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<SEC-DOCUMENT>0000910680-08-000436.txt : 20080528
<SEC-HEADER>0000910680-08-000436.hdr.sgml : 20080528
<ACCEPTANCE-DATETIME>20080528165354
ACCESSION NUMBER:		0000910680-08-000436
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		23
CONFORMED PERIOD OF REPORT:	20071231
FILED AS OF DATE:		20080528
DATE AS OF CHANGE:		20080528

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ELBIT SYSTEMS LTD
		CENTRAL INDEX KEY:			0001027664
		STANDARD INDUSTRIAL CLASSIFICATION:	AIRCRAFT PART & AUXILIARY EQUIPMENT, NEC [3728]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-28998
		FILM NUMBER:		08864048

	BUSINESS ADDRESS:	
		STREET 1:		ADVANCED TECHNOLOGY CENTER
		STREET 2:		PO BOX 539
		CITY:			HAIFA, ISRAEL
		STATE:			L3
		ZIP:			31053
		BUSINESS PHONE:		01197248316626

	MAIL ADDRESS:	
		STREET 1:		ADVANCED TECHNOLOGY CENTER
		STREET 2:		PO BOX 539
		CITY:			HAIFA, ISRAEL
		STATE:			L3
		ZIP:			31053
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
<FILENAME>f20f123107.htm
<TEXT>
<html>
    <head>
        <title></title>
    </head>

    <body style="FONT-FAMILY: 'Times New Roman'" bgcolor="#ffffff">
        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="5">UNITED
        STATES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font size="5">SECURITIES AND EXCHANGE COMMISSION</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font size="2">Washington, D.C. 20549</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">______________</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="4">FORM
        20-F</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">ANNUAL
        REPORT PURSUANT TO SECTION 13 OR 15(d)</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">OF THE
        SECURITIES EXCHANGE ACT OF 1934</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><i><font size="2">for
        the fiscal year ended December 31, 200</font></i><font size="2">7</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">Commission File No. 0-28998</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-ALIGN: center">
        <font size="2">______________</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="5">ELBIT
        SYSTEMS LTD.</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">(Exact
        Name of Registrant as Specified in its Charter and Translation of Registrant&rsquo;s Name
        into English)</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font size="2">Israel</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">(Jurisdiction of incorporation or organization)</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font size="2">Advanced Technology Center, Haifa 31053, Israel</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">(Address
        of principal executive offices)</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">______________</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">Securities registered or to be registered pursuant to Section 12(b) of the
        Act:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font size="2">Ordinary Shares, nominal value 1.0 New Israeli Shekels per
        share</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">(Title of
        Class)</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">Securities registered or to be registered pursuant to Section 12(g) of the
        Act:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">Not
        Applicable</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <font size="2">Securities for which there is a reporting obligation pursuant to Section
        15(d) of the Act:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">Not
        Applicable</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: justify">
        <font size="2">Indicate the number of outstanding shares of each of the issuer&rsquo;s
        classes of capital or common stock as of the close of the period covered by the annual
        report:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font size="2">42,059,752 ordinary shares</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: justify">
        <font size="2">Indicate by check mark whether the registrant is a well-known seasoned
        issuer, as defined in Rule 405 of the Securities Act.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="59%" align="center" border="0">
                <tr>
                    <td valign="top" nowrap width="148">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="86">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Yes</font></b></p>
                    </td>

                    <td valign="top" nowrap width="113">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Wingdings"><b>x</b></font></p>
                    </td>

                    <td valign="top" nowrap width="94">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">No</font></b></p>
                    </td>

                    <td valign="top" nowrap width="140">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Wingdings"><b>o</b></font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: justify">
        <font size="2">If this report is an annual or transition report, indicate by check mark if
        the registrant is not required to file reports pursuant to Section 13 or 15(d) of the
        Securities Exchange Act of 1934.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="61%" align="center" border="0">
                <tr>
                    <td valign="top" nowrap width="159">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Yes</font></b></p>
                    </td>

                    <td valign="top" nowrap width="113">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Wingdings"><b>o</b></font></p>
                    </td>

                    <td valign="top" nowrap width="95">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">No</font></b></p>
                    </td>

                    <td valign="top" nowrap width="149">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Wingdings"><b>x</b></font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: justify">
        <font size="2">Indicate by check mark whether the registrant (1) has filed all reports
        required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
        the preceding 12 months (or for such shorter period that the registrant was required to
        file such reports), and (2) has been subject to such filing requirements for the past 90
        days.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="61%" align="center" border="0">
                <tr>
                    <td valign="top" nowrap width="158">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="86">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Yes</font></b></p>
                    </td>

                    <td valign="top" nowrap width="114">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Wingdings"><b>x</b></font></p>
                    </td>

                    <td valign="top" nowrap width="95">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">No</font></b></p>
                    </td>

                    <td valign="top" nowrap width="148">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Wingdings"><b>o</b></font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <font size="2">Indicate by check mark whether the registrant is a large accelerated filer,
        an accelerated filer, or a non-accelerated filer.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="69%" align="center" border="0">
                <tr>
                    <td valign="top" nowrap width="297">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Large accelerated filer</font></b>
                        <font face="Wingdings"><b>x</b></font></p>
                    </td>

                    <td valign="top" nowrap width="229">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Accelerated filer</font></b>
                        <font face="Wingdings"><b>o</b></font></p>
                    </td>

                    <td style="MARGIN-TOP: 0px; PADDING-TOP: 0px" valign="top" width="154">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Non-accelerated filer</font>
                        <font face="Wingdings">o</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: justify">
        <font size="2">Indicate by check mark which financial statement item the registrant has
        elected to follow.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="61%" align="center" border="0">
                <tr>
                    <td valign="top" nowrap width="158">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="73">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Item 17</font></b></p>
                    </td>

                    <td valign="top" nowrap width="164">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Wingdings"><b>o</b></font></p>
                    </td>

                    <td valign="top" nowrap width="80">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Item 18</font></b></p>
                    </td>

                    <td valign="top" nowrap width="126">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Wingdings"><b>x</b></font>&nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            &nbsp;
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 67.38%; TEXT-INDENT: -44.62%; TEXT-ALIGN: justify">
        </p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: justify">
        <font size="2">If this is an annual report, indicate by check mark whether the Registrant
        is a shell company (as defined in Rule 12b-2 of the Exchange Act).</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 67.38%; TEXT-INDENT: -44.62%; TEXT-ALIGN: justify">
        </p>
        &nbsp;

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="61%" align="center" border="0">
                <tr>
                    <td valign="top" nowrap width="157">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="88">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Yes</font></b></p>
                    </td>

                    <td valign="top" nowrap width="113">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Wingdings"><b>o</b></font></p>
                    </td>

                    <td valign="top" nowrap width="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">No</font></b></p>
                    </td>

                    <td valign="top" nowrap width="145">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Wingdings"><b>x</b></font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            &nbsp;
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 67.38%; TEXT-INDENT: -44.62%; TEXT-ALIGN: justify">
        </p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 67.38%; TEXT-INDENT: -44.62%; TEXT-ALIGN: justify">
        </p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="16%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Table of Contents</font></b></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right">
                        <b><font size="2">Page</font></b></p>
                    </td>
                </tr>
            </table>
        </div>
        &nbsp;

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="95%">
                        <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in">
                        <a href="#ids"><font face="Times New Roman, Times, serif" color="#000000" size="2">
                        International Disclosures Standards</font></a></p>
                    </td>

                    <td valign="top" nowrap width="4%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">1</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="95%">
                        <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in">
                        <a href="#item1"><font face="Times New Roman, Times, serif"><font size="2"><font color="#000000">
                        Item 1. Identity of Directors, Senior Management and
                        Advisors</font></font></font></a></p>
                    </td>

                    <td valign="top" nowrap width="4%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">1</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="95%">
                        <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in">
                        <a href="#item2"><font face="Times New Roman, Times, serif"><font size="2"><font color="#000000">
                        Item 2. Offer Statistics and Expected
                        Timetable</font></font></font></a></p>
                    </td>

                    <td valign="top" nowrap width="4%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">1</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="95%">
                        <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in">
                        <a href="#item3"><font face="Times New Roman, Times, serif"><font size="2"><font color="#000000">
                        Item 3. Key Information</font></font></font></a></p>
                    </td>

                    <td valign="top" nowrap width="4%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">1</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="938">
                        <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in">
                        <a href="#item4"><font face="Times New Roman, Times, serif"><font size="2"><font color="#000000">
                        Item 4. Information on the Company</font></font></font></a></p>
                    </td>

                    <td valign="top" nowrap width="47">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">13</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="939">
                        <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in">
                        <a href="#item4a"><font face="Times New Roman, Times, serif"><font size="2">
                        <font color="#000000">Item 4A. Unresolved Staff
                        Comments</font></font></font></a></p>
                    </td>

                    <td valign="top" nowrap width="46">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">79</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="939">
                        <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in">
                        <a href="#item5"><font face="Times New Roman, Times, serif"><font size="2"><font color="#000000">
                        Item 5. Operating Financial Review and Prospects &ndash; Management&rsquo;s
                        Discussion and Analysis</font></font></font></a></p>
                    </td>

                    <td valign="top" nowrap width="46">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">80</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="934">
                        <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in">
                        <a href="#item6"><font face="Times New Roman, Times, serif"><font size="2"><font color="#000000">
                        Item 6. Directors, Senior Management and
                        Employees.</font></font></font></a></p>
                    </td>

                    <td valign="top" nowrap width="51">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">108</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="935">
                        <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in">
                        <a href="#item7"><font face="Times New Roman, Times, serif"><font size="2"><font color="#000000">
                        Item 7. Major Shareholders and Related Party
                        Transactions.</font></font></font></a></p>
                    </td>

                    <td valign="top" nowrap width="50">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">119</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="934">
                        <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in">
                        <a href="#item8"><font face="Times New Roman, Times, serif"><font size="2"><font color="#000000">
                        Item 8. Financial Information.</font></font></font></a></p>
                    </td>

                    <td valign="top" nowrap width="51">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">121</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="934">
                        <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in">
                        <a href="#item9"><font face="Times New Roman, Times, serif"><font size="2"><font color="#000000">
                        Item 9. Offer and Listing.</font></font></font></a></p>
                    </td>

                    <td valign="top" nowrap width="51">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">123</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="934">
                        <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in">
                        <a href="#item10"><font face="Times New Roman, Times, serif"><font size="2">
                        <font color="#000000">Item 10. Additional
                        Information.</font></font></font></a></p>
                    </td>

                    <td valign="top" nowrap width="51">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">125</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="933">
                        <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in">
                        <a href="#item11"><font face="Times New Roman, Times, serif"><font size="2">
                        <font color="#000000">Item 11. Quantitative and Qualitative Disclosure of
                        Market Risk.</font></font></font></a></p>
                    </td>

                    <td valign="top" nowrap width="52">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">137</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="934">
                        <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in">
                        <a href="#item12"><font face="Times New Roman, Times, serif"><font size="2">
                        <font color="#000000">Item 12. Description of Securities Other than Equity
                        Securities.</font></font></font></a></p>
                    </td>

                    <td valign="top" nowrap width="51">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">137</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="934">
                        <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in">
                        <a href="#item13"><font face="Times New Roman, Times, serif"><font size="2">
                        <font color="#000000">Item 13. Defaults, Dividend Arrearages and
                        Delinquencies.</font></font></font></a></p>
                    </td>

                    <td valign="top" nowrap width="51">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">137</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="933">
                        <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in">
                        <a href="#item14"><font face="Times New Roman, Times, serif"><font size="2">
                        <font color="#000000">Item 14. Material Modifications to the Rights of
                        Security Holders and Use of Proceeds.</font></font></font></a></p>
                    </td>

                    <td valign="top" nowrap width="52">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">137</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="932">
                        <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in">
                        <a href="#item15"><font face="Times New Roman, Times, serif"><font size="2">
                        <font color="#000000">Item 15. Controls and
                        Procedures</font></font></font></a></p>
                    </td>

                    <td valign="top" nowrap width="53">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">138</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="932">
                        <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in" align="left">
                        <a href="#item16"><font face="Times New Roman, Times, serif"><font size="2">
                        <font color="#000000">Item 16. [Reserved]</font></font></font></a></p>
                    </td>

                    <td valign="top" nowrap width="53">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">139</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="932">
                        <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in">
                        <a href="#item16a"><font face="Times New Roman, Times, serif"><font size="2">
                        <font color="#000000">Item 16A. Audit Committee Financial
                        Expert</font></font></font></a></p>
                    </td>

                    <td valign="top" nowrap width="53">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">139</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="931">
                        <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in">
                        <a href="#item16b"><font face="Times New Roman, Times, serif"><font size="2">
                        <font color="#000000">Item 16B. Code of Ethics</font></font></font></a></p>
                    </td>

                    <td valign="top" nowrap width="54">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">139</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="932">
                        <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in">
                        <a href="#item16c"><font face="Times New Roman, Times, serif"><font size="2">
                        <font color="#000000">Item 16C. Principal Accountant Fees and
                        Services</font></font></font></a></p>
                    </td>

                    <td valign="top" nowrap width="53">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">139</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="932">
                        <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in">
                        <a href="#item16d"><font face="Times New Roman, Times, serif"><font size="2">
                        <font color="#000000">Item 16D. Exemptions from the Listing Standards for
                        Audit Committees</font></font></font></a></p>
                    </td>

                    <td valign="top" nowrap width="53">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">140</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="931">
                        <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in">
                        <a href="#item16e"><font face="Times New Roman, Times, serif"><font size="2">
                        <font color="#000000">Item 16E. Purchases of Equity Securities by the
                        Issuer and Affiliated Purchasers</font></font></font></a></p>
                    </td>

                    <td valign="top" nowrap width="54">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">140</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="932">
                        <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in">
                        <a href="#item17"><font face="Times New Roman, Times, serif"><font size="2">
                        <font color="#000000">Item 17. Financial
                        Statements.</font></font></font></a></p>
                    </td>

                    <td valign="top" nowrap width="53">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">140</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="931">
                        <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in">
                        <a href="#item18"><font face="Times New Roman, Times, serif"><font size="2">
                        <font color="#000000">Item 18. Financial
                        Statements.</font></font></font></a></p>
                    </td>

                    <td valign="top" nowrap width="54">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">140</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="931">
                        <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in">
                        <a href="#item19"><font face="Times New Roman, Times, serif"><font size="2">
                        <font color="#000000">Item 19. Exhibits.</font></font></font></a></p>
                    </td>

