#168;</FONT><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;&nbsp;No&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#120;</FONT>&nbsp;&nbsp; </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
82-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.) </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><HR SIZE="3" NOSHADE COLOR="#000000" ALIGN="left">

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Attached to
this Report on Form 6-K is (i) a press release issued by the registrant on January 13, 2003, (ii) a press release issued by the registrant on January 23, 2003, and (iii) a press release issued by the registrant on January 30, 2003. </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"><B>SIGNATURES </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Pursuant to
the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3" WIDTH="45%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">HIGHWAY HOLDINGS LIMITED</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="45%"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Date:&nbsp;&nbsp;January 31, 2003</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="3%"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">By:</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="45%"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">/s/&nbsp;&nbsp;ROLAND W. KOHL</FONT></P><HR SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"></TD></TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="45%"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Roland W. Kohl</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">Chief Executive Officer</FONT></P></TD></TR>
</TABLE>

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<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>[LETTERHEAD
OF PONDELWILKINSON MS&amp;L] </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"><B>CONTACT:</B> Gary S. Maier </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PondelWilkinson MS&amp;L
</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(323) 866-6024 </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="4"
COLOR="#000000"><B>NEWS RELEASE </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>HIGHWAY HOLDINGS SIGNS COOPERATIVE AGREEMENT WITH TURA AG </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"><B>TO PRODUCE ELECTRO-LUMINESCENT PANELS </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"><B>&#151; New Technical Applications for Highway Holdings &#151; </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>HONG KONG</B> &#151; January 13, 2003 &#151; Highway Holdings Limited (NASDAQ:HIHO) today announced the
signing of an agreement with TURA AG whereby TURA will purchase the company&#146;s electro-luminescent panels and have exclusive world-wide rights to market the back-lighting panels in the standard format paper sizes A-3 to A-0 for a three-year
period. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&#147;While the commercial rewards for
the replacement of light box advertising units with electro-luminescent technology are significant and a key use, future commercial applications are potentially even greater. This includes applications for information display panels like computers
and televisions screens,&#148; said Roland Kohl, chairman and chief executive officer of Highway Holdings. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&#147;Electro-luminance was discovered a number of years ago, but the technology has only recently found wide-spread commercial
applications. It is still in the early stages, requiring much more research and development to realize the technology&#146;s full potential. TURA&#146;s leadership position and technical experience in this field will be invaluable as we pursue the
opportunities in this exciting market,&#148; Kohl said. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">Kohl noted that over the past several years TURA has gradually developed its electro-luminance business, utilizing other European suppliers of EL panels and power source units. &#147;Our reputation for high quality and low-cost
manufacturing capabilities in China attracted the attention of TURA, which ultimately lead to the signing of this cooperative agreement,&#148; Kohl added. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">-more- </FONT></P>

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<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">An
electro-luminescent panel is a thin, flexible, solid state, lighting device. It is powered by an electrical current, which reacts with a zinc-sulfide phosphor powder to produce a unique glow of light. </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Highway Holdings said it expects to fill the first orders from
TURA for electro-luminescent panels during the current fiscal quarter. &#147;Although revenues from sales of such panels during the current fiscal year are expected to be modest, depending on TURA&#146;s success in marketing and distributing the
panels, revenues during the balance of the three-year agreement could become significant,&#148; Kohl said. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">He noted that TURA AG has been a long-time camera customer and a supplier of film to Highway Holdings&#146; subsidiary Hi-Lite Camera
Company Ltd and Kienzle Time Ltd. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Headquartered
in D&uuml;ren, West Germany and privately held since 1901, TURA AG supplies photographic films, papers, chemistry, and wide-format inkjet printing consumables to customers in more than sixty countries worldwide through a distribution network
operating in forty countries. More information is available at tura-film.com. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000">Highway Holdings manufactures a wide variety of high-quality metal parts and components for blue chip original equipment manufacturers. It also manufactures clocks and clock movements for sale under
the company&#146;s own Kienzle Uhren brand name, as well as for unaffiliated clock companies. Additionally, Highway Holdings manufactures finished products, including single-use and 35mm cameras and other products. The company is headquartered in
Hong Kong and operates manufacturing facilities both in Shenzhen province of the People&#146;s Republic of China and in Bulgaria. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"># # # </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><I>Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements
which involve risks and uncertainties, including but not limited to economic, competitive, governmental, political and technological factors affecting the company&#146;s revenues, operations, markets, products, prices, the revenue potential from its
watch business, and other factors discussed in the company&#146;s various filings with the Securities and Exchange Commission, including without limitation the company&#146;s periodic and annual reports on Form 20-F. </I></FONT></P><P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>

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<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>[LETTERHEAD
OF PONDELWILKINSON MS&amp;L] </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"><B>CONTACT:</B> Gary S. Maier </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PondelWilkinson MS&amp;L
</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(323) 866-6024 </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="4"
COLOR="#000000"><B>NEWS RELEASE </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>HIGHWAY HOLDINGS LIMITED REPORTS STRONG </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>FISCAL
THIRD QUARTER RESULTS</B><I></I><B> </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>HONG KONG &#151; January 23, 2003 &#151;</B> Highway Holdings Limited (Nasdaq:HIHO) today announced solid results for its third fiscal
quarter ended December 31, 2002, reporting a 26 percent climb in net sales and a doubling of gross profit over the same quarter last year. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Net sales for the third fiscal quarter of 2003 increased to $5.3 million from $4.2 million a year earlier. For the same period, the
company reported net income of $162,000, or $0.06 per share, compared with a net loss of $415,000, or $0.14 per share, in the same quarter last year. Operating income for the 2003 fiscal third quarter was $83,000 compared with a loss of $445,000 a
year ago. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Net sales for the nine months of
fiscal 2003 were $15 million compared with $14.8 million a year earlier. Net income for the nine-month period was $351,000, or $0.12 per diluted share, compared with a net loss of $206,000, or $0.07 per diluted share, last year. Operating income for
the same period was $121,000 compared with a loss of $326,000 in the corresponding period a year earlier. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Roland Kohl, Highway Holdings&#146; chairman and chief executive officer, stated, &#147;Results for the quarter reflect the success of our
ongoing strategic efforts to leverage the company&#146;s manufacturing capabilities and technological expertise. In addition, as indicated last quarter, we have increased our marketing efforts to expand the company&#146;s metal, camera, watch and
clock business, and these initiatives are beginning to bear fruit &#150; aided by an overall improvement in the business environment.&#148; </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Gross margins as a percentage of sales increased to 19 percent for the third fiscal quarter of fiscal 2003 from 12 percent in the same
