<SEC-DOCUMENT>0001144204-14-046097.txt : 20140731
<SEC-HEADER>0001144204-14-046097.hdr.sgml : 20140731
<ACCEPTANCE-DATETIME>20140731161130
ACCESSION NUMBER:		0001144204-14-046097
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20140731
FILED AS OF DATE:		20140731
DATE AS OF CHANGE:		20140731

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:		141006413

	BUSINESS ADDRESS:	
		STREET 1:		LEVEL 18 LANDMARK N 39 LUNG SUM AVE
		STREET 2:		STE 1801
		CITY:			SHEUNG SHUI
		STATE:			K3
		ZIP:			00000
		BUSINESS PHONE:		011-86-755-2813-6056

	MAIL ADDRESS:	
		STREET 1:		LEVEL 18 LANDMARK N 39 LUNG SUM AVE
		STREET 2:		STE 1801
		CITY:			SHEUNG SHUI
		STATE:			K3
		ZIP:			999999999
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>v385325_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Washington, D.C. 20549</P>

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM 6-K</B>&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">PURSUANT TO RULE 13a-16 OR 15d-16 OF</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">THE SECURITIES EXCHANGE ACT OF 1934</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">For the month of July 2014</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U STYLE="text-decoration: none">HIGHWAY HOLDINGS
LIMITED</U></P>

<!-- Field: Rule-Page --><DIV STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%; text-align: center">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Translation of Registrant's Name Into English)</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Suite 1801, Level 18</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">39 Lung Sum Avenue</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U STYLE="text-decoration: none">New Territories, Hong Kong</U></P>

<!-- Field: Rule-Page --><DIV STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%; text-align: center">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(Indicate by check
mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form 20-F <FONT STYLE="font-family: Wingdings">&#120;</FONT>&nbsp;&nbsp;Form
40-F&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(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.)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Yes&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT> <FONT STYLE="font-family: Wingdings"> </FONT>No&nbsp;<FONT STYLE="font-family: Wingdings">&#120;</FONT><U> </U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(If &quot;Yes&quot;
is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-_______________.)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Attached to this Report
on Form 6-K are the press releases issued by the registrant on &nbsp;July 7, 2014 and July 28, 2014.</P>

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: justify; text-indent: 0">HIGHWAY HOLDINGS LIMITED</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 60%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 4%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 36%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Date:July 31, 2014</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">By</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; border-bottom: Black 1pt solid">/s/&nbsp;ROLAND W. KOHL</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0.125in">&nbsp;&nbsp;Roland W. Kohl</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0.125in">&nbsp;&nbsp;Chief Executive Officer</TD></TR>
</TABLE>


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

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


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 154px; width: 406px">&#9;<FONT STYLE="font: 18pt Times New Roman, Times, Serif; color: #336699"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font: 18pt Times New Roman, Times, Serif; color: #336699">NEWS
RELEASE</FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 0.5in; text-indent: 0"><FONT STYLE="font-size: 10pt">CONTACT:</FONT></TD>
    <TD STYLE="width: 1in; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Gary S. Maier</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Maier &amp; Company, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">(310) 471-1288</FONT></TD></TR>
</TABLE>


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>HIGHWAY HOLDINGS LIMITED DECLARES CASH
DIVIDEND</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>HONG KONG &ndash;
July 7, 2014 --</B> Highway Holdings Limited <B>(Nasdaq:<U>HIHO</U>)</B> today announced its board of directors has declared a
cash dividend of $0.05 per share on the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">company&rsquo;s common stock. The dividend will be paid on August
8, 2014 to shareholders of record on July 28, 2014.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>About Highway Holdings</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Highway Holdings produces a wide
variety of high-quality products for blue chip original equipment manufacturers -- from simple parts and components to
sub-assemblies and finished products. Highway Holdings&rsquo; administrative offices are located in Hong Kong, and its
manufacturing facilities are located in Shenzhen in the People&rsquo;s Republic of China.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><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's revenues,
operations, markets, products and prices, and other factors discussed in the company&rsquo;s various filings with the Securities
and Exchange Commission, including without limitation, the company&rsquo;s annual reports on Form 20-F.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 255.05pt">&nbsp;</P>