                    <td valign="top" nowrap width="54">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">210</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">(i)</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="4">PART
        I</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
        <b><a name="ids"><font size="2">International Disclosures Standards</font></a></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <font size="2">Elbit Systems Ltd.&rsquo;s (Elbit Systems) consolidated financial statements
        are prepared in accordance with United States Generally Accepted Accounting Principles
        (U.S. GAAP). Unless otherwise indicated, all financial information contained in this Annual
        Report on Form 20-F is presented in U.S. dollars. References in this Form 20-F to the
        &ldquo;Company&rdquo; are to Elbit Systems and our subsidiaries.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><a name="item1"><font size="4">Item 1.</font></a></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="4">Identity of Directors, Senior Management and
                        Advisors</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="65%" border="0">
                <tr>
                    <td valign="top" nowrap width="77">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="563">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Information not required in Annual Report on Form
                        20-F.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><a name="item2"><font size="4">Item 2.</font></a></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="4">Offer Statistics and Expected Timetable</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="65%" border="0">
                <tr>
                    <td valign="top" nowrap width="77">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="563">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Information not required in Annual Report on Form
                        20-F.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><a name="item3"><font size="4">Item 3.</font></a></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="4">Key Information</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
        <b><font size="2">Selected Financial Data</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <font size="2">The following selected consolidated financial data of Elbit Systems as of
        and for the years ended December 31, 2003, 2004, 2005, 2006 and 2007 are derived from our
        audited consolidated financial statements of which the financial statements as of December
        31, 2006 and 2007, and for each of the years ended December 31, 2005, 2006 and 2007, appear
        later in this Annual Report on Form 20-F. The audited financial statements have been
        prepared in accordance with U.S. GAAP. You should read the information presented below in
        conjunction with this statement.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">1</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="14">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Years Ended December 31</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="bottom" width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0pt; MARGIN-RIGHT: 0pt" valign="bottom" align="center" colspan="2">
                        <p style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; MARGIN: 2pt 0pt 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2003</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2004</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2005</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2006</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="14">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">(U.S. dollars in millions except for share and per share
                        amounts)</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <b><font size="2">Income Statement Data:</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Revenues</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">898</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">940</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,070</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,523</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,982</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Cost of revenues</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">673</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">690</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">787</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,150</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,455</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Restructuring expenses</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">3</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">10</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Gross profit</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">225</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">250</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">280</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">373</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">516</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Research and development expenses, net</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">55</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">67</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">72</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">92</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">127</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Marketing, selling, general and</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: 0in; TEXT-ALIGN: left">
                        <font size="2">administrative expenses</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">116</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">118</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">133</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">189</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">264</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">In-process research and</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: 0in; TEXT-ALIGN: left">
                        <font size="2">development write-off</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">8</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">17</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Operating income</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">54</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">65</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">67</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">92</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">108</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Financial expenses, net</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(5</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font size="2">(6</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(11</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(21</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(19</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Other income (expenses), net</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2"><font size="2">&mdash;</font></font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(5</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">2</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2"><font size="2">&mdash;</font></font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Income before taxes on income</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">49</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">60</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">51</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">72</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">89</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Taxes on income</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">11</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">15</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">16</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">21</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">14</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Equity in net earnings (losses) of affiliated companies and
                        partnership</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">7</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">7</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(2</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)*</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">15</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">15</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Minority interest in losses (earnings) of
                        subsidiaries</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">6</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(13</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Net income</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">46</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">52</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">33</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">72</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">77</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Earnings per share:</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Basic net income per share</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1.18</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1.30</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">0.80</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1.75</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1.82</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Weighted average number of shares used in computation of
                        basic net income per share (in thousands)</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">39,061</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">39,952</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">40,750</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">41,340</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">42,041</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Diluted net income per share</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1.14</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1.26</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">0.78</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1.72</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1.81</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -15.75pt; TEXT-ALIGN: left">
                        <font size="2">Weighted average number of shares used in computation of
                        diluted net income per share (in thousands)</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">40,230</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">41,041</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">41,623</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">41,880</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">42,342</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <font size="2">_______________________</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">* Includes
        acquired in-process research and development write-off of $8.5 in 2005.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">2</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="40%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="14">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2"><strong>
                        December 31</strong></font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="bottom" width="40%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2"><strong>
                        2003</strong></font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2"><strong>
                        2004</strong></font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2"><strong>
                        2005</strong></font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2"><strong>
                        2006</strong></font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2"><strong>
                        2007</strong></font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="40%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="14">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(U.S.
                        dollars in millions except for share and per share amounts)</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="40%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <b><font size="2">Balance Sheet Data:</font></b></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="40%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Cash, cash equivalents and short-term investments</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">77</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">35</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">97</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">88</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">377</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="40%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Long-term deposits, trade receivables, and marketable
                        securities</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">2</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">2</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">2</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">6</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">34</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="40%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Working capital</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">199</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">173</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">227</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">112</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">157</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="40%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Short-term debt</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">15</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">10</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">38</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">28</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">29</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="40%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Long-term debt</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">62</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">86</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">225</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">125</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">431</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="40%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Share capital</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">11</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">.3</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">11</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">.5</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">11</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">.6</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">11</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">.9</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">11</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">.9</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="40%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Shareholders&rsquo; equity</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">452</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">432</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">451</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">494</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">537</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="40%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Total assets</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,024</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,034</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,622</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,773</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">2,781</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="40%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Outstanding ordinary shares of NIS 1 par value (in
                        thousands)</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">39,337</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">40,561</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">40,967</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">42,017</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">42,060</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="40%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Dividends paid per ordinary share with respect to the
                        applicable year</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">0</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">.40</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">2</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">.17*</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">0</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">.54</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">0</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">.61</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">0</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">.67</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
        <font size="2">_____________________</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">*
        Including an extraordinary dividend of $1.80 declared in the second quarter of
        2004.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">3</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
        <b><font size="2">Forward-Looking Statements</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.54%" align="left">
        <font size="2">This Annual Report on Form 20-F contains forward-looking statements (within
        the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of
        the Securities Exchange Act of 1934, as amended) regarding the Company, to the extent such
        statements do not relate to historical or current fact. Forward-looking statements are
        based on management&rsquo;s expectations, estimates, projections and
        assumptions.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify" align="justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%" align="left">
        <font size="2">Forward-looking statements are made pursuant to the safe harbor provisions
        of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking
        statements generally are identified by the words &ldquo;believe,&rdquo;
        &ldquo;project,&rdquo; &ldquo;expect,&rdquo; &ldquo;will likely result,&rdquo; and
        &ldquo;strategy,&rdquo; &ldquo;plan,&rdquo; &ldquo;may,&rdquo; &ldquo;should,&rdquo;
        &ldquo;will,&rdquo; &ldquo;would,&rdquo; &ldquo;will be,&rdquo; &ldquo;will
        continue,&rdquo; &ldquo;will likely result&rdquo; and similar expressions. Forward-looking
        statements are based on current expectations and assumptions and are not guarantees of
        future performance and involve certain risks and uncertainties, which are difficult to
        predict. Therefore, actual future results, performance and trends may differ materially
        from these forward-looking statements due to a variety of factors, including, without
        limitation:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: justify" align="justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="9%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="7%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">-</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">scope and length of customer contracts;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="9%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="7%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">-</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">governmental regulations and approvals;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="9%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="7%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">-</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">changes in governmental budgeting priorities;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="9%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="7%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">-</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">general market, political and economic conditions in the
                        countries in which we operate or sell, including Israel and the United
                        States among others;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="9%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="7%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">-</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">differences in anticipated and actual program performance,
                        including the ability to perform under long-term fixed-price contracts;
                        and</font></p>
                    </td>
                </tr>
            </table>
        </div>
        &nbsp;