period a year ago, reflecting better product mix and a continued focus on improving production efficiencies. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">-more- </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">Highway Holdings Ltd. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">6-6-6 </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">All of the company&#146;s main
business segments showed a strong year-over-year increase for the third fiscal quarter. Metal sales for the third fiscal quarter were $3.0 million compared with $2.7 million a year ago; cameras sales were $1.4 million compared with $942,000 a year
earlier; and, sales of clocks and watches were $957,000 compared with $586,000 last year. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000">Selling, general and administrative expenses for the quarter ended December 31, 2002 were $952,000 &#151; amounting to 18 percent of total net sales, a decrease of $18,000 over such expenses a year
earlier. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">At December 31, 2002, the company had
working capital of $7,494,000 compared with $6,716,000 at March 31, 2002. Kohl noted that the company&#146;s financial position remains strong with a current ratio of 2.8:1. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Highway Holdings manufactures a wide variety of high-quality metal parts and components for blue chip
original equipment manufacturers. It also manufactures clocks and clock movements for sale under the company&#146;s own Kienzle Uhren brand name, as well as for unaffiliated clock companies. Additionally, Highway Holdings manufactures finished
products, including single-use and 35mm cameras and other products. The company is headquartered in Hong Kong and operates manufacturing facilities both in Shenzhen province of the People&#146;s Republic of China and in Bulgaria. </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><I>Except for the historical information contained herein, the
matters discussed in this press release are forward-looking statements which involve risks and uncertainties, including but not limited to economic, competitive, governmental, political and technological factors affecting the company&#146;s
revenues, operations, markets, products and prices, and other factors discussed in the company&#146;s various filings with the Securities and Exchange Commission, including without limitation the company&#146;s periodic and annual reports on Form
20-F. </I></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">#&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;#&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;# </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(Tables
Follow) </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>HIGHWAY
HOLDINGS LIMITED AND SUBSIDIARIES </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Consolidated Statement of Income </B></FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(Dollars in thousands, except per share data) </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000">(Unaudited) </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Quarter&nbsp;ended</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>December&nbsp;31</B></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Nine&nbsp;Months&nbsp;ended</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>December&nbsp;31</B></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"> <FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>2002</B></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>2001</B></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>2002</B></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>2001</B></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"> <FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="54%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Net sales</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">5,349</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">4,246</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">14,985</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">14,791</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="54%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Cost of sales</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">4,314</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">3,721</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">12,055</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">12,389</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD></TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="54%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Gross profit</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">1,035</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">525</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">2,930</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">2,402</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="54%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Selling, general and administrative expenses</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">952</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">970</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">2,809</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">2,728</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD></TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="54%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Operating income (loss)</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">83</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(445</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">)</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">121</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(326</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">)</FONT></P></TD></TR>
<TR>
<TD HEIGHT="8"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="54%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Non-operating items</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="54%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:6%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Interest expenses</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(18</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">)</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(17</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">)</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(45</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">)</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(65</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">)</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="54%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:6%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Exchange gain (loss), net</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">112</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(8</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">)</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">306</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">92</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="54%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:6%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Interest income</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">6</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">15</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">15</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">58</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="54%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:6%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Other income</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">7</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">40</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">24</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">61</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="54%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:6%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Total non-operating income</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">107</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">30</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">300</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">146</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD></TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR>
<TD HEIGHT="8"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="54%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:6%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Shares of loss of affiliate</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(5</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">)</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">0</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(5</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">)</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">0</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD></TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR>