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #336699">&#9;</P>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><img src="image_002.jpg" alt="" style="height: 153px; width: 479px"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></td></tr>
</table>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #336699">&#9;NEWS RELEASE</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #336699">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">CONTACT:</FONT></TD>
    <TD STYLE="width: 1in; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Gary S. Maier</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Maier &amp; Company, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">(310) 471-1288</FONT></TD></TR>
</TABLE>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>HIGHWAY HOLDINGS REPORTS FISCAL 2015
FIRST QUARTER RESULTS</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>HONG KONG &mdash;July 28, 2014 &mdash;
</B>Highway Holdings Limited (<B>Nasdaq:</B><U>HIHO</U>) today reported<FONT STYLE="color: #FF6600"> </FONT>results for its fiscal
2015 first quarter ended June 30, 2014, reflecting increased profitability and a continued strong balance sheet.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Net income for the fiscal first quarter
increased sharply to $256,000, or $0.07 per diluted share, from $150,000, or $0.04 per diluted share, last year. Net sales for
the same period were $5.6 million compared to $5.9 million a year earlier &ndash; reflecting the reduction of some low margin business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Results for the quarter further validate
the success of the company&rsquo;s strategic initiatives implemented during the past three years. Despite anticipated reduced sales,
net income increased substantially -- benefiting from continuous operational improvements and increased pricing to major customers,&rdquo;
said Roland Kohl, chairman, president and chief executive officer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Kohl added that he expects the company&rsquo;s
increased utilization of the lower-cost Myanmar facility as an alternative solution for its higher-cost assembly manufacturing
in China will enhance organic growth and generate new business opportunities.<FONT STYLE="color: red"> </FONT>Although net sales
decreased in the fiscal 2015 first quarter due to the loss of low margin sales, gross margin and gross profit increased compared
with a year ago. Gross profit for the 2015 fiscal first quarter was $1.33 million compared with $1.25 million in the same period
a year ago, with gross profit as a percentage of sales increasing to 23.7 percent from 21.3 percent a year ago.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Selling, general and administrative expense
for the 2015 fiscal first quarter remained substantially unchanged compared with the fiscal first quarter last year, primarily
due to expense management -- despite wage inflation in China and costs associated with the company&rsquo;s operation in Myanmar.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Kohl highlighted the company&rsquo;s solid
financial position, with cash, cash equivalents and restricted cash of $6.9 million -- exceeding the combined short- and long-term
liabilities by $3.2 million. At June 30, 2014 the company had working capital of $10.9 million.</P>

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

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

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

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



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

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

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

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

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

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

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



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Total shareholders&rsquo; equity at June
30, 2014 was $12.4 million compared with $12.1 million as of March 31, 2014 and the company&rsquo;s current ratio was 4.0:1 at
June 30, 2014.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Highway Holdings produces a wide variety
of high-quality products for blue chip original equipment manufacturers -- from simple parts and components to sub-assemblies and
finished products. Highway Holdings&rsquo; administrative offices are located in Hong Kong and its manufacturing facilities are
located in Shenzhen in the People's Republic of China.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><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's revenues,
operations, markets, products and prices, and other factors discussed in the company&rsquo;s various filings with the Securities
and Exchange Commission, including without limitation, the company&rsquo;s annual reports on Form 20-F.</I></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Financial Tables Follow)</P>

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

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


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Dollars in thousands, except per share
data)</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: normal; text-align: center">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: normal; text-align: center">Quarter Ended</TD><TD STYLE="font-size: 10pt; font-weight: normal; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: normal; text-align: center">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: normal; text-align: center">June 30</TD><TD STYLE="font-size: 10pt; font-weight: normal; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2013</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left; padding-left: 1.4pt">Net sales</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">5,601</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">5,872</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; padding-left: 1.4pt">Cost of sales</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,272</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,622</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 1.4pt">Gross profit</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,329</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,250</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 1.4pt">Selling, general and administrative expenses</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,036</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,025</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 1.4pt">Operating&nbsp;&nbsp;income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">293</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">225</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 1.4pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 1.4pt">Non-operating income( expense) :</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 13.5pt">Interest expense</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 13.5pt">Exchange gain (loss), net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 13.5pt">Interest income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 13.5pt">Other income/expense</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(3</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 25.45pt">Total non-operating income (expenses)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-left: 1.4pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -27.5pt; padding-left: 27.5pt">Net&nbsp;&nbsp;income before income tax and non-controlling interests</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">296</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">231</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 1.4pt">Income taxes</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(41</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(81</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 1.4pt">Net income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">255</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">150</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-left: 1.4pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 1.4pt">Gain attributable to non-controlling interests</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; padding-left: 1.4pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 1.4pt">Net income attributable to Highway Holdings Limited</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">256</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">150</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-left: 1.4pt">&nbsp;&nbsp;Shareholders</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 1.4pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 1.4pt">Net income per share &ndash; basic and diluted</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">0.07</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">0.04</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 1.4pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-left: 1.4pt">Weighted average number of shares outstanding:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 0.125in">&nbsp;<BR>Basic</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,779</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,779</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt; padding-left: 0.125in">&nbsp;<BR>Diluted</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,789</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,781</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 1.4pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>HIGHWAY
HOLDINGS LIMITED AND SUBSIDIARIES</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(In thousands, except per share data)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">June 30</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">March 31</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt"><U>Current assets:</U></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left; text-indent: 11pt; padding-left: 5.4pt">Cash and cash equivalents</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">6,227</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">5,416</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 11pt; padding-left: 5.4pt">Restricted cash</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">643</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">643</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 11pt; padding-left: 5.4pt">Accounts receivable, net of&nbsp;&nbsp;doubtful accounts</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,223</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,157</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: 11pt; padding-left: 5.4pt">Inventories</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,060</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,700</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 11pt; padding-left: 5.4pt">Investment in associate</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">26</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 11pt; padding-left: 5.4pt">Prepaid expenses and other current assets</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,310</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,044</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 33pt; padding-left: 5.4pt">Total current assets</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">14,489</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">13,960</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0">Property, plant and equipment, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,146</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,213</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0">Loan receivable and long-term deposits</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">436</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">603</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 55pt; padding-left: 5.4pt">Total assets</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">16,071</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">15,776</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt"><U>Current liabilities:</U></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 11pt; padding-left: 5.4pt">Accounts payable</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,544</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,577</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 11pt; padding-left: 5.4pt">Other liabilities and accrued expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,812</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,730</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 11pt; padding-left: 5.4pt">Income tax payable</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">274</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">279</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 37.05pt; padding-left: 5.4pt">Total current liabilities</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,630</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,586</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0">Deferred income taxes</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">44</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">44</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 60pt">Total liabilities</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,674</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,630</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-left: 12pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt"><U>Shareholders' equity:</U></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-indent: 11pt; padding-left: 5.4pt">Common shares, $0.01 par value</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">38</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">38</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 11pt; padding-left: 5.4pt">Additional paid-in capital</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11,340</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11,340</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 11pt; padding-left: 5.4pt">Retained earnings</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,027</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">770</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 11pt; padding-left: 5.4pt">Accumulated other comprehensive income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 11pt; padding-left: 5.4pt">Treasury shares, at cost &ndash; 5,049 shares as of March 31, 2014; and on June 30, 2014</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(14</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(14</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non controlling interest</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">12,397</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">12,146</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; text-indent: 66pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 66pt; padding-left: 5.4pt">Total liabilities and shareholders' equity</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">16,071</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">15,776</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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