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="9%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="7%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">-</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">the outcome of legal and/or regulatory
                        proceedings.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%" align="left">
        <font size="2">The factors listed above are not all-inclusive, and further information is
        contained in this Annual Report on Form 20-F. All forward-looking statements speak only as
        of the date of this Annual Report. We expressly disclaim any obligation to update or review
        any forward-looking statements, whether as a result of new information, future events or
        otherwise, except as may be required by applicable law.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">4</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
        <b><font size="2">Risk</font> <font size="2">Factors</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><b><font size="2">General
        Risks Related to Our Business and Market</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="justify"><i><b><font size="2">Our
        revenues depend on a continued level of government
        business</font></b></i><b><font size="2">.</font></b> <font size="2">A significant portion
        of our revenues comes, directly or indirectly, from contracts or subcontracts with domestic
        and foreign government agencies. A reduction in the level of the purchase of our systems,
        products, services and upgrade projects by these agencies, mainly the Israeli Ministry of
        Defense (IMOD), the U.S. Department of Defense (DOD) and governmental customers of our
        other major programs, would have a material adverse effect on our business. The development
        of our business in the future will depend on the continued willingness of the IMOD, the DOD
        and other governmental purchasing agencies to commit substantial resources to defense
        programs and, in particular, to continue to purchase our systems, products, services and
        upgrade projects.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><i><b><font size="2">The
        level of customer purchases under our contracts may be reduced due to changes in
        governmental priorities and audits.</font></b></i> <font size="2">The risk that
        governmental purchases of our systems, products, services and upgrade projects may decline
        is affected by the possibility that government purchasing agencies may:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="7%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">terminate, reduce or modify contracts or subcontracts if
                        their requirements or budgetary constraints change;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="7%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">cancel multi-year contracts and related orders if funds
                        become unavailable;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="7%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">shift spending priorities into other areas or for other
                        products; and</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="7%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">adjust contract costs and fees on the basis of
                        audits.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="left"><i><b><font size="2">We are
        subject to buy-back obligations.</font></b></i> <font size="2">A number of our
        international programs require us to meet &ldquo;buy-back&rdquo; obligations. See below
        &ndash; Item 4. Information on the Company &ndash; Buy-Back. Should we be unable to meet
        such obligations we may be subject to contractual penalties. Moreover, our chances of
        receiving further business from the applicable customers could be reduced.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left" align="left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="left"><i><b><font size="2">We depend
        on governmental approval of our exports.</font></b></i> <font size="2">Many of our exports
        and the receipt of technology and components from suppliers depend on receipt of export
        license approvals from the Israeli Government, the U.S. Government and other governments.
        Such licenses and approvals also are required for technological exchanges with our
        customers and for employment of our technical personnel abroad. There is no assurance that
        such approvals will be given in the future, current approvals will not be revoked or
        governmental export policies will remain unchanged. See below - Item 4. Information on the
        Company &ndash; Governmental Regulations.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left" align="left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="left"><i><b><font size="2">We depend
        on international operations</font></b></i><b><font size="2">.</font></b> <font size="2">We
        depend on sales to customers throughout the world. We expect that international sales will
        continue to account for a significant portion of our revenues for the foreseeable future.
        As a result, changes in international, political, economic or geographic events could
        result in significant shortfalls in orders or revenues. These shortfalls could cause our
        business, financial condition and results of operations to be harmed. Some of the risks of
        doing business internationally include:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">-</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">unexpected changes in regulatory requirements;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">5</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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        <p style="PAGE-BREAK-BEFORE: always"></p>
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">-</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">our or our subcontractors&rsquo; inability to obtain export
                        licenses;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">-</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">imposition of tariffs and other barriers and
                        restrictions;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">-</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">burdens of complying with a variety of foreign
                        laws;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">-</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">political and economic instability; and</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">-</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">changes in diplomatic and trade relationships.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="left"><font size="2">Some of these
        factors, such as the ability to obtain export licenses and changes in diplomatic relations,
        may be affected by Israel&rsquo;s overall political situation. See &ldquo;Risks Related to
        Our Israeli Operations&rdquo; below. In addition, the economic and political stability of
        the countries of our major customers and suppliers may also impact our business.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left" align="left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="left"><i><b><font size="2">Our
        revenues depend on obtaining follow-on
        business</font></b></i><b><font size="2">.</font></b> <font size="2">Follow-on orders are
        important because our contracts are mainly for fixed periods of up to five years or more,
        particularly for contracts where the customer has options to purchase additional items. In
        addition, when we have supplied a system for a defense platform, we sometimes have the
        potential to supply other items for that platform. If a customer is dissatisfied with our
        performance on a particular program or if the customer&rsquo;s priorities change, it could
        negatively affect our ability to receive follow-on business. Inability to obtain follow-on
        business could result in a loss of revenues and profit.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left" align="left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="left"><i><b><font size="2">Our
        contracts may be terminated for convenience of the customer or for default.</font></b></i>
        <font size="2">Our contracts with the Government of Israel and other governments often
        contain provisions permitting termination for convenience of the customer. Our subcontracts
        with non-governmental prime contractors sometimes contain similar provisions. In general,
        in order to reduce risks of financial exposure resulting from the early termination of a
        contract, we attempt to flow down these requirements to our subcontractors and expend funds
        for projects according to the contract performance schedule. If the customer were to make
        an early termination for convenience, in most cases we would be entitled under the
        applicable contract to reimbursement for our incurred contract costs and a proportionate
        share of our fee or profit for work actually performed. If, however, it is determined that
        we are not entitled to such compensation, it could cause us to suffer corresponding losses.
        Moreover, if in the remote event that any of our contracts would be terminated for default
        due to our failure to meet material contractual obligations, we could face liability in
        certain cases in excess of the amounts paid or payable to us under the applicable
        contract.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left" align="left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="left"><i><b><font size="2">We face
        risks of changes in costs under fixed-price contracts.</font></b></i> <font size="2">Most
        of our contracts are fixed-price contracts, as opposed to cost-plus or cost-share type
        contracts. Generally, a fixed-price contract price is not adjusted as long as the work
        performed falls within the original contract scope. Therefore, under these contracts, we
        generally assume the risk that increased or unexpected costs may reduce profits or generate
        a loss. The risk can be particularly significant under a fixed-price contract involving
        research and development for new technology, where estimated gross profit or loss from
        long-term projects may change and such changes in estimated gross profit/loss are recorded
        on a cumulative catch-up basis. See below &ndash; Item 5. Operating Financial Review and
        Prospects &ndash; Management&rsquo;s Discussion and Analysis &ndash; General - Critical
        Accounting Policies and Estimates. The frequent need to bid on fixed-price programs before
        completing the necessary design may result in unexpected technological difficulties, cost
        overruns and potential contractual penalties. Typically, costs must be accounted for in the
        period they are recognized. In addition, there is difficulty in forecasting long-term costs
        and schedules and the potential obsolescence of products or components related to long-term
        fixed-price contracts, particularly in contracts that contain extended warranty or logistic
        support obligations.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">6</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
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        <p style="PAGE-BREAK-BEFORE: always"></p>
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="left"><i><b><font size="2">We
        sometimes participate in risk-sharing contracts.</font></b></i> <font size="2">We sometimes
        participate in &ldquo;risk-sharing&rdquo; type contracts, in which our non-recurring costs
        are only recoverable if there is a sufficient level of production sales for the applicable
        product, which level of sales typically is not guaranteed. If production sales do not occur
        at the level anticipated, we may not be able to recover our non-recurring costs under the
        contract.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left" align="left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="left"><i><b><font size="2">We face
        fluctuations in revenues and profit margins.</font></b></i> <font size="2">The level of our
        revenues may fluctuate over different periods. These fluctuations may relate to factors in
        addition to changes in pricing or sales volume. Also, the level of our revenues may be
        dependent on our mix of projects during any given period. Moreover, since project revenues
        generally are recognized in connection with achievement of specific performance milestones,
        we may experience significant fluctuations in year-to-year and quarter-to-quarter financial
        results. Similarly, our profit margins may vary significantly from project to project as a
        result of changes in estimating gross profits that are recorded in results of operations on
        a cumulative catch-up basis. See below &ndash; Item 5. Operating Financial Review and
        Prospects &ndash; Management&rsquo;s Discussion and Analysis &ndash; General &ndash;
        Critical Accounting Policies and Estimates. As a result, the overall profit margin in a
        particular period is influenced by a number of conditions. These include the type, size and
        stage of projects, the percentage of work performed by subcontractors and the timing of the
        recognition of revenue.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left" align="left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="left"><i><b><font size="2">We
        sometimes have risks relating to financing for our programs.</font></b></i>
        <font size="2">A number of our major projects require us to arrange, or to provide,
        specific guarantees in connection with the customer&rsquo;s financing of the project. These
        include guarantees by us as well as guarantees provided by financial institutions relating
        to advance payments received from customers. Customers typically have the right to draw
        down against advance payment guarantees if we were to default under the applicable
        contract. In addition, some customers require that the payment period under the contract be
        extended for a number of years, sometimes beyond the period of contract performance. See
        below &ndash; Item 4. Information on the Company &ndash; Financing Terms.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left" align="left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="left"><i><b><font size="2">We face
        currency exchange risks.</font></b></i> <font size="2">As more of our revenues are
        generated in currencies other than the U.S. dollar, mainly in New Israeli Shekels (NIS),
        Great Britain Pounds (GBP) and Euro, we are subject to increasingly significant foreign
        currency risk. Accordingly, our level of revenues and profit may be adversely affected by
        exchange rate fluctuations. This also may include risks relating to exchange rate changes
        during the period from the date we submit a price proposal until the date of contract
        award. Moreover, since a significant portion of expenses is denominated in NIS, if we do
        not adequately hedge against exchange rate risks, our financial results could be adversely
        affected. See below &ldquo;Risks Related to Our Israeli Operations &ndash; Changes in the
        U.S. Dollar &ndash;NIS Exchange Rate&rdquo; and Item 5. Operating Financial Review and
        Prospects &ndash; Management&rsquo;s Discussion and Analysis &ndash; Impact of Inflation
        and Exchange Rates.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left" align="left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="left"><i><b><font size="2">We may not
        be able to consolidate the financial results of some of our subsidiaries.</font></b></i>
        <font size="2">One of our subsidiaries currently is considered for accounting purposes as a
        variable interest entity (VIE), and we are considered the primary beneficiary, enabling us
        to consolidate its financial results in our consolidated financial statements. In the event
        that in the future a company we hold as a VIE would no longer meet the definition of a VIE,
        or we are deemed not to be the primary beneficiary, we would not be able to consolidate
        line by line that entity&rsquo;s financial results in our consolidated financial
        statements.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">7</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <font size="2"><strong><em>We may experience production delays or liability if suppliers
        fail to make compliant or timely deliveries</em><font size="2">.</font></strong>
        <font size="2">The manufacturing process for some of our products consists in large part of
        the assembly,</font> integration and testing of purchased components. Some components are
        available from a small number of suppliers, and in a few cases we work with suppliers that
        are effectively our sole source. If a supplier should stop delivery of such components,
        finding another source could result in added cost and manufacturing delays. Moreover, if
        our subcontractors fail to meet their design, delivery schedule or other obligations we
        could be held liable by our customers, and there can be no assurance that we would be able
        to obtain full or partial recovery from our subcontractors for those liabilities. In
        addition, when we act as a subcontractor, the failure or inability of the prime contractor
        to perform its contract with the customer may affect our ability to obtain payments under
        our subcontract. This could have a material adverse effect on our operating
        results.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
        <i><b><font size="2">Undetected problems in our products could impair our financial results
        and give rise to potential product liability claims.</font></b></i> <font size="2">If there
        are defects in the design, production or testing of our or our subcontractors&rsquo;
        products and systems, we could face substantial repair, replacement or service costs and
        potential liability and damage to our reputation. There can be no assurance that our
        efforts to implement appropriate design, testing and manufacturing processes for our
        products or systems will be sufficient to permit us to prevent such occurrences, which
        could have a material adverse effect on our business, results of operations and financial
        condition.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><i><b><font size="2">We
        operate in a competitive industry</font></b></i><b><font size="2">.</font></b>
        <font size="2">The various markets in which we participate are highly competitive and
        characterized by technological change. If we are unable to improve existing systems and
        products and develop new systems and technologies in order to meet evolving customer
        demands, our business could be adversely affected. In addition, our competitors could
        introduce new products with innovative capabilities, which could adversely affect our
        business. There are many competitors in our markets. We compete with many large and
        mid-tier defense contractors on the basis of system performance, cost, overall value,
        delivery and reputation. Many of these competitors are much larger than us and generally
        have greater resources. Consequently, these competitors may be better positioned to take
        advantage of economies of scale and develop new technologies. Some of these competitors are
        also our suppliers in some programs.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><i><b><font size="2">We
        are subject to the increasingly restrictive publicly traded company regulatory
        environment.</font></b></i> <font size="2">As a company whose shares are publicly traded
        both in the United States and in Israel, we are subject to the increasingly restrictive
        regulatory requirements applicable to publicly traded companies. These regulations,
        including the U.S. Sarbanes-Oxley Act of 2002 and other laws and regulations, impose new
        and stringent requirements, which we continue to implement in compliance with regulatory
        deadlines. Failure to timely implement such requirements could adversely affect
        us.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
        <i><b><font size="2">Our share price may be volatile and may decline.</font></b></i>
        <font size="2">Numerous factors, some of which are beyond our control, may cause the market
        price of our ordinary shares to fluctuate significantly. These factors include both
        specific developments relating to the Company as well as market conditions in the industry
        in which we operate and the general state of the securities markets, with particular
        emphasis on the technology, defense and Israeli sectors of the securities
        markets.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="left"><i><b><font size="2">Our
        investments in auction rate securities or similar financial instruments may fluctuate in
        value.</font></b></i> <font size="2">Due to the continuing changes and uncertainty in the
        auction rate securities (ARS) markets, it is possible that our investments in ARS may
        fluctuate and decline in the future. Also, as market conditions change, we may determine
        that unrealized losses, which are currently considered temporary in nature, may become
        &ldquo;other-than-temporary,&rdquo; resulting in an impairment charge. Such impairment
        might also apply to any investments we may make in similar types of variable rate
        securities or financial instruments. See below Item 5. Operating Financial Review and
        Prospects - Management&rsquo;s Discussion and Analysis &ndash; Liquidity and Capital
        Resources &ndash; Auction Rate Securities.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">8</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="left"><i><b><font size="2">Our
        business depends on proprietary technology that may be
        infringed</font></b></i><font size="2">. Many of our systems and products depend on our
        proprietary technology for their success. Like other technology oriented companies, we rely
        on a combination of patents, trade secrets, copyrights and trademarks, together with
        non-disclosure agreements, contractual confidentiality clauses, including those in
        employment agreements, and technical measures to establish and protect proprietary rights
        in our products. Our ability to successfully protect our technology may be limited
        because:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">some foreign countries may not protect proprietary rights as
                        fully as do the laws of the United States and Israel;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">detecting infringements and enforcing proprietary rights may
                        be time consuming and costly, diverting management&rsquo;s attention and
                        company resources;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">measures such as entering into non-disclosure agreements
                        afford only limited protection;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">unauthorized parties may attempt to copy aspects of our
                        products or technologies and develop similar products or technologies or
                        obtain and use information that we regard as proprietary;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">our patents may expire, thus providing competitors access to
                        the applicable technology;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">competitors may independently develop products that are
                        substantially equivalent or superior to our products or circumvent
                        intellectual property rights; and</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">competitors may register patents in technologies relevant to
                        our business areas.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">In
        addition, others may allege infringement claims against us and affiliated companies. The
        cost of defending infringement claims could be significant, regardless of whether the
        claims are valid. To the extent we are not successful in defending such claims, we may be
        subject to injunctions with respect to the use or sale of certain of our products or to
        liabilities for damages and may be required to obtain licenses which may not be available
        on reasonable terms, any of which may have a material adverse impact on our business,
        results of operation or financial condition.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><i><b><font size="2">We
        would be adversely affected if we are unable to retain key
        employees</font></b></i><font size="2">. Our success depends in part on key management,
        scientific and technical personnel and our continuing ability to attract and retain highly
        qualified personnel. There is competition for the services of such personnel. The loss of
        the services of key personnel, and the failure to attract highly qualified personnel in the
        future, may have a negative impact on our business. Moreover, it may be difficult for us to
        restrict our competitors from gaining access to the expertise of our former employees who
        may be hired by those competitors.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><i><b><font size="2">We
        may face labor relations disputes or not be able to amend collective bargaining agreements
        in a timely manner</font></b><font size="2">.</font></i> <font size="2">A number of our
        subsidiaries in Israel and other countries are parties to collective bargaining agreements
        that cover a substantial number of the Company&rsquo;s employees. These agreements contain
        a range of conditions that vary depending on the applicable company and are for various
        periods of time. Disputes with trade unions or similar types of labor relations
        difficulties as well as failure to timely amend or extend collective bargaining agreements
        could lead to worker disputes, slow-downs, strikes and other measures, which could
        negatively impact our results of operations.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">9</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><i><b><font size="2">Our
        industry has experienced significant consolidation.</font></b></i> <font size="2">As the
        overall number of companies in the defense industry has decreased in recent years, the
        industry has experienced substantial consolidation, thus increasing the market share of
        some prime contractors. Failure to maintain our relationships with these major contractors
        could negatively impact our future business. In addition, some of these companies are
        vertically integrated with in-house capabilities similar to ours in certain
        areas.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><i><b><font size="2">We
        face acquisition and integration risks</font></b></i><b><font size="2">.</font></b>
        <font size="2">Over the past several years we have made a number of acquisitions and
        investments in companies that complement our business. See below &ndash; Item 4.
        Information on the Company &ndash; Recent Acquisitions and &ndash; Current Business
        Operations. We intend to continue to acquire businesses that complement our operations. Our
        growth may place significant demands on our management and our operational, financial and
        marketing resources. In connection with acquisitions and the opening of new facilities we
        have increased and may continue to increase the number of our employees. Moreover, several
        of our recent acquisitions involve companies with collective bargaining agreements
        applicable to a significant number of the company&rsquo;s employees. In addition, we have
        expanded and may continue to expand the scope and geographic area of our operations. We
        believe this growth will increase the complexity of our operations and the level of
        responsibility exercised by both existing and new management personnel. Failure to
        successfully retain key employees and integrate and manage our growth may have a material
        adverse effect on our business, financial condition, results of operations or
        prospects.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><i><b><font size="2">Our
        acquisitions are subject to governmental approvals.</font></b></i> <font size="2">Most
        countries require local governmental approval of acquisition of domestic defense
        industries, which approval may be denied if the local government determines the acquisition
        is not in its national interest. We may also encounter anti-trust issues in certain areas
        as our operations expand. Failure to obtain such governmental approvals could negatively
        impact our future business and prospects.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><i><b><font size="2">Our
        due diligence in acquisitions may not adequately cover all risks.</font></b></i>
        <font size="2">There may be liabilities or risks that we fail or are unable to discover in
        the course of performing due diligence investigations relating to businesses we have
        acquired or merged with or may acquire or merge with in the future. Examples of these
        liabilities include employee benefits contribution obligations, estimated costs to complete
        contracts, non-compliance with applicable environmental requirements or infringement of
        third party intellectual property rights by prior owners for which we, as a successor
        owner, may be responsible. Such risks may include changes in estimated costs to complete
        programs and estimated future revenues. In addition, there may be additional costs relating
        to acquisitions including, but not limited to, possible purchase price adjustments.
        Moreover, if the value of the acquired company were to decrease after the acquisition, or
        after follow-on investments in that company, we could face impairment issues. We try to
        minimize these risks by conducting due diligence as we deem appropriate under the
        circumstances. However, there is no assurance that we have identified, or in the case of
        future acquisitions, will identify, all existing or potential risks. Also, although
        generally we require the sellers of acquired businesses or assets to indemnify us against
        undisclosed liabilities, we cannot assure you that the indemnification will be enforceable,
        collectible or sufficient to fully offset the possible liabilities. Such liabilities could
        have a material adverse effect on our business, financial condition, results of operations
        or prospects. In addition, there may be situations in which our management determines,
        based on market conditions or other applicable considerations, to pursue an acquisition
        with limited due diligence or without performing due diligence at all.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">10</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <font size="2"><b><font size="2">Risks Related to Our Israeli
        Operations</font></b></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="left"><i><b><font size="2">Conditions
        in Israel may affect our operations</font></b></i><b><font size="2">.</font></b>
        <font size="2">Political, economic and military conditions in Israel directly affect our
        operations. Since the establishment of the State of Israel, a number of armed conflicts
        have taken place between Israel and its Arab neighbors. A state of hostility, varying in
        degree and intensity has led to security and economic problems for Israel. Since 2000,
        there have been ongoing hostilities between Israel and the Palestinians, which have
        adversely affected the peace process and at times has negatively influenced Israel&rsquo;s
        economy as well as its relationship with several other countries. In 2006, Israel
        experienced a war with Hezbollah militants in Lebanon. Hamas, an Islamist movement
        responsible for many attacks, including missile strikes, against Israelis, won the majority
        of the seats in the Parliament of the Palestinian Authority in 2006 and took control of the
        entire Gaza Strip by force in June 2007. These developments have further strained relations
        between Israel and the Palestinians. There is no assurance that the current political
        situation with Israel&rsquo;s neighbors will improve or, if it did, that the political and
        economic situation in Israel would improve as a result. These political, economic and
        military conditions in Israel could have a material adverse effect on our business,
        financial condition, results of operations and future growth.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <i><b><font size="2">Political relations could limit our ability to sell or buy
        internationally.</font></b></i> <font size="2">We could be adversely affected by the
        interruption or reduction of trade between Israel and its trading partners. Some countries,
        companies and organizations continue to participate in a boycott of Israeli firms and
        others doing business with Israel or with Israeli companies. Foreign government defense
        export policies towards Israel could also make it more difficult for us to obtain the
        export authorizations necessary for our activities. Also, over the past several years there
        have been calls in Europe and elsewhere to reduce trade with Israel. There can be no