<TD HEIGHT="8"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="54%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Net income (loss) before income tax</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">185</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(415</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">)</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">416</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(180</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">)</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="54%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Income taxes</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">23</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">0</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">65</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">26</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD></TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="54%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Net income (loss)</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">162</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">($</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">415</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">)</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">351</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">($</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">206</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">)</FONT></P></TD></TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="3" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="3" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="3" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="3" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="3" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="3" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="3" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="3" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="3" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="3" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="3" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="3" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR>
<TD HEIGHT="8"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="54%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Earnings (loss) per share - basic</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">0.06</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">($</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">0.14</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">)</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">0.12</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">($</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">0.07</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">)</FONT></P></TD></TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="54%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Weight average number of shares - basic</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">2,903</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">2,905</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">2,903</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">2,905</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD></TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="3" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="3" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="3" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="3" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="3" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="3" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="3" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="3" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="3" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="3" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="3" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="3" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR>
<TD HEIGHT="8"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="54%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Earnings (loss) per share - diluted</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">0.06</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">($</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">0.14</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">)</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">0.12</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">($</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">0.07</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">)</FONT></P></TD></TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="54%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Weight average number of shares - diluted</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">2,903</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">2,905</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">2,903</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">2,905</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD></TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="3" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="3" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="3" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="3" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="3" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="3" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="3" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="3" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="3" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="3" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="3" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="3" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
</TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>HIGHWAY
HOLDINGS LIMITED AND SUBSIDIARIES </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Consolidated Balance Sheet </B></FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(In thousands, except per share data)<B></B> </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000">(Unaudited) </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>December&nbsp;31,</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>2002</B></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>March&nbsp;31,</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>2002</B></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"> <FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="77%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Current assets:</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="77%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Cash and cash equivalents</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">2,660</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">2,189</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="77%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Restricted cash</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">1,157</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">1,157</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="77%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Accounts receivable, net of doubtful accounts</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">3,007</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">2,833</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="77%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Inventories</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">4,534</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">4,193</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="77%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Prepaid expenses and other current assets</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">353</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">296</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD></TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="77%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:15%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Total current assets</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">11,711</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">10,668</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD></TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR>
<TD HEIGHT="8"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="77%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Property, plant and equipment, (net)</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">3,897</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">4,243</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="77%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Investment and advance in affiliate</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">0</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">2</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="77%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Industrial property rights</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">763</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">788</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD></TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="77%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:10%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Total assets</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">16,371</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">15,701</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD></TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="3" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="3" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="3" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="3" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="3" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="3" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="77%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Current liabilities:</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="77%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Short-term