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

<!-- Field: Page; Sequence: 7; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_
MVP!#`0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P``1"`":`98#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#W^BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBJVH7:V%A/=N,K$A;'K[4`2S3Q01F2
M:1(T'5G.!5>TU:POI6BM;J*5UY*J:RM#M/[4LDU+4T6>>8ED5QE8U[`#I4\W
MANV;5[;4+9OLSQ'YUC7`>@1M4444#"BBB@`HHHH`****`"BBB@`HHHH`****
M`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`
M***J:A#>36^+&Z2WF!SN>/>#[$9H0,MT5YYX0\<:IJ/B^_\`#VMQVT<\`81F
M$$;F4\]3Z<UZ'5SIN#LR(34U=!16=KVK1:%H=YJ4V-MO&6`/\3=A^)Q6%X$U
MG6_$>D1ZMJ+VL<,A8)!%&<\'&2Q/]*%!N+GT!S2ER]3KJ***@L**K17]I/>3
MV<5S&]S``98E;+(#TR*LT6`****`"J&M63:CH]U:QG#R)\OU'-7ZP]5UF=+U
M-+TR-9;YQEBWW8AZF@&8_A?Q#':0_P!EZD?)>(E49^!_NGTKLD=9%#(P93T(
M.0:YP>#X+J0W&IW4MS<-]XKA!^E;ME9P:?:1VMNI6*,84$YH$KEBBBB@845C
M7.IW47BFTTY%C-O+$SL?XN,_E6S0`4444`%%%%`!1110`4444`%%%%`!1110
M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`'
MC^O6<MG'<^,+%,W.FZW,TN/XX<A2#_GO7K%E>0ZA8P7ENP:&>,2(1Z$9KGO#
M5I#J7AK4;>==T5W=W2N".Q<BL#P!K!T*PUGP]JLFV30V>16/\4'4$?Y[UU5%
MSQ:ZQ_+_`(<YH/DDNS_/_AC8\3)_;NJG2<;K6PMGN[H=FD*D1+_-OP%-^%C;
MOA]IX(^Z77_QXU=\/6<P\.W5_=+MO=3WW,H/\.X?(OX+@?G6=\*6)\!6P)'R
MS2K_`./&E+^&XKHU^HX_Q%)]4_T.VHKG-2T;4=8DU%+N^DMK3:!9K:2%&4@<
MNY[\XXJ+P'JMYK/@ZWN+R4/=H7A:4C[Q5B`Q'Y5BX>[S7->?WN6QN0:58VVH
MW.H0VR)=W0432@<N%Z9JY7&>![O4[S5?$G]IW?VF2WO1;H0-J*JC^%>W6H[C
M5;?7M5U:RGO+N""RD%O"EF6\QY,99_EYX/`'3BJ=-\S3>Q*J+ENEN=O17,>'
M?^$@N/#T]KJ3O;WD;M'!>2(I:1/X7*YX;'4&N6\+Z3KGB+PG>13>(+BWD6_E
M`FC^^[*PR6/IQP!BA4EK=[`ZCTLMSTV6010O*>B*6/X5RO@H&Z.H:E+S--+C
M<?3K_6NCNXF.E3Q;B[^25W'J3CK7+^`+A?LMW:D_.KA\>Q&/Z5F:=3LJS=:U
M>+1[,3.ADD=ML<:]6-:5<SJTXB\9:0LJ;HBC!/9CWI`S-GUSQ2T+W"V`@A52
MQ)CZ#\:?;7'B_4+>.6)H4BE&5<A1Q76WQ0:?<F3&SRFW9],50\,!AX:L-W_/
M/CZ9XIA89HNAO8327EY<M=7T@VM(>BCT%;59+7<M[K,MA#(8H;=`TSK]YF/1
M1Z<4MP\ND07-T]Q)/`J#9'(<D/G'7TZ4@-6BLB[M;]+(W,%W(;M%W[#CRV[E
M<>E4]1O;F\T*UU+3I7CF<J1&#PWJI_(T!<Z.BLV34U;15OK<;FE0>4OJQZ#\
M_P"59+75XO@M;\7DGVK:'+\?WL$8]*`N=116.+F:TUFTM#(TT-U$S8;DHRX.
M<^AS2V6HR3:[=VL@Q%L#P'^\`<-^M`[FO16#JM]=Z7J<=PI>6Q\O-Q'U*#.-