        assurance that restrictive laws, policies or practices directed towards Israel or Israeli
        businesses will not have an adverse impact on our business.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><i><b><font size="2">Many
        of our officers and employees are obligated to perform military reserve duty in
        Israel</font></b></i><b><font size="2">.</font></b> <font size="2">Generally, Israeli adult
        male citizens and permanent residents are obligated to perform annual military reserve duty
        up to a specified age. They also may be called to active duty at any time under emergency
        circumstances, which could have a disruptive impact on our workforce.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <i><b><font size="2">Israel&rsquo;s economy may become unstable.</font></b></i>
        <font size="2">Over the years, Israel&rsquo;s economy has been subject to a number of
        factors that have affected its stability. These include periods of inflation, low foreign
        exchange reserves, fluctuations in world commodity prices, military conflicts and civil
        unrest. For these and other reasons, the Government of Israel has intervened in different
        sectors of the economy. Such intervention has included employing fiscal and monetary
        policies, import duties, foreign currency restrictions, controls of wages, prices and
        foreign currency exchange rates and regulations regarding the lending limits of Israeli
        banks to companies considered to be in an affiliated group. The Israeli Government has
        periodically changed its policies in all of these areas. Reoccurrence of previous
        destabilizing factors could make it more difficult for us to operate our business as we
        have in the past and could adversely affect our business.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <i><b><font size="2">Changes in the U.S. dollar - NIS exchange rate.</font></b></i>
        <font size="2">The exchange rate between the NIS and the U.S. dollar has fluctuated in
        recent years. For example, at the end of 2005, 2006 and 2007, the NIS/U.S. dollar exchange
        rate was 4.603, 4.225 and 3.846, respectively. This represented a strengthening of the NIS
        vis-&agrave;-vis the U.S. dollar of approximately 8.2% in 2006 and approximately 9.0% in
        2007. During the first four months of 2008, the NIS strengthened by approximately 10.8%
        against the U.S. dollar, and the NIS/U.S. dollar exchange rate as of April 30, 2008 was
        3.429. While most of our sales and expenses are denominated in dollars, a significant
        portion of our expenses is paid in NIS, and most of our sales to customers in Israel are in
        NIS. Our primary expenses paid in NIS that are not linked to the dollar are employee
        expenses in Israel and lease payments on some of our Israeli facilities. As a result, if we
        do not hedge our position, a change in the value of the NIS compared to the dollar, which
        over the past year has undergone numerous fluctuations, could affect our research and
        development expenses, manufacturing labor costs and general and administrative expenses.
        See below &ndash; Item 5. Operating Financial Review and Prospects &ndash;
        Management&rsquo;s Discussion and Analysis - Impact of Inflation and Exchange Rates &ndash;
        Inflation and Devaluation.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">11</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <i><b><font size="2">Reduction in Israeli Government spending or changes in priorities for
        defense products may adversely affect our earnings.</font></b></i> <font size="2">The
        Israeli Government may reduce its expenditures for defense items or change its defense
        priorities in the coming years. There is no assurance that our programs will not be
        affected in the future if there is a reduction in Israeli Government defense spending for
        our programs or a change in priorities to products other than ours.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <i><b><font size="2">Israeli Government programs and tax benefits may be terminated or
        reduced in the future.</font></b></i> <font size="2">Elbit Systems and some of our Israeli
        subsidiaries participate in programs of the Israeli Chief Scientist&rsquo;s Office (OCS)
        and the Israel Investment Center, for which we receive tax and other benefits as well as
        funding for the development of technologies and products. The benefits available under
        these programs depend on meeting specified conditions. If we fail to comply with these
        conditions, we may be required to pay additional taxes and penalties, make refunds and be
        denied future benefits. From time to time, the Government of Israel has discussed reducing
        or eliminating the benefits available under these programs. See below - Item 4. Information
        on the Company &ndash; Conditions in Israel &ndash; Chief Scientist (OCS) and Investment
        Center Funding. We cannot assure you that these benefits will be available in the future at
        their current levels or at all.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <i><b><font size="2">Israeli law regulates acquisition of a controlling interest in Israeli
        defense industries.</font></b></i> <font size="2">Israeli legislation regarding the
        domestic defense industry requires Israeli Government approval of an acquisition of a 25%
        or more equity interest (or a smaller percentage that constitutes a &ldquo;controlling
        interest&rdquo;) in companies such as Elbit Systems. This could limit the ability of a
        potential purchaser to acquire a significant interest in our shares. See below &ndash; Item
        4. Information on the Company &ndash; Governmental Regulation &ndash; Approval of Israeli
        Defense Acquisitions.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <i><b><font size="2">Israel has enhanced its export control regulations.</font></b></i>
        <font size="2">Over the last two years the Israeli Government adopted laws and regulations
        regarding enhanced defense export controls and the export of &ldquo;dual use&rdquo; items.
        Should government approvals required under these laws and regulations not be obtained, our
        ability to export our products from Israel could be negatively impacted, including
        revocation of authorizations previously granted, thus causing a reduction in our revenues.
        See below &ndash; Item 4. Information on the Company &ndash; Governmental Regulation -
        Israeli Export Regulations.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><i><b><font size="2">It
        may be difficult to enforce a non-Israeli judgment against us, our officers and
        directors</font></b></i><b><font size="2">.</font></b> <font size="2">We are incorporated
        in Israel. Most of our executive officers and directors are nonresidents of the United
        States, and a substantial portion of our assets and the assets of these persons are located
        outside the United States. Therefore, it may be difficult for an investor, or any other
        person or entity, to enforce against us or any of those persons in an Israeli court a U.S.
        court judgment based on the civil liability provisions of the U.S. federal securities laws.
        It may also be difficult to effect service of process on these persons in the United
        States. Additionally, it may be difficult for an investor, or any other person or entity,
        to enforce civil liabilities under U.S. federal securities laws in original actions filed
        in Israel. See below &ndash; Item 4. Information on the Company &ndash; Conditions in
        Israel &ndash; Enforcement of Judgments.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">12</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><a name="item4"><font size="4">Item 4.</font></a></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="4">Information on the Company</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
        <b><font size="2">Business Overview</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Principal Activities</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <font size="2">We develop, manufacture and integrate advanced, high-performance defense
        electronic and electro-optic systems for customers throughout the world. The Company
        focuses on designing, developing, manufacturing and integrating command, control,
        communication, computer, intelligence, surveillance and reconnaissance (C4ISR) network
        centric systems, including unmanned vehicles, for defense and homeland security
        applications. We also perform upgrade programs for airborne, land and naval defense
        platforms, often as a prime contractor. Moreover, we develop and manufacture avionic and
        aerostructure products for the commercial aviation market. In addition, we provide a range
        of support services.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: justify">
        <font size="2">Our major areas of operations include:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="9%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="6%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top" nowrap width="85%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">military aircraft and helicopter systems and
                        upgrades;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-INDENT: 0.62%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="9%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="6%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top" nowrap width="85%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">helmet mounted systems;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.62%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="9%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="6%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top" nowrap width="85%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">commercial aviation products;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="9%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="6%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top" width="85%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">unmanned air vehicle (UAV) systems;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="9%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="6%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top" nowrap width="85%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">naval systems;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="9%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="6%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top" nowrap width="85%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">land vehicle systems and upgrades;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="9%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="6%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top" width="85%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">command, control, communications, computer and intelligence
                        (C4I) and government information systems;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-INDENT: 0.62%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="9%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="6%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top" nowrap width="85%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">military communications systems and equipment;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.62%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="9%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="6%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top" nowrap width="85%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">electro-optic and countermeasures systems and
                        products;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="9%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="6%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top" nowrap width="85%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">homeland security systems;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="9%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="6%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top" nowrap width="85%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">electronic warfare (EW) and signal intelligence (SIGINT)
                        systems; and</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="9%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="6%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top" nowrap width="85%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">technology spin-offs and other commercial
                        activities.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.38%; TEXT-ALIGN: justify">
        <font size="2">Many of these major activities have a number of common and related elements.
        Therefore, marketing, research and development, manufacturing, performance of programs,
        sales and after sales support often are conducted jointly among these areas of
        activities.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">13</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <font size="2">We tailor and adapt our technologies, integration skills, market knowledge
        and battle-proven systems to each customer&rsquo;s individual requirements in both existing
        and new platforms. By upgrading existing platforms with advanced electronic and
        electro-optic technologies, we provide customers with cost-effective solutions, and our
        customers are able to improve their technological and operational capabilities within
        limited defense budgets.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Principal Market Environment</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <font size="2">The military actions in recent years and ongoing terrorist activities have
        caused a shift in the defense priorities for many of our major customers. More emphasis is
        being placed on C4I systems, as well as intelligence, surveillance and reconnaissance (ISR)
        systems. These include network centric information systems, intelligence gathering, border
        and perimeter security, UAVs, unmanned ground vehicles (UGVs), unmanned surface vessels
        (USVs) remote controlled systems, space and satellite based defense capabilities and
        homeland security applications. There is also a growing demand for cost effective logistic
        support and training services. The market for cost effective avionic products for
        commercial and general aviation aircraft is also expanding.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <font size="2">We believe our existing systems, products and capabilities place us in a
        position to meet emerging customer requirements in many of these areas. We continue to
        perform platform upgrades and believe that some types of upgrade programs and electronic
        and electro-optic systems, particularly those that emphasize C4ISR, will continue to be a
        significant portion of defense budgets in many countries. Our customers are increasingly
        expecting us to provide overall solutions to their comprehensive defense and security
        needs, which we believe is conducive to our growing expertise in providing &ldquo;systems
        of systems.&rdquo;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <font size="2">Moreover, the worldwide defense market has been characterized over the last
        decade by significant consolidation and merger and acquisition activities. Part of our
        growth strategy includes our continued activity in mergers and acquisitions both in Israel
        and internationally. We would view positively implementation of the Government of
        Israel&rsquo;s previously declared policy to privatize portions of government-owned
        industries, and we see the Company as a natural candidate to acquire some of these
        activities.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <font size="2">We operate as a multi-domestic organization in order to meet the needs of
        our customers around the world. The Company&rsquo;s structure enables us to benefit from
        the synergy of our overall capabilities while at the same time focus on local
        requirements.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Company History</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <font size="2">We have many decades of operational experience. Elbit Ltd. was initially
        incorporated in Israel in 1966 as Elbit Computers Ltd. Thirty years later, in 1996, Elbit
        Systems was formed as part of the Elbit Ltd. corporate demerger, which spun-off Elbit
        Ltd.&rsquo;s defense related assets and business to Elbit Systems. From its founding in
        1966 until the demerger, Elbit Ltd. was involved, among other operations, in a wide range
        of defense related airborne, land, naval and C4I programs throughout the world. Elbit
        Systems, which last year celebrated 40 years of Elbit operations, continues these
        activities today as the largest non-government-owned defense company in Israel.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.54%; TEXT-ALIGN: left">
        <font size="2">During the last three years, in addition to smaller acquisitions, we
        acquired a 70% interest in Elisra Electronic Systems Ltd. (Elisra) and a 100% interest in
        Tadiran Communications Ltd. (TadComm). Both Elisra and TadComm have several decades of
        experience in their respective areas. We are in the process of incorporating
        TadComm&rsquo;s operations into our Land and&nbsp;C4I business. In 2000, Elbit Systems
        merged with Elop Electro-Optics Industries, Ltd. (currently known as Elbit Systems
        Electro-Optics Elop Ltd.) (Elop). Following the merger, Elop became a wholly-owned
        subsidiary of Elbit Systems. Elop has more than 70 years of experience in the
        electro-optics area. Several other of our subsidiaries around the world have decades of
        experience in their respective markets.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">14</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <font size="2">As a corporation domiciled and incorporated in Israel, we operate in
        accordance with the provisions of the Israeli Companies Law - 1999.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Trading Symbols and Address</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <font size="2">Elbit Systems&rsquo; shares are traded on the Nasdaq National Market
        (Nasdaq), as part of the Nasdaq Global Select Market, under the symbol &ldquo;ESLT&rdquo;
        and on the Tel-Aviv Stock Exchange (TASE).</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <font size="2">Our main offices are in the Advanced Technology Center, Haifa 31053, Israel,
        and our main telephone number at that address is (972-4) 8315315.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><b><font size="2">Major
        Activities</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.23%; TEXT-ALIGN: left">
        <b><font size="2">Military Aircraft and Helicopter Programs and
        Systems</font></b><i><b><font size="2">.</font></b></i> <font size="2">We supply advanced
        airborne electronic and electro-optic systems and products to leading military aircraft
        manufacturers and end users. The systems and products are designed to enhance operational
        capabilities and extend life cycles of the aircraft. Such airborne systems and products
        include weapons guidance and fire control systems, mission computers, cockpit management
        systems, display systems, head-up displays, digital maps, night vision systems,
        forward-looking infra-red (FLIR) systems, laser range-finders and designators, airborne C4I
        systems, stabilized line-of-sight payloads, aerial reconnaissance systems, store management
        systems, digital video recording systems, laser seekers for guided munitions, mission
        planning and mission debriefing systems, full mission simulators, tactical simulators and
        virtual training systems. Elbit Systems also is a prime contractor for aircraft and
        helicopter upgrade programs. We act as the upgrade integrator, and supply systems and
        products, for military airborne platforms including:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="11%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">fixed-wing aircraft such as the F-4, F-5, F-15, F-16, F-18,
                        F-35, T-38, T-45, L-39, MiG-21, SU-25, SU-30, C-130, A-4, A-10, B-2, Mirage
                        2000, AL-X, AM-X, IAR-99, Tejas, Jaguar, P3 and AT-63 Pampa; and</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 13.69%; TEXT-INDENT: -6%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="11%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">helicopters such as the CH-47, CH-48, CH-53, Cobra, AH-IZ
                        and AH-IW, Puma, Super Puma, OH-58 Kiowa Warrior, AH-64 Apache, Agusta 129,
                        ARH, H-60 Blackhawk, S-70 Blackhawk, KHP, MI-8, MI-17, MI-24, Linx and
                        EC225, as well as the V-22 Osprey tilt rotorcraft.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Helmet Mounted Systems</font></b><i><font size="2">.</font></i>
        <font size="2">We design and supply advanced helmet mounted systems for fighter aircraft
        and helicopter pilots and land applications. These include tracking and display systems for
        target designation, weapon and sensor slaving and processing and display of tactical
        information for pilots, both for day and night flying. Examples of our fixed-wing helmet
        mounted systems currently in operation include the Display and Sight Helmet (DASH) family,
        Joint Helmet Mounted Cueing System (JHMCS) and Night Vision Cueing Display system (NVCD).
        For helicopters, our operational systems include the Aviator Night Vision Imaging System
        Head-Up Display (ANVIS/HUD&reg;) family, Integrated Helmet Display and Sighting System
        (IHADSS), Jedeye&trade; and the Panoramic Night Vision Goggle (PNVG). Our helmet mounted
        systems are supplied as part of our upgrade programs as well as on a stand-alone
        basis.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">15</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Commercial Aviation Systems</font></b><font size="2">. We design and
        manufacture a range of products and systems for the commercial aviation and general
        aviation markets. Our commercial aviation product line includes the Vision Based
        Cockpit&trade; concept, incorporating our All Weather Window<sup>&reg;</sup>Enhanced Vision
        System (EVS II), our General Aviation &ndash; Vision System (GAViS<sup>TM</sup>) and our
        Advanced Technology Head-Up Display (AT-HUD) and Micro-ViS&trade; head-up display system.
        We also supply cabin pressurization control systems, air data test equipment, air data
        processor/sensor systems and flight instruments for the general aviation market. Our legacy
        products for commercial aircraft include altimeters, pressure meters, cockpit indicators
        and avionics test equipment.</font> <font size="2">Our commercial avionics systems are
        employed on aircraft such as the Gulfstream 150, 200, 300, 350, 400, 450, 500 and 550, the
        Boeing MD-10 and MD-11, the Airbus A300 and A310, the Cessna CJ 1, 2, 3 and 4 Bravo, XLS,
        Citation Mustang, ENCORE, Hawker, Beechcraft 400XP and 800XP and King Air series, and on
        EC-725 helicopters. We also produce avionic suites, including electronic flight
        instrumentation systems and flight management systems for commercial helicopters as well as
        produce aerostructure parts for commercial aircraft.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.38%; TEXT-ALIGN: left">
        <b><font size="2">UAS (UAV Systems).</font></b> <font size="2">We design and supply
        integrated UAV systems and mini-UAV systems for a range of ISR applications. We design and
        manufacture a variety of UAV platforms, including the Hermes&reg; and Skylark&reg; families
        of UAVs. We also design and supply command and control ground station elements that can be
        adapted for various types of UAVs, as well as training systems with capabilities to
        simulate payload performance, malfunctions and ground control station operation.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.38%; TEXT-ALIGN: left">
        <b><font size="2">Naval Systems.</font></b> <font size="2">Our naval systems include naval
        combat management systems, shipboard combat system integration, naval electro-optic
        observation systems, naval tactical trainers, submarine and surface electronic support
        measurement systems, shipboard SIGINT systems, shipboard decoy countermeasure launching
        systems and unmanned surface vessels.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Land Vehicle Programs and
        Systems</font></b><i><font size="2">.</font></i> <font size="2">We upgrade and modernize
        tanks and other combat vehicles both as a prime contractor and as a systems supplier to
        leading platform manufacturers. Our land vehicle solutions cover the entire combat vehicle
        spectrum, from complete modernization, to maintenance depots and life cycle support
        services. Our land vehicle systems include fire control systems, electric gun, turret drive
        and stabilization systems, unmanned turrets, overhead remote control weapon stations,
        battle management systems, FLIRs, gunner&rsquo;s and commander&rsquo;s sights, laser
        range-finders, laser warning systems, TOW night targeting sights, threat detection systems,
        reconnaissance systems, &ldquo;See-Through Armor&rdquo; systems, displays, life support
        systems and hydraulic systems for tanks, combat vehicles and other tactical wheeled
        vehicles. We develop and supply unmanned ground vehicles and robotic devices for a variety
        of land based missions. We also develop and supply deployed vehicle mounted counter remote
        controlled improvised explosive devices electronic warfare systems (CREW). We also supply
        training systems for tanks and fighting vehicles. Land vehicles containing our systems and
        products include the Merkava, M1 Abrams, Centurion, M-60, T-55, T-72, Bradley A-3, Leopard,
        Fennek, PzH 2000, MLRS, HIMARS, MTVR, AMX-30, SK-105, MK-109, ULAN, Pandur, LAV, Patria AMV
        and Piranha III.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">C4I and Government Information Systems</font></b><font size="2">. We
        design, manufacture and integrate C4I systems for ground forces and battlefield management
        and control applications. Our C4I solutions are capable of linking every ground forces
        echelon to real-time mission or critical information. These include artillery command and
        control systems, day-night observation systems, C4I battlefield management systems for
        headquarters and maneuvering forces as well as battle management systems for battalion
        combat teams,</font> <font size="2">tactical communications systems, satellite
        communication systems, wireless communication and radios that provide infrastructure and
        connectivity for network centric architecture solutions, tactical ground reconnaissance
        systems and tactical battle company trainers. This includes our prime contractor role for
        the Israeli Digital Army Program. We also design and manufacture C4I systems and products
        for infantry soldiers, including our prime contractor role for the Israeli Future Infantry
        Soldier Program. We also design and manufacture governmental information technology systems
        and integrated information gathering systems for border control and management systems,
        crime prevention and other governmental applications.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">16</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Military Communications Systems and Products</font></b><font size="2">.
        We supply military communications systems and products for a wide range of customers
        worldwide. Specializing in radio communications, we develop and supply solutions for voice,
        data and video (multimedia) applications in a broad range of frequencies, starting at the
        VLF band though HF, VHF, UHF to the C-band and further on in the mm wave band. The range of
        products and systems facilitate secured and ECCM immuned voice and broadband data
        communications, covering the communication needs of all levels of the military echelons.
        Military communications product lines include short and medium-range VHF radio systems,
        long-range HF radio systems, multi-band VHF-UHF handheld/manpack radios, line-of sight
        multi-channel radio systems, ruggedized computers/communication terminals and personal
        digital assistance devices (RPDAs), integrated communications systems combining wireless
        (radio) and wired (telephony) communications, military wireless broadband systems based on
        WiMAX technology, IP/LAN/WAN networks and situation awareness systems.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.38%; TEXT-ALIGN: left">
        <b><font size="2">Electro-Optic and Countermeasures Systems.</font></b> <font size="2">We
        design and manufacture a full range of electro-optics sensors and systems for space, air,
        land and sea applications. We cover the full spectrum of electro-optics based solutions
        with products ranging from laser and thermal imaging systems to head-up displays, through
        ISR systems &ndash; including payloads for space, airborne, naval and land-based missions -
        to ground integrated sights, electro-optic countermeasures and homeland security solutions.
        The range of electro-optics products includes space cameras and telescopes and specialized
        sensors, airborne reconnaissance and observation systems. Our electro-optics product line
        also includes ground integrated sights and robotic sensors, gated imagery FLIRs for land,
        naval and airborne applications, laser range-finders and laser designators based on flash
        pumped and diode pumped technologies used by infantry soldiers and in manned and unmanned
        airborne vehicles and land and naval platforms. Our electro-optic solutions are used for
        detection, identification and information gathering as well as for land vehicle upgrades.
        Our ISR related business activities &ndash; space cameras, airborne reconnaissance and
        observation &amp; surveillance &ndash; share a broad infrastructure of technologies that
        provide imagery intelligence (IMINT), long-range observation solutions for space, air, sea
        and land based sources. In the space area, we also maintain in-house Israel&rsquo;s
        national space electro-optics infrastructure and provide the cameras for the Israeli Ofek
        satellites. In addition, we supply dedicated satellite payloads for space research and
        advanced multi-spectral and high resolution pan-chromatic cameras for commercial
        satellites.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.23%; TEXT-ALIGN: left">
        <b><font size="2">Homeland Security Systems</font></b><font size="2">. We design,
        manufacture and integrate a wide range of comprehensive homeland security systems and
        products covering diverse scenarios and applications. These include integrated land,
        maritime and coastal control and surveillance systems, airport and seaport security
        systems, border control systems, access and border registration control systems,
        transportation security, C4I homeland security applications, facility perimeter security
        products, electronic fences, electro-optic surveillance systems and tactical mini-UAVs for
        defense, police, airport, border patrol, coast guard, critical infrastructure protection
        and other homeland security uses.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">17</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">EW and SIGINT Systems.</font></b> <font size="2">Through our 70%-owned
        subsidiary Elisra, we supply a range of self-protection suites and systems for airborne
        platforms including advanced EW and electronic countermeasure systems, communications
        jammer solutions, missile warning systems, laser warning systems and radar warning
        receivers. Elisra also furnishes SIGINT - electronic intelligence (ELINT), communications
        intelligence (COMINT) and direction finding (DF) - systems designed for air, ground and
        naval platforms and applications.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Technology Spin-Offs and Other Commercial Activities.</font></b>
        <font size="2">We are engaged in spin-offs of our defense technologies to commercial
        applications as well as other commercial activities. Our spin-off and other commercial
        activities to date are in the areas of medical equipment, commercial satellites, satellite
        communications for commercial aircraft, commercial communications systems, commercial
        information technology applications, microwave technology applications, night vision and
        fleet management systems for automobiles and general manufacturing services.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">18</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
        <b><font size="2">Revenues</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <font size="2">The table below shows our consolidated revenues by major areas of operations
        for the years ended December 31, 2005, 2006 and 2007:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="85%" border="0">
                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="62%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="3">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">2005</font></p>
                    </td>