borrowing</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">1,156</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">1,146</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="77%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Current portion of long-term debt</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">89</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">60</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="77%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Accounts payable</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">1,821</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">1,583</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="77%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Accrual payroll and employee benefits</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">343</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">304</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="77%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Other liabilities and accrued expenses</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">808</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">859</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD></TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="77%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:15%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Total current liabilities</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">4,217</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">3,952</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD></TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR>
<TD HEIGHT="8"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="77%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Long-term debt</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">126</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">52</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="77%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Deferred income taxes</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">231</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">231</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="77%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Minority interest</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">1</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">0</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="77%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Shareholders&#146; equity:</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="77%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:6%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Common shares, $0.01 per value</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="77%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Authorized, 20,000,000 shares, issued 2,935,776 shares at March 31, 2002; outstanding shares at December
31, 2002: 2,902,676</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">30</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">30</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="77%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:6%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Additional paid-in capital</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">8,793</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">8,793</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="77%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:6%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Retained earnings</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">3,077</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">2,725</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="77%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:6%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Accumulated other comprehensive income</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(55</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">)</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(33</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">)</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="77%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:6%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Treasury shares, at cost &#150; 33,100 shares in 2002</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(49</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">)</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(49</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">)</FONT></P></TD></TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="77%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:15%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Total shareholders&#146; equity</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">11,796</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">11,466</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD></TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="77%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:15%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Total liabilities and shareholders&#146; equity</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">16,371</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">15,701</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></P></TD></TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="3" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="3" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="3" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="3" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="3" NOSHADE COLOR="#000000"></TD>
<TD><HR WIDTH="0" SIZE="3" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>[LETTERHEAD
OF PONDELWILKINSON MS&amp;L] </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"><B>CONTACT:</B> Gary S. Maier </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PondelWilkinson MS&amp;L
</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(323) 866-6024 </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="4"
COLOR="#000000"><B>NEWS RELEASE </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">FOR IMMEDIATE RELEASE </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>HIGHWAY HOLDINGS ANNOUNCES NEW BOARD APPOINTMENT </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>HONG KONG &#150; January 30, 2003 &#151;</B> Highway Holdings Limited (NASDAQ:HIHO) today announced the appointment of Dr. Dirk
Hermann, 39, to its board of directors, expanding the board to eight members. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000">&#147;The appointment of Dr. Hermann as an outside director represents the company&#146;s commitment to strengthening its board of directors and complying with the requirements of recently adopted
legislation concerning board composition and committee responsibilities. We look forward to working with Dr. Hermann as Highway Holdings continues its expansion through internal growth, new marketing initiatives and possible acquisitions,&#148; said
Roland Kohl, chairman and chief executive officer. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">Dr. Hermann currently serves as the regional marketing manager for the southwestern region of Germany for Allianz Versicherungs-AG. He joined Allianz, the German insurance firm, in 1994 as a marketing executive assistant based in
Munich. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Prior, he held a marketing position with
MSU Management Consulting GmbH, working on the Mercedes-Benz AG account. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2" COLOR="#000000">He began his marketing career with Gruber, Titze and Blank GmbH, a management consulting firm based in Germany, where he was responsible for such clients as BMW, Moulinex and Artemide. </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Dr. Hermann graduated from the University of Konstanz in
Germany with a bachelor&#146;s degree in business administration. He also holds a master&#146;s degree in business administration from the University of St. Gallen in Switzerland. He earned a Ph.D. degree in business administration from the
University of Leipzig, in Germany. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">-more-
</FONT></P>

<p Style='page-break-before:always'>
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<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">Highway Holdings Limited </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">10-10-10 </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">Highway Holdings manufactures a wide variety of high-quality metal parts and components for blue chip original equipment manufacturers. It also manufactures clocks and clock movements for sale under the company&#146;s own Kienzle
Uhren brand name, as well as for unaffiliated clock companies. Additionally, Highway Holdings manufactures finished products, including single-use and 35mm cameras and other products. The company is headquartered in Hong Kong and operates
manufacturing facilities both in Shenzhen province of the People&#146;s Republic of China and in Bulgaria. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"># # # </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"><I>Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements which involve risks and uncertainties, including but not limited to
economic, competitive, governmental, political and technological factors affecting the company&#146;s revenues, operations, markets, products, prices and other factors discussed in the company&#146;s various filings with the Securities and Exchange
Commission, including without limitation the company&#146;s periodic and annual reports on Form 20-F. </I></FONT></P>
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