MP_K5V=C<36,UM<L(9&YV'AUP2*`N:-%89N)]-US;=W+O97"GR6;&$<<E3]1T
MJ_IT4PC::::5_,)*(Y^XO8?6@"[1110`4444`%%%%`!1110`4444`%%%%`!1
M110`4444`%%%%`!1110`4444`%4]2U.STFS>ZOKB.&)`3ESC/L/4U<IDD,4V
MWS(T?:<C<N<&FK7U$[VT..^&VLV>H>&8HDG3[5YLSO"3AQERW3Z$5E^+?"DF
MH?$31KF'>MM>H8[W;T98_FP?J,#\*]$6WA1PZQ1JPZ$*`:?CG-:^UM-SCU,_
M97@HRZ&7K^KV6B:1//=S)&/+81IW=L<*!WKC?A#J=L?#']G2.([Q+B1O)?AB
M#SD>M>BM&CD%T5B.F1G%((HU;<(U!'<+4J:4'&VXW!N:E?8X:VUR+5=9UVVU
M34)8!9W'V>"RA8HSKCAN/F8D^E.^%U]:?\(FMF)<7$$LQEC88*?.>OIQ7:"T
MMEN6N1;Q"=A@RA!N(^O6G1P0Q!A'$B!B2P50,D]2:J52+BXI=A*FU+F;[G#^
M`;ZVFUKQ2J3(3+J;/&,_?7&,CUZ5!I.IP>$?&6N:=J[?9K;4;C[9:7+_`'&W
M#YESV.:[]8(D(*Q(I'3"@8I9(8I@!+&C@'(W*#BAU4V]-&"IM):ZHJPZK:36
MDMV)"MK'R9G&U2/4$]O>N0^&6J6CZ%-`9E6>2_G=8FX8@MD''TKNBBLFQE!7
MT(XI!%&IRL:`^H6H4DHN-MRG%\R8^O.]1M[KPIX@^VVZDVTC$KZ$'JIKT2HY
M[>&ZA:&>-9(VZJPR*@IHH:9KUAJD:M#,JR$<Q.<,#_6KTL,,CQRRHC-$2R,P
M^[]*YB\\"6<CE[2XDMS_`'3\P']:CM_!,I.V[U25XO[D>1G\S0&I9UG43K$O
M]B:8WF-(<7,R\K&G<9]:Z."%+:WC@C&$C4*H]A4%AIMIIEOY-I"(U[GNQ]S5
MN@##VG2O$%Q<R*WV2\5<R`9".O'/L1WJ34P-9L;RQM22PC#+)_#OSD#/X5L8
MI``!@4`9-OJZRV&&BD6]"[6MRIW;\?R]Z@CC32K/2[*1B720%]JD@<$D_3)K
M=P,Y[TN*`.<M+.2QO;Q93BPMR9;?C^)QR!].?SJDTH?P#Y.R02@!/+*'=G=G
MI]*Z_%+B@+&0WV6SL6U"/?+,8]BNV6;Z#TYJC?0#2WTN]CEEF\I_+9<9)1AR
M<`?C72XHQ0%C,:Y@;65B8Y#V^.5.#D]/RJE;V%QI>LPP0_-ILK,Z+_SQ?!X'
ML:Z#%%`&)XIPVC[-I9C+&54#)X89_2ME&5T#*<J1D4ZB@84444`%%%%`!111
M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!115/4[]--L7N60N
M00J(.K,Q``_,TTKZ(&[:ERBJL?VU9E,S0>3L);:""K?7N*>;RU6+S6N(A'G;
MN+C&?2BPKD]%0"]M3(L8N8M[8VKO&3D9%/\`M$(D:,RIO49*[AD#UI68[DE%
M0)>VLB!TN8F4L%!#C&3V^M"7MK))-&D\;/"<2`-]P^].S%=$]%07%W#;V4MX
M[@PQQF0LO/R@9XJM:S7]Q#;7&R%(Y0&>(YW*I''/KT[46ZA<T**B^U6^'/G1
MX3[YW#Y?K21W=O*0(YXG))`"N#TZTK,=R:BH!>VC$@7,)(QG#COTIQN8`VTS
M1AMP3!89W'H/K3LQ71+14`O+>0NL5Q"SJI8@..!ZGVIJW<<<=N+B:%)9L!0'
MX8_[.>M%F%T6:*K37]I!&9);F)4#B,DL.&/0?6E6<>9,7DA\I,8(;D9'?T]J
M+,+HL45`][:QQK(]S"J,,AF<`$>M/\Z+S%C\Q-[#(7/)'K2L.Y)13&EC1E5W
M56<X4$X)/M3$N[>27RDGB:3!.U7!/'7B@":BLV&_>;7Y[-'A>".!7^7EE<L1
M@_@*0:A*NO7%I*85M8[=9@YR""6(P>V.*KE9/,C3HJ!+RV?&RXB;+;!AQ][T
M^M/6XA<J%E0[QE<,.1ZBIL5<DHJL^H6:&(-<Q`RL43YA\Q'4"I#<P!G4S)E!