                    <td valign="bottom" width="20">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">2006</font></p>
                    </td>

                    <td valign="bottom" width="29">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="3">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">2007</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="bottom" width="62%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(U.S.dollars
                        in million)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="62%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Airborne Systems:</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">421</font></p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="36">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="40">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">548</font></p>
                    </td>

                    <td valign="bottom" width="29">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="14">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">596</font></p>
                    </td>

                    <td valign="bottom" width="13">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="62%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Land Vehicle Systems:</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">117</font></p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="36">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="40">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">318</font></p>
                    </td>

                    <td valign="bottom" width="29">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="14">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">381</font></p>
                    </td>

                    <td valign="bottom" width="13">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="62%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">C4ISR Systems:</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">218</font></p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="36">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="40">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">313</font></p>
                    </td>

                    <td valign="bottom" width="29">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="14">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">582</font></p>
                    </td>

                    <td valign="bottom" width="13">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="62%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Electro-optic Systems:</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">242</font></p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="36">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="40">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">223</font></p>
                    </td>

                    <td valign="bottom" width="29">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="14">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">271</font></p>
                    </td>

                    <td valign="bottom" width="13">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="62%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Other (mainly non-defense engineering and
                        production):</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">72</font></p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="36">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="40">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">121</font></p>
                    </td>

                    <td valign="bottom" width="29">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="14">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">152</font></p>
                    </td>

                    <td valign="bottom" width="13">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="62%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Total:</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 2.25pt double" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 2.25pt double" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,070</font></p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 2.25pt double" valign="bottom" width="36">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 2.25pt double" valign="bottom" width="40">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,523</font></p>
                    </td>

                    <td valign="bottom" width="29">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 2.25pt double" valign="bottom" width="14">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 2.25pt double" valign="bottom" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,982</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: white 2.25pt solid" valign="bottom" width="13">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td width="401">
                    </td>

                    <td width="17">
                    </td>

                    <td width="8">
                    </td>

                    <td width="55">
                    </td>

                    <td width="14">
                    </td>

                    <td width="20">
                    </td>

                    <td width="36">
                    </td>

                    <td width="40">
                    </td>

                    <td width="29">
                    </td>

                    <td width="14">
                    </td>

                    <td width="59">
                    </td>

                    <td width="13">
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <font size="2">The following table provides our consolidated revenues by geographic region,
        expressed as a percentage of total revenues for the years ended December 31, 2005, 2006 and
        2007:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 12.5pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="91%" border="0">
                <tr>
                    <td width="6%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="53%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <u><font size="2">2005</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <u><font size="2">2006</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <u><font size="2">2007</font></u></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td width="0%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Israel</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">29%</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">27%</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">21%</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">United States</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">37%</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">40%</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">35%</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Europe</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">10%</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">15%</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">25%</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Others</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">24%</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">18%</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">19%</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">19</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><b><font size="2">Systems
        and Products</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <font size="2">The following is a brief description of our main systems and
        products:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: justify">
        <u><i><b><font size="2">Military Aircraft and Helicopter Systems</font></b></i></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Cockpit Management Systems</font></b> <font size="2">- for reduced pilot
        workload while operating complex weapons platforms.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Airborne Computers</font></b> <font size="2">- for mission management
        performance.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Weapon Delivery and Navigation Systems</font></b> <font size="2">- for
        controlling weapon delivery and navigation.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-INDENT: 0.15%; TEXT-ALIGN: left">
        <b><font size="2">Display Systems</font></b> <font size="2">- for processing and displaying
        tactical information, including head-up and multi-functional displays.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-INDENT: 0.15%; TEXT-ALIGN: left">
        <b><font size="2">Airborne C4I Systems -</font></b> <font size="2">for network centric
        airborne, command, control, communication and intelligence and situational
        awareness.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Digital Map Systems and Mass Memory Devices</font></b> <font size="2">-
        for storing digitized mapping information and providing pilots with mapping and other
        tactical information correlated with aircraft position.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Stores Management Systems</font></b> <font size="2">- for operating and
        releasing airborne weapons.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Digital Video Recording Devices</font></b> <font size="2">&ndash; for
        mission and maintenance debriefing.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Weapon Guidance Systems</font></b> <font size="2">&ndash; laser kits for
        guiding precision weapons launched from aircraft.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Cockpit Instrumentation &ndash;</font></b> <font size="2">altimeters,
        pressure meters, cockpit indicators and avionics test</font>
        <font size="2">equipment.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-INDENT: -7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Simulators</font></b> <font size="2">&ndash; for airborne and ground
        training.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-INDENT: -7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Virtual Training Systems</font></b> <font size="2">&ndash; for embedded
        training.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Mission Planning and Debriefing Systems</font></b> <font size="2">&ndash;
        for planning and debriefing of fixed and rotary-wing aircraft missions.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">20</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="37%" border="0">
                <tr>
                    <td valign="top" nowrap width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="288">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><i><b><font size="2">Helmet Mounted Systems</font></b></i></u></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-INDENT: 0.15%; TEXT-ALIGN: left">
        <b><font size="2">Pilot Helmet Mounted Systems</font></b> <font size="2">&ndash; for air
        superiority, target designation, weapon and sensor slaving and information
        display.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Night Vision Systems</font></b> <font size="2">- for improving range and
        clarity of what pilots see while flying at low altitude and with poor flight
        visibility.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Land Helmet Mounted Systems</font></b> <font size="2">&ndash; for use on
        land platforms and individual soldier applications.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Cockpit Mapping Systems</font></b> <font size="2">&ndash; for mapping of
        cockpits to enable accurate line-of-sight alignment in a cockpit.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-INDENT: -7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Fast Characterization Tool (FACT&trade;)</font></b>
        <font size="2">&ndash; characterizing (mapping) electro-magnetic volumes using advanced
        adaptive technologies for line-of-sight alignment in a cockpit or elsewhere.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <u><i><b><font size="2">Commercial Aviation Systems</font></b></i></u>
        <font size="2">&nbsp;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Vision-Based Cockpit<sup>TM</sup> -</font></b> <font size="2">integrated
        cockpit concept utilizing real-time and synthetic vision systems integrated with advanced
        head-up and head-down displays.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Enhanced Vision Systems (EVS)</font></b> <font size="2">&ndash; for
        improving an aircraft&rsquo;s capability to execute precision approaches and safely land in
        fog, rain, snow and other reduced visibility conditions, thereby reducing controlled flight
        into terrain (CFIT) accidents, and providing improved situational awareness during ground
        operations to reduce in runway incursion accidents.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">General Aviation Vision System (GAViS<sup>TM</sup>)</font></b>
        <font size="2">&ndash; low-cost IR based vision system that mounts like an antenna for
        general aviation aircraft to provide increased situational awareness at night and in other
        low visibility conditions.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Advanced Flight Display System</font></b> <font size="2">&ndash; for
        assisting the air crew in flight and mission management, navigation, and communication
        while reducing pilot workload and increasing flight safety in both VFR and IFR flight
        conditions, allowing the display of all primary flight information, navigation data,
        weather radar or digital maps.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Head-Up Displays</font></b> <font size="2">- advanced technology LCD
        head-up displays for air transport, high-end business aircraft and general aviation
        aircraft.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Air Data Computers and Sensors</font></b> <font size="2">&ndash; aircraft
        air data computers, processors, probes and sensor modules.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Digital Air Data Test Sets</font></b> <font size="2">- digital flight
        line and shop repair testers.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Cabin Pressurization Control Systems</font></b> <font size="2">&ndash;
        modern solid-state technology, automatic cabin pressurization control systems designed to
        minimize cost, weight and panel space for advanced glass cockpits of business and commuter
        aircraft.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">21</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Commercial Helicopter Avionics</font></b> <font size="2">&ndash; avionic
        suites, including electronic flight instrumentation systems and flight management systems
        for civil rotorcraft.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Cockpit Instruments</font></b> <font size="2">&ndash; altimeters,
        pressure meters and cockpit indicators.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-INDENT: 0.15%; TEXT-ALIGN: left">
        <b><font size="2">Aerostructure Products</font></b> <font size="2">&ndash; composite and
        metal structural components and shipsets for commercial aircraft.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.54%; TEXT-ALIGN: left">
        <u><i><b><font size="2">UAV Systems</font></b></i></u> <font size="2">&nbsp;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">UAV Systems</font></b> <font size="2">&ndash; comprehensive systems,
        including the air vehicle, payloads, data link, ground control system and ground support
        equipment.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Hermes&reg; 1500</font></b> <font size="2">&ndash; medium altitude long
        endurance (MALE) UAV system designed for corps and command-level support missions and for
        maritime patrol.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Hermes&reg;900</font></b> <font size="2">&ndash; tactical MALE UAV system
        designed for various missions with combined payloads.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Hermes&reg; 450</font></b> <font size="2">&ndash; tactical long endurance
        UAV system designed for division-level support missions, with recent modifications and
        variants providing extended capabilities.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Hermes&reg; 180</font></b> <font size="2">&ndash; tactical short-range
        UAV system designed for brigade-level support missions.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Skylark&reg; I</font></b> <font size="2">&ndash; electrically propelled
        man-packed close-range UAV systems for company - battalion-level support
        missions.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Skylark&reg; II &ndash;</font></b> <font size="2">electrically propelled
        and highly covert short-range UAV system providing Intelligence, Surveillance, Target
        Acquisition and Reconnaissance (ISTAR) capabilities to company &ndash; brigade-level
        tactical echelons.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Ground Control Stations</font></b> <font size="2">&ndash; designed with
        an open architecture concept that is adaptable to various types of UAVs.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Training Systems</font></b> <font size="2">- for simulation of full UAV
        operation, payload data and malfunctions.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">22</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <u><i><b><font size="2">Naval Systems</font></b></i></u> <font size="2">&nbsp;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Naval Combat Management Systems (CMS)</font></b> <font size="2">&ndash;
        command and control, data links, sensors and effector control systems for naval ships
        including integrated tactical information and operation of weapon systems.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Naval Combat Systems Integration</font></b> <font size="2">&ndash;
        integration of weapons and sensors for naval platforms.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Stabilized Electro-Optical Payloads</font></b> <font size="2">&ndash; for
        naval observation and electro-optical stabilized line-of-sight fire control
        systems.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Computerized Naval Simulators</font></b> <font size="2">&ndash; for
        tactical training of naval officers at shore-based locations.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Submarine and Surface EW Systems</font></b> <font size="2">- electronic
        support measurements (ESM) for threat identification and electro-magnetic
        analysis.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Shipboard SIGINT Systems</font></b> <font size="2">&ndash; for a range of
        sea-based electronic intelligence applications.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Shipboard Communication Systems</font></b> <font size="2">&ndash; for a
        range of seaborne communication applications.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Shipboard Decoy Countermeasure Launching Systems</font></b>
        <font size="2">- sophisticated countermeasure systems for deployment of chaff and flair
        against missile threats.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Unmanned Surface Vehicles</font></b> <font size="2">- unmanned naval
        systems for various maritime applications that adapt the capabilities and applications of
        UAVs.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <u><i><b><font size="2">Land Vehicle Systems</font></b></i></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Fire Control Systems</font></b> <font size="2">&ndash; for target
        identification, acquisition and engagement, incorporating thermal imaging, laser
        range-finders, day-TV, digital ballistic computers and sensors using day and night vision
        systems and displays.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Electric Gun and Turret Drive Systems</font></b> <font size="2">- for
        controlling electrically driven turrets and guns, using advanced brushless technology and
        digital/software based servo systems.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Battle Management Systems</font></b> <font size="2">- for data processing
        and situational awareness of land vehicle crews and commanders.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Unmanned Turrets (UT) 25/30 mm and Overhead Remote Controlled Weapon
        Stations (ORCWS) 7.62 mm and 12.7 mm &ndash;</font></b> <font size="2">for transforming
        armored vehicles into armored fighting vehicles by providing the crew with the combat
        capabilities of a turreted vehicle.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Color Flat Panel Displays &ndash;</font></b> <font size="2">for
        presentation of maps and command and control data, as well as video generated by thermal
        imaging systems.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">23</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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        <p style="PAGE-BREAK-BEFORE: always"></p>
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">See-Through-Armor system (STA)</font></b> <font size="2">&ndash; a 360%
        panoramic observation system designed to provide the vehicle crew with an omni-directional
        combat scene around their vehicle when the platforms hatches are closed.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Mass Storage Devices</font></b> <font size="2">&ndash; for storage of
        maps and battle command information using solid state memory devices based on commercial
        off-the-shelf and PCMCIA technology.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Commander Panoramic Sights -</font></b> <font size="2">for 360&deg;
        independent panoramic target location and identification and gun-turret direction, using
        day and night vision systems.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Laser Warning Systems</font></b> <b><font size="2">and Threat Detection
        Systems</font></b> <font size="2">&ndash; for identifying and pinpointing the angular
        direction of laser sources generated by laser range-finders and laser guided and laser
        beamrider missiles.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Dominator&trade;</font></b> <font size="2">- enables full situational
        awareness from the infantry battalion level down to the individual soldier, including a
        personal digital unit, tactical communications unit, eye piece, weapon-mounted fire control
        system, helmet, CORAL-CR, power-pack and communications system.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Ground Electronic Countermeasures (GECM) Systems -</font></b>
        <font size="2">for protection of ground vehicles and convoys from Improvised Explosive
        Devices (IEDs) and other threats.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Unmanned Ground Vehicles (UGVs)</font></b> <font size="2">&ndash;
        dedicated autonomous vehicles, equipped with sensory perception and artificial intelligence
        capabilities for various land based applications.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Mini-Unmanned Ground Vehicles (Mini-UGVs)</font></b>
        <font size="2">&ndash; mini-UGV devices used by land forces for tactical
        missions.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Simulator and Training Systems</font></b> <font size="2">- for tank and
        fighting vehicle training, based on optical and computerized image generation
        technology.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Hydraulic Systems</font></b> <font size="2">&ndash; for vehicle fueling,
        braking, suspension and power pack operation.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Life Support Systems</font></b> <font size="2">&ndash; for environmental,
        climate and nuclear, bacterial and chemical (NBC) protection and control.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">24</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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        <p style="PAGE-BREAK-BEFORE: always"></p>
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <u><i><b><font size="2">C4I and Government Information Systems</font></b></i></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%" align="left">
        <b><font size="2">Digital Army &ldquo;System of Systems&rdquo; -</font></b>
        <font size="2">advanced combat concepts geared to increase operational effectiveness and
        connectivity throughout all land force echelons, in all combat situations, under a unified
        operational concept, providing computerized systems down to the single soldier level to
        facilitate transmission of integrated, real-time situation pictures to and from all
        battlefield and command echelons.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Combat NG Artillery Fire Control and C4I Systems</font></b>
        <font size="2">- for C4I applications among field artillery units deployed from the
        platform to brigade levels, managing all aspects of artillery operations and fire control,
        including for theater missile defense applications.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Battlefield Management Systems &ndash;</font></b>
        <font size="2">comprehensive solutions comprising advanced electro-optical sensors,
        multi-functional displays, command and control software, information and dissemination
        systems and advanced mission computers, for enabling coordination between fighting
        vehicles, that provide situational awareness to peace-keeping operations and maneuvering
        forces, including combat vehicles, engineering corps and logistic support
        personnel.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Headquarters and Force Maneuvering Management Systems</font></b>
        <font size="2">&ndash; integrated command and control systems for maneuvering forces,
        providing updated situational awareness, command dissemination and decision support
        tools.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Tactical Ground Reconnaissance Systems -</font></b> <font size="2">for
        border control and ground reconnaissance operations.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Digital Soldier Systems</font></b> <font size="2">&ndash; for future
        digital soldiers, equipping individual soldiers with computers, helmets, communication
        systems and weapon systems.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">TORC2H&reg;</font></b> <font size="2">&ndash; integrated operational
        command control headquarters system that closes the sensor to shooter loop and facilitates