MEQN'RCU-.S%=$M%11S1W$9>"5)!TW*<C/X5BZ5K5U=G3O/CA(O(G8^5G,94]
M\]C_`#IJ+8.21OT5FZK?R6MH7M6B:59HT<-S@,P!Z=\&K<MY;0+*TL\:")=\
MF6^ZOJ:5F%T3T562Y6656CDA:!H]^0WS=>N/2G_:[;R_,\^+9G;NWC&?2BS"
MY-14(NK<I&XGC*2<(P88;Z>M34AA1110`4444`%%%%`!1110`4444`%%%%`!
M1110`4444`%4=7T\ZEISVZR>7)N5XWQG:ZD$'\Q5ZBFG9W0FKJQE746HZA8R
M6S1QV[/&07#[OGSP![53N-&N)V:8V\&Z2Y@E:$M\H"=3TZFNAHIJ;6PG%/<Y
MN73Q>ZSJ5LL,:IMMV$HX*%<D8'X5.ND7!G3S!&PBEFD63/S.'!^4_G^@K72T
M@CNI;E(P)I0`[_W@.E34W-]!*"ZG+OHU\-#M+&*UM59(AYA#8(<,I&#CH0#S
M]*LS:9>E;X1)&IDNUN$._'F`;<H>..AK?HH]HPY$43IT$FD/I_EB*&2)HRBG
M.T$=C^-0VL>HI916<J1Y5?+>X5NJ@8#`>OM6I14\S*Y3F)]!NYM/DB:.`S"T
M%L!NP)3N!W'CCI^IJ;^QKA;[SX[>!1]N6<$-@A!'M/;J3VKH:*KVC)Y$<DOA
MRY6Q\K[-;!_L4L.`W&]GW+VZ8[U:?2+TW9800&,W,%R6+\Y50K#IUXZUT=%/
MVD@]FCF8-$NHXH5-O;HP@N8W*OU,C94=.15FSL+ZVFC$D$$L7V:)%W-_J9$!
M!QQR#QS6[12<VP4$CF$TC4"DLDEO!O:>"<1JPVG8,,!QQ[59DTN[:[N9XUB4
M&ZBG5=W$@5`I!XX]JWJ*/:,.1'-G0IQ)&?(@=-MRQ5FX0R8PHXZ<5-I^DW5M
M?6EP=L82W6*<!]PD(7`(&."#W[BMZBCG8<B,;5;.]N[ZW:*&$PQ/')O+8;*O
MDCITQ5%-#O`R%4@@?S+HF16R5$@.T].>>OTKIZ*%-I6!P3=S$TRRO8=3-Q<P
M01AK5(F,3YRZD^W3FH-3TR_O+W4V2&%HI[(01;I,$MDGD8X'-=%11SN]Q\BM
M8YJ?0KF0W+Q)#%()();=LY`9%VL2,>A(JTFCF.^G)@CEMR@\C+E?+.S:5P.Q
M]?>MNBCG8N1'.VFD7MK_`&>6"3+;S.0KL-R1LN`,X^8CU],4+HESY2I)Y;M#
M%.BOG_7;^@;CCWZUT5%'M&'(BGIML;/2[>`Q(DB1*K*G0L!CK6+I6B7>EI97
M,<:"X6,PW<2MPZ[B0RGU&?QS7344E-Z^8^5:'-?V+>)IGDK%$UV)H]TQD/[V
M-7W9/'!QVHN])O[NZO)##;JLMO-"N&ZY8%2>/SKI:*?M&+D1S]SI-W=3.ZK'
M!OLA#D-G:X?=CITHETBXEN%G,$(WW<4LD6[A0@()'').?TKH**.=AR(YJ/1+
MQ$M"@CAE@GD<,KY4(SYVE<<Y'Y$5TM%%*4G+<I12V"BBBI&%%%%`!1110`44
M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111
M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`
M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%
M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44
=44`%%%%`!1110`4444`%%%%`!1110`4444`?_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_002.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!PD'!@H)"`D+"PH,#QD0#PX.
M#QX6%Q(9)"`F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$!`)C!&2T4^2CD_0#W_