        data collection and border patrol operations.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">MapCore</font></b> <font size="2">&ndash; software design kit providing
        mapping capabilities for application programmers, capable of manipulating 2D maps, 2.5D
        maps (2D maps with elevation) and 3D maps (terrain visualization) in the
        application&rsquo;s user window and serving as an infrastructure for developing moving
        maps, mission planning and debriefing, C4ISR and simulator systems.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Enhanced Tactical Computers (ETC)</font></b> <font size="2">&ndash;
        tactical computers comprised of modular military terminals designed to withstand military
        environments and operate for military field use.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">PCMCIA &ndash;</font></b> <font size="2">communication controller modem
        installed in an ETC, providing high level connectivity.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Tactical Battle Company Trainers</font></b> <font size="2">&ndash; for
        training commanders and staff from company-level to battalion battle company and
        brigade-level operations.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">TIGER&trade;</font></b> <font size="2">&ndash;</font>
        <b><font size="2">Tactical Internet Geographic Dissemination in Real-Time System</font></b>
        <font size="2">- providing real-time quality decision making information to various levels
        of combined forces.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">25</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Information Technology Systems -</font></b> <font size="2">for crime
        prevention, information management, border control and other governmental
        applications.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Integrative Component-based Exploitation (ICE) System</font></b>
        <font size="2">- integrative component based exploitation system designed to provide an
        end-to-end solution for the entire operational cycle of satellite and airborne digital
        imagery.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Anti-Money Laundering Systems &ndash;</font></b>
        <font size="2">information technology systems for law enforcement anti-money laundering and
        combating of terrorist financing activities.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <u><i><b><font size="2">Military Communications Systems</font></b></i></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Tactical Radio Systems</font></b> <font size="2">&ndash; comprehensive
        HF, VHF and UHF radio communications solutions for maneuvering tactical forces and
        headquarters, featuring secured and anti-jamming voice and data communications capabilities
        to enable efficient and effective command and control at all echelon levels.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Multi-Channel Radio (MCR) Systems -</font></b>
        <font size="2">ECCM-capable, anti-jamming MCRs, especially suited for dense military
        communications conditions, providing broadband, yet frequency-spectrum efficient
        communications between headquarters.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Advanced Power Amplifiers</font></b> <font size="2">&ndash; RF power
        amplifiers for ground mobile, shipborne, airborne and fixed-station applications, covering
        a wide range of frequencies and power levels and featuring advanced linearization
        techniques, high capacity data handling capabilities, low power consumption and high
        spectral efficiency.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Tactical Computers and Communication Terminals</font></b>
        <font size="2">&ndash; advanced and small rugged handheld/mobile computers providing the
        combat echelons in the battlefield with digital messaging and navigation capabilities in
        support of C4I applications and Ruggedized Personal Digital Assistants (RPDAs), with
        functionalities similar to those of civilian PDA products, providing digital mapping,
        navigation, route planning, situational awareness, tactical information sharing, mission
        planning and other digital battlefield applications under combat conditions.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Integrated Radio Communication System (IRCS)</font></b>
        <font size="2">&ndash; combines a diverse range of communications networks including
        regular telephony, wireless communications and advanced technology-based networks such as
        IP and fiber optics into one integrated network.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Power HF Communication System</font></b> <font size="2">&ndash; a
        turn-key, advanced high-power HF radio communication system with optimized resource
        management and allocation facilities and automatic backup for strategic fault-free,
        long-range operational needs.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Bro@dNet Communication System</font></b> <font size="2">&ndash; for
        point-to-multi-point, high-capacity broadband, IP-based data, video and voice
        communications based on wireless broadband WiMAX technology.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">AW@RENET Communication System</font></b> <font size="2">&ndash; a
        tactical situation awareness command, control and communication system that enables the
        commanders and soldiers in the field to access and share real-time tactical information via
        tactical radio networks by means of end-to-end IP tactical internet
        connectivity.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">26</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Mobile Net Communication System</font></b> <font size="2">&ndash; compact
        and scalable, &ldquo;out-of-the-box&rdquo; secured cellular mobile network solution for
        fast-deployment applications.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-INDENT: 0.15%; TEXT-ALIGN: left">
        <b><font size="2">Tactical Data Communication Systems</font></b> <font size="2">&ndash; for
        network centric information exchange for ground applications, using data radios, modems,
        protocols, message handling systems, voice over IP and tactical internet.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">MAXESS&trade; Military Wireless LAN &ndash;</font></b>
        <font size="2">immune wireless systems for wideband data transmission, with high
        survivability in dynamic and noisy military environments.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Barkanit</font></b> <font size="2">&ndash; communication solution for
        maneuvering divisions&rsquo; headhunters.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.54%; TEXT-ALIGN: left">
        <u><i><b><font size="2">Electro-Optic and Countermeasures
        Systems</font></b></i></u><font size="2">&nbsp;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">FLIR Systems -</font></b> <font size="2">for thermal imaging observation
        without need for natural or artificial light for air, land and sea platforms, including
        hand-carried portable solutions.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-INDENT: -7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Laser Range-Finders and Designators -</font></b> <font size="2">for range
        finding and designation of targets for air, land and naval platforms based on solid state
        flash lamp and diode pumped technologies, including eye-safe systems.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-INDENT: -7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Laser Radars</font></b> <font size="2">&ndash; for helicopter obstacle
        detection and avoidance during flight.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-INDENT: -7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Payloads -</font></b> <font size="2">for observation, target acquisition,
        target engagement training and fire control using stabilized line-of-sight systems,
        incorporating laser range-finders or designators and thermal and TV cameras.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-INDENT: -7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Countermeasures Systems</font></b> <font size="2">&ndash; for ground,
        shipborne and airborne applications.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-INDENT: -7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Aerial Reconnaissance Systems -</font></b> <font size="2">for long-range
        and day/night IMINT information collection from high, medium and low altitude in
        penetrating and stand-off missions using digital photography, transmission, processing and
        display systems.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-INDENT: -7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Long-Range Day &amp; Night Surveillance Systems</font></b>
        <font size="2">- for improving day and night vision, including computerized information
        processing.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Space Cameras</font></b> <b><font size="2">and Telescopes</font></b>
        <font size="2">&ndash; advanced panchromatic and multi-spectral cameras for high
        resolution, remote sensing satellites for commercial and military space IMINT, supplying
        high resolution ground images and for scientific space research.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <u><i><b><font size="2">Homeland Security Systems</font></b></i></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Long and Short-Range Observation Systems</font></b>
        <font size="2">&ndash; various integrated day/night/laser designated surveillance solutions
        covering 1 &ndash; 15 kilometer observation and detection ranges for security
        applications.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">27</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
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        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Electronic Fences</font></b> <font size="2">&ndash; high and dual
        technology (tot-wire and vibration cable) electronic fences for border and airport
        applications.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Border and Coastal Surveillance Systems</font></b> <font size="2">&ndash;
        integrated, C4I based systems for maritime, coastal and border guard control, including C4I
        tactical pictures based on radars, electro-optical observation systems, tactical UAVs and
        surveillance vehicles.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Surveillance Vehicles</font></b> <font size="2">&ndash; integrated mobile
        solutions for radar electro-optical surveillance operation in border, perimeter and coastal
        applications.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Airport Security Systems</font></b> <font size="2">&ndash; integrated
        security control for airports providing civil aviation authorities means to control airport
        perimeters, access to/from the indoor areas, closed-circuit TV and electro-optical
        surveillance over perimeter and runways as well as security control centers.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Access and Border Control Registration Systems</font></b>
        <font size="2">&ndash; integrated IT/biometric solutions for national border gates
        passengers and vehicle integrated screening for access, including automatic point of entry
        applications.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Tactical Mini-UAVs</font></b> <font size="2">&ndash; for border and
        critical site surveillance and threat assessment activities.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <u><i><b><font size="2">EW and SIGINT Systems</font></b></i></u>
        <font size="2">&nbsp;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">EW Suites &ndash;</font></b> <font size="2">advanced self protection
        integrated capabilities for various types of combat aircraft, naval and ground platforms,
        covering multi-spectral bands (RF, Laser and IR).</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">SIGINT Systems</font></b> <font size="2">&ndash; full electromagnetic
        spectrum, SIGINT (ELINT, COMINT and DF) systems for tactical and strategic intelligence
        gathering for airborne, ground and naval applications.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Electronic Counter Measures (ECM)</font></b> <font size="2">&ndash; wide
        range of systems for self protection and electronic attack for airborne, naval and ground
        platforms including SPJ (Self Protection Jammer), EJ (Escort Jammer) and COMJAM
        (Communication Jammer).</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Counter Improvised Explosive Devices (CIED)</font></b>
        <font size="2">&ndash; a range of electronic jammer anti-bomb products, including cellular
        selective jammer and protection systems from IEDs.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Data Links and Video Dissemination Systems</font></b>
        <font size="2">&ndash; smart data link solutions for unmanned platforms, guided weapons and
        satellites and video dissemination for airborne, ground and naval applications.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Microwave and Microelectronic Solutions</font></b> <font size="2">&ndash;
        wide range of products including components, super components and microelectronics for EW,
        radar and communication systems.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Spectrum Management &amp; Control Systems</font></b>
        <font size="2">&ndash; for security and commercial government requirements.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-ALIGN: left">
        <b><font size="2">Search and Rescue Systems</font></b> <font size="2">&ndash; advanced
        solutions for pilots and rescue teams for the combat arena as well as personal search and
        rescue systems for non-combat situations.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">28</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
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        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.54%; TEXT-INDENT: -7.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        <font face="Times New Roman, Times, serif"><font size="2"><b>Organizational Structure</b>
        <i><b>-</b></i> <b>Principal Subsidiaries</b></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: justify">
        <font size="2">Our beneficial ownership interest in our major subsidiaries and investees is
        set forth below. Our equity and voting interests in these entities are the same as our
        beneficial ownership interests.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: justify">
        <img height="756" src="elbitchart1.jpg" width="616"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: justify">
        <i><b><font size="2">Elbit Systems of America</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <font size="2">We conduct most of our business in the United States through Elbit Systems
        of America, LLC (ESA), a Delaware limited liability company, and its wholly-owned
        subsidiaries including: EFW Inc. (EFW), Kollsman, Inc. (Kollsman) and International
        Enterprises, Inc. (IEI). ESA also includes Talla-Com, Tallahassee Communications
        Industries, Inc. (Talla-Com) and Talla-Com&rsquo;s wholly-owned subsidiaries Tallahassee
        Technologies, Inc. (Talla-Tech) and Mobat USA, Inc., all of which came under the control of
        ESA in January 2008. Ownership of Talla-Com will be transferred to ESA upon completion of
        the TadComm merger with Elbit Systems. See below &ndash; &ldquo;TadComm.&rdquo;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <font size="2">ESA was formally established as a legal entity in January 2007, however, we
        have owned some of ESA&rsquo;s subsidiaries since 1992. References below to ESA include
        activities of ESA&rsquo;s subsidiaries in periods prior to 2007. ESA provides products and
        system solutions focusing on U.S. military, commercial aviation, homeland security and
        medical instrumentation customers. We hold our 100% interest in ESA through a Delaware
        holding company, Elbit Systems U.S. Corp. (ESC).</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">29</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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        <p style="PAGE-BREAK-BEFORE: always"></p>
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.54%; TEXT-ALIGN: left">
        <font size="2">In January 2008, ESA reorganized along a number of main business lines
        operating out of four primary operational facilities. The business lines include Airborne
        Solutions, Land Solutions, C4I Solutions, Sensor and Electro-Optics Solutions, Services and
        Support Solutions, Commercial Aviation &ndash; Kollsman and Medical Instruments &ndash; KMC
        Systems. ESA&rsquo;s main operation centers include its operations in Fort Worth, Texas;
        Merrimack, New Hampshire; Tallahassee, Florida and Talladega, Alabama. These are in
        addition to ESA&rsquo;s 50% ownership in Vision Systems International LLC as described
        below.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <b><font size="2">Main Activities</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <font size="2">ESA&rsquo;s main activities in the area of airborne solutions are related to
        the design, production and support of a range of avionics products and systems . Airborne
        platforms supported by ESA include most of the fighter, transport and rotary-wing aircraft
        used by the U.S. Armed Forces. In land solutions ESA&rsquo;s main activities include the
        design, production and support of combat vehicle mission processors and electronic
        subsystems, CREW systems, unmanned turrets and weapon stations and robots. ESA is involved
        with land platforms and programs including the Bradley A3, MLRS, HIMARS, VHP Hunter (CREW
        210) and the MIA1 loader remote weapon station. ESA&rsquo;s C4I solutions main activities
        include military communications, ruggedized computers as well as command and control
        systems and products for DOD and U.S. Department of Homeland Security requirements.
        ESA&rsquo;s sensors and electro-optics main activities and programs include thermal
        binocular systems, long-range thermal imagers, portable laser designator rangers, thermal
        laser spot imagers, common laser designator range-finders, fire control systems and the
        Night Targeting System upgrade program.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <font size="2">ESA&rsquo;s airborne, land, C4I and sensors and electro-optics
        solutions&rsquo; principal customers include the U.S. Army, U.S. Marine Corps (USMC), U.S.
        Navy (USN), U.S. Air Force (USAF), U.S. Coast Guard and various U.S. defense contractors,
        including Lockheed Martin, Boeing, BAE, Bell Helicopter, Sikorsky Aircraft and Oto
        Melara.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <font size="2">ESA&rsquo;s services and support main activities include the repair,
        maintenance and logistics support for a wide variety of military electronic systems and
        components manufactured by&nbsp;numerous original equipment manufacturers (OEMs) installed
        on aircraft, helicopters and ground support equipment for the U.S. military and other
        customers worldwide.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        <font size="2">ESA&rsquo;s commercial aviation main products include the Vision Based
        Cockpit&trade; concept, incorporating our All Weather Window<sup>&reg;</sup>Enhanced Vision
        System (EVS II), General Aviation &ndash; Vision System (GAViS<sup>TM</sup>), Advanced
        Technology Head-Up Display and Micro-ViS&trade; head-up display system. Commercial aviation
        products also include cabin pressurization control systems, air data test equipment, air
        data processor/sensor systems and flight instruments for the general aviation market.
        Legacy products for commercial aircraft include altimeters, pressure meters, cockpit
        indicators and avionics test equipment. ESA&rsquo;s commercial aviation systems and
        products are installed on aircraft including the Gulfstream 150, 200, 300, 350, 400, 450,
        500 and 550, the Boeing MD-10 and MD-11, the Airbus A300 and A310, the Cessna CJ 1, 2, 3
        and 4 Bravo, XLS, Citation Mustang, ENCORE, Hawker, Beechcraft 400XP and 800XP and King Air
        series. Major customers include Gulfstream. FedEx, Cessna, Sikorsky, Qubic, NAVICP, Diamond
        Aircraft, Grob Aerospace, Hawker Beechcraft and Jetcraft.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">30</font></p>
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        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart--><!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">ESA&rsquo;s medical instruments activities are conducted by KMC Systems,
        Inc. (KMC), a subsidiary of Kollsman. Principal customers include Gen-Probe, Qiagen, Becton
        Dickenson, Biokit and GE Healthcare.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">FMF</font></b><font size="2">. ESA also acts as a contractor for U.S.
        Foreign Military Funding (FMF) and Foreign Military Sales (FMS) programs. See below
        &ldquo;Governmental Regulations &ndash; Foreign Military Funding.&rdquo;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Engineering and Manufacturing</font></b><font size="2">. Each of
        ESA&rsquo;s four major operational facilities has extensive engineering and manufacturing
        capabilities. ESA&rsquo;s facilities in Alabama, Georgia and Texas have significant
        maintenance and repair capabilities. See below &ldquo;Manufacturing&rdquo; and