MVP!#`0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P``1"`"9`=\#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V6BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`&8*I9B`!U)-9EQXBT^WS^^,F.OEH6'Y]*
MSEG;6_$DEM(W^AVN28\\.1QSZ\_RKHA&@38%4+_=`XH$06.H6^HP>;:R;EZ$
M="#[BK-4;#1[73;B:6V#`R]03P/85>H&%%%%`!1110`4444`%%%%`!1110`4
M444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44M%`"44M%`"4
M4M%`"44M%`"44M%`"44M%`"44M0W,!N8&C$LL6?XXFPPH`EHKS/Q#X@USPIX
MHAADU"2ZT_Y92'C7.PG!!('Z_2O2HI4GB26)@R.H96'<'I6DZ;BD^Y$*BDVN
MPZBEKBOB)XKN-"MH+739=EY*=[/@'8GX^I_D:F$'.7*ASFH+F9VE%9VB6MU#
M8Q27M]-=321J7WA0JG&>``*TJ35F-.Z$HI:S]4UNQT<VPOIO+-S*(8OE)RQ^
ME"3>B!M+<OT4M%(8E%+10`E%+67K.LKIB)'&GFW4O$<?]30!@:G;76@:R=0M
ME+02,6)[<]5-;NG^([&_*('\J9N!&_4GV/>H8="EO`)=8N9)G//DHVU%]N.M
M7H-&T^UD62&UC5TY5L9(H$7:***!A12UA^)+ZYM?LB6<P2663:4`!9J`-NB@
M9QSUI:`$HI:*`$HI:*`$HI:*`$HI:*`$HI:*`$HI:*`$HI:*`$HI:*`$HI:*
M`$HI:*`$HI:*`$HI:*`$HI:*`$HI:*`$HI:*`$HI:*`$HI:*`$HI:*`$HI:*
M`.2U/2X=<\5ZC93CY&TM$SC[I:1B#^&!4'P\U258+G0-0.+S37*J#_%'G^G\
MB*U=/^?QMK+?W(($_1C_`%KG_&]O+X>U^Q\4V:DJ&$-VH_B'3]1Q^`KI7O?N
MWV5O4YW[OO\`W^AW-W=16-I+<W#!(H4+NQ[`5YOXLLI9?!-QJ]XA6\OKJ.8J
M>L4?(1/P!R?<FNFU*ZB\2ZA8:7:N)+-D6]NV'0Q]43_@1_05%\35!\$W!Z;9
M(S_X]2I>[**ZL=7WHM]CI;%MUA;L>IB4_I4S,J*68@*.I)P*K:2V_1[)LYW0
M(<^ORBJ$OA]+ZZO)-7E%Y!-A88&&$A7VYY)]:QLKNYK=VT-D$$9'0U'-%#+L
M,R1N$8,N\`X;L1GO7)_#V65(=6L&E>6"QO&B@+G)"^F?\]:A\0Q3CX@^'XS=
MSO!*[R>0S?(I4<8`^O>K]G[SC<GVGNJ5CMJ3<I8KD9'49K"\8ZS+HVA[[8[;
MBXE6")L9VECR<=\#-9>I:"UY!')HEE=6NHQ$&.]E?R]Q[[P22P/N*4875VQR
MG9V1V5,$T;1^8LB%/[P;CTZUC>(+*XOO"LZW-Q);W"6[.YMG(5F"YQZD>U8'
MAWPM;Z]X%TY+^YNBK1AHUCDVK&-Q/`'!/N<T*"Y;MB<W>R1W=<E8/_:'C266
M3E8MVP'MC@5UD:".-47.%``R<FN)T^4:9XND68[5:1HR3[]#_*LRV=O1110,
MP-1U>^EO7LM'A#O'Q)*1D*?3GBLZ]C\16UK)<W%T51!E@CC/Y`5>\+22I<:A
M;S1D,LN\L1W/:M/7)$BT2[:3H8R/J3P*!&);:7K=Y;QR_P!JE8Y%##YSG!K3
MTSP]#8SBYFE>YN>SO_#]!5K1D:/1K17^\(A4&H7<LFJ6VFP.8_,4R2N.H4=A
MZ9]:`-2BJ4FEPMM,1DBD4@[U<Y//(//-10R?VEJ%W&Y/D6Q$80'&YL9)/\J!
MFE16+>;M&O;::!F^R3R"*6(DD*3T89Z5%K*R6FH17EJ7'DKYDT8)PZY`/'T)
MH%<WZ*IW=YFR1K4AI+@8A/U&<_@.:S])C$OADN[2-(R.2Y<YR"<4#-RBN:5W
M@\*V]]'*XNP`0Q8GS#G&".^:OZS/<G3U6V&V?:)G`[*N"1^?%`KFM14,$L=]
M91RCF.5`>OK6):7L^DOB\9I+"61@DI))B.XC#>W%`SH:*HM;HVJQ2@G#1,2`
MQP3D8./Q-4IT.C:D+IGD:RE^5]S$^2W8_0T`;=%4;.V629[Q@P\PYC4L<`>N
M/4]?RJ_0`E%+10`E%+10`E%+10`E%+10`E%+10`E%+10`E%%%`!1110`4444
M`%%%%`!1110`4444`%0W=W%90&:<L$''RJ6/Y#FIJ*`.)\/ZVW_"2ZS<WMC?
MV\-TT?D/):O@J@QSQQZUU.LZ;'K&CW5C*,K/&5!/8]C^!Q5VBKE.[NM"(QLK
M,Y?X?:#)HGA_-TA2[N'+2ANJ@<*/RY_&J'Q$NY]0TB32M.L;RYE:1?,9(&V*
M!SUQR>G2NWHIJI[_`#L3I^YR(Q?"U^;C1K2WFMKFWN(8%21)HF7D`#@D8-86
ME7RW6KZM'KT%W/=1W!6"#RF:/RNVT?=_$UV]%"FM=-Q\CTUV.)\$.VGZEK-E
M+87,+27I=`(CL5"./F'%.\0R2/X\T2:*VN9(+02":1(7*IN]\<_A7:44_:>]
MS6%[/W>6YSOC'2)?$'AS%@?])B=;B#<,99>W/3@FETGQ2U[;I'<Z9J$-^HQ)
M";=L;O9C\N/J:Z&BIY_=Y6A\NO,F9/B"Z>+PY=?N)6N)H61(8D,A+$8QP/UJ
MAX*N#;^'-.T^XM[F&YBCV.KPLH&">^,5TM%'-[O+8?+[W,%<YXFT%[P_;+1=
MTP&'0=6'J/>NCHJ"CDM)\5&W46VI*YV<"0#YA[$5T4&JV-RN8KN$^Q8`_D:2
M]TBRO^;BW5F_OCAOS%94O@RR8YCFG0>F0?Z4"U-:?4[&T4O+<PKZX8$G\!6,
M3-XGNH_D>+3(FW$MP935RT\+:=:L&:,S..\AR/RZ5L`!0`HP!T`H`````.`*
MS=1LYA?6^H6JAY805>/.-Z'T]ZTJ*!E-[YV11!;3&1B!ATP%]23_`(54,$^F
MZO-=0Q--:W.#(J<LC#OCN*UZ*`,^XB;4Y;=3&R6\4@E8N,%B.@`I=[2:JVZW
ME\DP[-Y7Y2<\U?HH`QM.L)-.\\R[Y(XBR6R`9(0\_P#UOPI-*6>#0'@FMIDE
M4.`N,[LDXQ^=;5%`&3H5FL.G0+/:LEQ$O)=>_M4L$(O)[B:YAE0YV(&)'R#Z
M'N<UHT4`9&BB:S2>UDMYE@C=F@<CJO7%6+!?/LG@N;9U!+[ED7@@L3_6K]%`
M&3IVGSZ?J#1;VDLA&3"6ZH21E<U+KT<D^CW$$,;R22+A54>]:-%`$5J2;6+*
MLI"@$,,$<5+110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!11
M10`4444`%%%%`!1110`445#>W26-E/=2`E(8VD8#N`,T`3450MUO;JQBF:Y\
MF:10Y14!5<\[>>3]<U8>^MHYA$TH#%M@STW>F>F?:G85R>BJ8U>R:29%G!:#
M=YF%/R[<9R<>XIT&IV=RQ6*=21&)><K\A_BY[46871:HJJ=3LPDK-,JB%/,?
M((PO][Z4W^U['[,;CSP(@?O$$=@<].G(YZ46871<HJL-0@-^UF"QF5`YPIP`
M<XYZ=C3X+N"Y=TAD5VCP6`[`]#]#ZT6871-16>;R6XUF2QA/EI!$LDKXR26)
MP!GZ$G\*G5FM%8W5SYBLP"94`_3CK18+EFBJAU6R6.-S<)B1S&G7)8=5QZ\'
MBB#5;*Y:-8;A&:7.P<C..H^H].M%F%T6Z*HIK>GR%0ERK;@Q7`/S8X...<>E
M2IJ-I(8@DZ,9D,D>WG<HZD?G19A=%FBJ)UK3Q'')]I4K)&94VJ3N4=2`!4@N
MXI;BV$5RF)8S(J`9,B\<@]@,C\Z+,+HM45574K5Y)$$AS&`22I`.3@8.,'GT
MICZO9JELPD9UN6*QE$)S@'/TQBBS"Z+M%54O(O-N2URC)$RH5VX,9P.">Y.1
M^=(VJ6:1-(\ZJJR")L@Y#'H"/7FBS"Z+=%5$U2SDB:1)@55_+(P<[NNW'7.*
MLHZO&KJ<JPR#[46:'>XZBJAU6R6*:4W"!(<>8W/RYZ?@?6G0ZA:W'F^7*#Y)
M`D!!!4GIU]:+,5T6:*S-.O'NM6U%1,SPQ>6$4IMV$@D]LGM2SW%PGB*V@$V+
M>2WDD9-HZJ5`YZ]S3Y=;"YM+FE15*+6;"8J([A6W(SKP<,%ZXXYQ3XM2M)E1
MHIU8/&)5(SRI.`?Q-*S'=%JBJHU.T:.-UF5EDSMV@DG!P>/8\'TH34[9[BXA
M#,&MSB0E2%'`/7IT(HLPNBU151]4LXXIY))U58`&EW`@J#T./2IK>YBNH_,A
M;<F2N<$<CZT6871+17.1ZK=XF"W2RW*7S0I;E5R\88`].>%).?:MV:\@MW1)
MI51G(49]3T_.FXM"4DR:BLVPO'47S7D^Y8[ID0E<87`PH`Z]ZF_M:T\RV1'+
M_:4+QE%)!48Y_44N5CYD7**JQ7D169VN4D43&,;5QM(_A]SFD.J6:Q)(9UVN
MYC7@Y+#JN/7CI19A=%NBJJZI9O;K.LP*,Q48!R2,Y&.N1@U:4AE!'0\BBS0[
MA1112`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`IDT*7$+PRJ&
MCD4JP]0>#3Z*`*%O9WEK:):QW,;)&`J2.GSA1V/8G'?]*C;2"PEA,H-M+<"X
M*E?F!R&P#Z9%:=%5S,7*C--H]I;:H\DB,LY>48&-HV`8//\`LU6LM-&HZ/:-
M<R*2;,PJT7&%=1GG\!6TRAE*L`0>"#WH1%C4*BA5'0`8`HYF+E1FR:7-,LC2
MS1F8VS6Z,$P.>I(S[#BFW6EW=QI\=HMS&J"W:&3Y#R<``CG/KQ[UJT4<S#E1
MGKITHNY)&D3RYK=(9%`((*[N5.?]K]*DTRQ>QMDBD,3LBA`Z)M+`=,\]:N44
MN9L=D49K!QJ(OK614E9!'(K#*R*#D?0C)Y]Z2:QN+AHI7G1989?,C"K\H&""
M#ZY!/-7Z*.9A9&6=(?S(9%E0,+O[5+\AP3M*X'/'%-BTB:,VY,T1\J[DN#\A
MYW;N!S_M?I6M13YF+E1DVNCS0&Q+31M]F>5SA"-V_.,<\8S26NCW%H+(I/$7
MMQ(K9C.&5SGCG@C%:]%'.PY49%EH]Q:&T_?Q,+>V:#[A&XD@@]?;I2V^C2PK
M8HTR%;>U:W?:I!;.WD<\?=K6HHYV'*C,@LM0ATV*U^U0EX=BB01D%T'KSP2.
MXJ.#2+BWCM`LT9>WGDDR5.&5]W'7J-U:]%',PY49<FD22O=,9U4R7"7$1"_=
M90HP>>1\OZTEQI$LWF2"6-9I9HI'.P[<(1@`9Z\=:U:*.9ARHR9M&:X^V"5H
M72XG$H!4@H`H`P0<AN,Y%:$4,D5BL/G,\JQ[?-<9)./O&IJ*3DV-)(PWT2[E
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ME5R"P`!QTIU%)ML:21C+H+&"823*MQ]J>Z@FC7F)B>G/4=CZ@U.FG3&_-U*8
M"9$594*EAE2<%?3K6E13YF+E1EQ:;>0+-LNH\RW9G/R'[A'W>O7@<TRSTB>S
M%AMFC8VR/&V5/S!B#D<]>*UZ*.9ARHRDTB5<L)U$BW;7,9"G'S`@J1GG@GFE
M;29"\3K+&&^U_:I?D.&.W;@<\<8K4HHYF'*C'DT-YK66&22(F2X>8.%(://0
MJ0<AAZUK1(T<2(SEV50"QZL?6G44G)L:204444AA1110`4444`%%%%`!1110
M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!
M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%
M%%`!1110`4444`%%%%`!1110`4444`%%+10`E%+10`E%+10`E%+10`E%+10`
ME%+10`E%+10`E%+10`E%+10`E%+10`E%+10`E%+10`E%+10`E%+10`E%+10`
ME%+10`E%+10`E%+10`E%+10`E%+10`E%+10`E%+10`E%+10`E%+10`E%+10`
9E%+10`E%+10`E%+10`E%+10`E%+10!__V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