        &ldquo;Customer Satisfaction and Quality Assurance.&rdquo;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">SSA</font></b><font size="2">. ESA, Elbit Systems, ESC and the DOD are
        parties to a Special Security Agreement (SSA). The SSA provides controls and procedures to
        protect classified information and export controlled data received by the ESA companies in
        performing U.S. Government contracts. The SSA allows the ESA companies to participate in
        classified U.S. Government programs even though, due to their ownership by Elbit Systems,
        the ESA companies are considered under the control of a non-U.S. interest. Under the SSA, a
        Government Security Committee of ESA&rsquo;s board of directors was permanently established
        to supervise and monitor compliance with ESA&rsquo;s export control and national security
        requirements. The SSA also requires ESA&rsquo;s board of directors to include outside
        directors who have no other affiliation with the Company. ESA&rsquo;s board of directors
        also contains officers of ESA and up to two inside directors, who have other affiliations
        with the Company. The SSA requires outside directors and officers of the ESA companies who
        are directors, and certain other senior officers, to be U.S. resident citizens and eligible
        for DOD personal security clearances.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="14%" border="0">
                <tr>
                    <td valign="top" nowrap width="52%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="47%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <i><b><font size="2">VSI</font></b></i></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Vision Systems International LLC (VSI) is a California limited liability
        investee company based in San Jose, California. EFW and Rockwell Collins Inc. (Rockwell
        Collins) each own 50% of VSI. Founded in 1996, VSI acts on a world-wide basis on behalf of
        Rockwell Collins and Elbit Systems/ESA in the area of helmet mounted display systems for
        fixed-wing military and paramilitary aircraft. VSI performs marketing, project management,
        contract administration and systems engineering. Elbit Systems, ESA and Rockwell Collins
        each have provided VSI with licenses to use their helmet mounted display technologies. In
        general, VSI subcontracts product development and production to its owners on an
        approximately equal basis. Each owner has equal representation in VSI&rsquo;s
        management.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">31</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">VSI is the prime contractor to Boeing and Lockheed Martin for the design and
        manufacture of the Joint Helmet Mounted Cueing System (JHMCS) for the USAF, USN and U.S.
        Air National Guard (ANG) F-15, F-16 and F/A-18 aircraft. VSI also has contracts to supply
        helmet mounted display systems for fighter aircraft to the Israel Air Force (IAF) and
        numerous other international customers. VSI has developed a dual-seater version of the
        JHMCS and is in full scale JHMCS production for F/A-18.</font> <font size="2">In addition,
        VSI is under contract to Lockheed Martin to develop the helmet mounted display system for
        the U.S. F-35 Joint Strike Fighter (JSF). See below &ldquo;Current Business Operations
        &ndash; Helmet Mounted Systems.&rdquo;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="15%" border="0">
                <tr>
                    <td valign="top" nowrap width="49%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="50%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <i><b><font size="2">Elop</font></b></i></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <font size="2">Based in Rehovot, Israel, our wholly-owned subsidiary Elop operates in the
        area of electro-optic systems and products mainly for defense, space and homeland security
        applications. With significant design, engineering and manufacturing capabilities, Elop has
        a broad customer base, both in Israel and internationally.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Elop designs, engineers, manufactures and supports a wide range of advanced
        electro-optic air, space, land and naval systems and products described elsewhere in this
        Annual Report on Form 20-F. These include IMINT solutions, such as airborne reconnaissance
        systems and spaceborne and reconnaissance systems, observation and surveillance stabilized
        payloads, laser systems, head-up displays, thermal imaging systems, integrated sights and
        robotic sensors for ground applications and electro-optical homeland security and defense
        security systems. See below &ldquo;Current Business Operations &ndash; Military Aircraft
        and Helicopter Systems &ndash; F-16 Programs - Aircraft Head-Up Displays - Aircraft
        Electro-Optic Systems - Aerial Reconnaissance Systems and - Electro-Optics Products for
        Helicopters; Commercial Aviation Systems - Commercial HUDs; UAS &ndash; Watchkeeper; Naval
        Systems &ndash; Electro-Optic Systems; Land Vehicle Systems - Merkava and - Thermal Imaging
        Systems; Electro-Optical and Countermeasures Systems; and Homeland Security
        Systems.&rdquo;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">In 2007, Elop received the prestigious Israel Defense Prize for development
        of an innovative system for ground forces developed in cooperation with the IDF Ground
        Forces Command and the Directorate of Defense R&amp;D of the IMOD. This was the fourth such
        prize awarded to Elop in the last 11 years.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">TadComm</font></b></i><b><font size="2">.</font></b>
        <font size="2">Tadiran Communications Ltd. (TadComm) is a wholly-owned Israeli subsidiary,
        with headquarters in Netanya, Israel. TadComm is engaged in the worldwide market for
        military communications systems and equipment and also active in the civilian
        communications market. See below &ldquo;Current Business Operations - Military
        Communications Systems.&rdquo; TadComm has wholly-owned subsidiaries in the U.S. and
        Germany. In November 2007, Elbit Systems&rsquo; Board of Directors approved a plan to merge
        TadComm into Elbit Systems and for TadComm&rsquo;s Israeli operations to be combined with
        Elbit Systems Land and C4I operations under a wholly-owned Israeli subsidiary, Elbit
        Systems Land and C4I &ndash; Tadiran Ltd., which was established in November 2007. Under
        the merger, ownership of the TadComm&rsquo;s U.S. subsidiaries will be transferred to ESA.
        The merger plan is subject to completion of certain approvals which are currently in the
        process of being finalized.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="17%" border="0">
                <tr>
                    <td valign="top" nowrap width="45%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="55%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <i><b><font size="2">Elisra</font></b></i></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.21%; TEXT-ALIGN: left">
        <font size="2">Elisra is an Israeli company located in Bnei Brak, Israel, held 70% by Elbit
        Systems with the balance being owned by Elta Systems Ltd., a subsidiary of Israel Aerospace
        Industries Ltd. (IAI). Elisra has two principal wholly-owned Israeli subsidiaries &ndash;
        Tadiran Electronic Systems Ltd. (Tadiran Systems) and Tadiran Spectralink Ltd. (Tadiran
        Spectralink), each located in Holon, Israel.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">32</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.21%; TEXT-ALIGN: left">
        <font size="2">Elisra and its subsidiaries provide a wide range of EW, SIGINT and C4ISR
        technological solutions. Elisra and its subsidiary&rsquo;s products are designed for
        airborne, naval and ground platforms and applications. Their main business areas include EW
        suites, airborne warning systems, SIGINT (including ELINT and COMINT) systems, electronic
        counter measures (including ECM and COMJAM), C4I systems for theater missile defense and
        artillery (through Tadiran Systems), spectrum management &amp; control systems (through
        Tadiran Systems), smart datalink solutions for UAVs, guided munitions and satellites, video
        dissemination systems for naval, ground and combat aircraft applications (through Tadiran
        Spectralink), search and rescue systems (through Tadiran Spectralink), counter IED
        solutions (through Elisra and Tadiran Systems) and a range of microwave and microelectronic
        products. See below &ldquo;Current Business Operations - Naval Systems &ndash; EW Systems
        and - Communications Systems; and EW and SIGINT Systems.&rdquo;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <font size="2">Elisra was a recipient of the prestigious Israeli Defense Prize in 2007 for
        development of a system based on advanced technological components together with teams from
        the IMOD R&amp;D Directorate and the Israeli Air Force (IAF).</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Cyclone</font></b></i><b><font size="2">.</font></b>
        <font size="2">Cyclone Aviation Products Ltd. (Cyclone) is a wholly-owned Israeli
        subsidiary of Elbit Systems. Located near Karmiel, Israel, Cyclone designs and produces
        composite and metal aerostructure</font> <font size="2">parts for civil and military
        aircraft. Cyclone also performs maintenance, integration of systems and upgrades for
        aircraft and helicopters. In 2005, Cyclone acquired the assets of Israel Military
        Industries Ltd. (IMI) Aircraft Systems Division, which was involved in manufacturing
        weapons pylons and external fuel tanks for fighter aircraft. Both directly and through its
        affiliated company Snunit Aviation Services Ltd., Cyclone works with Elbit Systems in
        supplying flight training services for IAF fixed-wing aircraft and helicopters.
        Cyclone&rsquo;s customers include the IMOD, the USAF, Boeing, Lockheed Martin, Spirit
        AeroSystems, Vought Aircraft, Bell Helicopters, Sikorsky Aircraft, IAI, Aircelle &ndash;
        Safran Group and other aircraft manufacturers and end users around the world. See below
        &ldquo;Current Business Operations &ndash; Military Aircraft and Helicopter Systems &ndash;
        Logistics Support Services and &ndash; Commercial Aviation Systems &ndash; Maintenance and
        Repairs and - Aerostructure Parts.&rdquo;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">ELSEC</font></b></i><font size="2">. Elbit Security Systems Ltd.
        (ELSEC) (formerly Ortek Ltd.) is a wholly-owned Israeli subsidiary of Elbit Systems.
        Located in Sderot, Israel, ELSEC operates mainly in the fields of homeland security, EO
        surveillance systems, E-fences, border and coastal integrated security systems, aviation
        security systems, airport security systems and strategic perimeter sites security. ELSEC is
        participating in the coastal and border security programs in Israel and a range of other
        countries. See below &ldquo;Current Business Operations - Homeland Security
        Systems.&rdquo;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">33</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.21%; TEXT-ALIGN: left">
        <i><b><font size="2">Ferranti</font></b></i><b><font size="2">.</font></b>
        <font size="2">Ferranti Technologies (Group) Limited (Ferranti), a wholly-owned U.K.
        subsidiary, was acquired by Elbit Systems in July 2007. Located in Oldham, U.K,
        Ferranti&rsquo;s principal activities include engineering, manufacturing and logistic
        support to aerospace and defense industries in the U.K. and internationally.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <i><b><font size="2">European Subsidiary</font></b></i><b><font size="2">.</font></b>
        <font size="2">The European Subsidiary is a wholly-owned Belgium subsidiary located in
        Oudenaarde, Belgium. It develops, manufactures and supports electro-optical products,
        mainly for the defense and space markets.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Elbit Systeme</font></b></i><b><font size="2">.</font></b>
        <font size="2">Elbit Systems S.A. (Elbit Systeme) is a wholly-owned Romanian subsidiary
        located in Bucharest, Romania. It serves as the base for our various defense and commercial
        operations and holdings in Romania.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Telefunken RACOMS</font></b></i><b><font size="2">.</font></b>
        <font size="2">Telefunken Radio Communications Systems GmbH (Telefunken RACOMS) is a
        wholly-owned German subsidiary located in Ulm, Germany. Telefunken RACOMS is active in both
        military and civilian communications projects in Germany and internationally.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">AEL</font></b></i><b><font size="2">.</font></b>
        <font size="2">Aeroeletronica Ltda. (AEL) is a wholly-owned Brazilian subsidiary. AEL,
        located in Porto Alegre, Brazil, performs engineering, manufacturing and logistic support
        activities for defense and commercial applications.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.21%; TEXT-ALIGN: left">
        <i><b><font size="2">U-TacS</font></b></i><b><font size="2">.</font></b> <font size="2">UAV
        Tactical Systems Ltd. (U-TacS) is a British subsidiary located in Leicester, U.K., held 51%
        by Elbit Systems (through a wholly-owned U.K. holding company &ndash; Elbit Systems UK
        Limited), with the balance being owned by Thales UK Limited, a subsidiary of Thales S.A.
        (France). U-TacS&rsquo; main business is to perform a major part of the Watchkeeper Program
        and other related programs</font><i><font size="2">.</font></i> <font size="2">See below
        &ldquo;Current Business Operations &ndash; UAS &ndash; Watchkeeper
        Program.&rdquo;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.21%; TEXT-ALIGN: left">
        <i><b><font size="2">Kinetics</font></b></i><b><font size="2">.</font></b>
        <font size="2">Kinetics Ltd. (Kinetics), based in Airport City, Israel, is owned 51% by
        Elbit Systems. The balance is owned by founding employees and private investors in Israel
        and the United States. Kinetics develops technologies, systems and products in the field of
        advanced life support and environmental controls, such as climate control systems and
        nuclear, biological and chemical protection systems for combat vehicles. Also, Kinetics
        develops and manufactures other products for land vehicles, such as hydraulic, fuel,
        braking and suspension systems, an auxiliary power unit for land vehicle power pack systems
        and hydraulic systems for aircraft. Kinetics sells its products to the IDF, the U.S. Army
        and other customers. Kinetics wholly-owns Real-Time Laboratories, LLC. a company based in
        Boca Raton, Florida, engaged in the U.S. market in similar activities to those of Kinetics.
        See below &ldquo;Current Business Operations &ndash; Land Vehicle Systems &ndash;
        Environmental Control and Hydraulic Systems.&rdquo;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">SCD</font></b></i><b><font size="2">.</font></b>
        <font size="2">Semi-Conductor Devices (SCD) is an Israeli investee partnership equally
        owned by Elbit Systems and Rafael Armaments Development Authority Ltd. (Rafael). Located in
        Leshem, Israel, SCD develops and manufactures infrared detectors for thermal imaging
        equipment and laser diodes used in defense and commercial applications. See below
        &ldquo;Current Business Operations &ndash; Electro-Optical and Countermeasures
        Systems.&rdquo;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Opgal</font></b></i><b><font size="2">.</font></b>
        <font size="2">Opgal - Optronics Industries Ltd.
        (Opgal</font><i><font size="2">)</font></i> <font size="2">is an Israeli investee company
        owned 50.1% by Elbit Systems and 49.9% by Rafael. Located in Karmiel, Israel, Opgal focuses
        mainly on commercial applications of thermal imaging and electro-optic technologies. Its
        developments include an enhanced vision sensor designed to assist in landing aircraft under
        limited visibility and harsh weather conditions. Opgal also designs thermal imaging cameras
        and FLIR systems for applications such as surveillance, industrial, medical and fire
        fighting. It also produces OEM FLIR cameras for defense applications. See below
        &ldquo;Current Business Operations &ndash; Commercial Aviation Systems; and Electro-Optical
        and Countermeasures Systems.&rdquo;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">34</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Others</font></b></i><font size="2">. We have several other smaller
        subsidiaries and investee companies in Israel and other countries.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><b><font size="2">Recent
        Acquisitions and Divestitures</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">During the past year we continued to expand our capabilities through
        acquisitions and made a divestiture.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <i><b><font size="2">TadComm</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%" align="left">
        <font size="2">In November 2007, our Board of Directors approved a plan to merge TadComm
        into Elbit Systems. Pursuant to the merger plan, TadComm will be merged into Elbit Systems
        and will cease to exist as an independent legal entity. Moreover, upon completion of the
        merger, our subsidiary, Elbit Systems Land and C4I &ndash; Tadiran Ltd., will assume
        TadComm&rsquo;s Israeli operations as well as those of Elbit Systems&rsquo; Land and C4I
        Division, all in accordance with the merger plan. Also, pursuant to the merger plan,
        TadComm&rsquo;s U.S. subsidiaries will become owned by ESA. The merger plan is subject to
        its conditions precedent and is pending final approval of the Israeli Companies
        Registrar.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%" align="left">
        <font size="2">In April 2007, we completed a tender offer for the balance of
        TadComm&rsquo;s shares, increasing our ownership from 42% to 100%. Under the tender offer
        we paid a price of approximately $52.32 per share, resulting in total consideration paid by
        us under the tender offer, and for the balance of the shares remaining following the tender
        offer, of approximately $382 million. Such consideration was paid in cash. As a result of
        the tender offer TadComm ceased to be a publicly traded company. TadComm purchased the
        balance of the outstanding stock options for the same consideration per share as paid by us
        under the tender offer.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <i><b><font size="2">AeroAstro</font></b></i><b><font size="2">.</font></b>
        <font size="2">In October 2007, we sold our approximately 8% interest in AeroAstro Inc.
        (AeroAstro) to Raydne Corporation for approximately $1.4 million. AeroAstro is a U.S.
        company engaged in micro and nano spacecraft applications for satellite systems and
        components.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <i><b><font size="2">Ferranti</font></b></i><b><font size="2">.</font></b>
        <font size="2">In July 2007, we acquired the entire share capital of the U.K. company
        Ferranti Technologies (Group) Limited (Ferranti) for approximately $31 million. Ferranti,
        based in Oldham, U.K., is an established supplier of engineering, manufacturing and product
        support solutions to the aerospace and defense markets. It designs and manufactures
        electronic, power and control solutions with emphasis on reliable operation in harsh
        climatic and electromagnetic environments. Ferranti&rsquo;s customer logistic support
        services cover repair, overhaul, modification, integrated logistic support and post-design
        services. Ferranti provides enhanced access and support to our customers in the U.K. and
        Europe.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><b><font size="2">Current
        Business Operations</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><font size="2">The contract amount for programs described below is provided only where
        the amount is considered to be material to the Company. The areas of operation described
        below often operate in an interrelated manner.</font></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">35</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="59%" border="0">
                <tr>
                    <td valign="top" nowrap width="77">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="504">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Military Aircraft and Helicopter Systems</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Nature of Our Airborne Systems and Upgrades</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Fighter, trainers and transport aircraft and helicopters require advanced
        electronic and electro-optic systems to perform their complex missions accurately, reliably
        and efficiently. Our airborne systems are used in upgrading and modernizing fighter
        aircraft and helicopters, extending the useful life of a fleet and provide a cost-effective
        alternative to replacing existing equipment. Our systems are also installed as original
        equipment in new aircraft.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Our airborne systems and products include, head-up displays, mission
        computers, digital maps, displays, display processors, weapon control systems, airborne C4I
        systems, FLIRs, laser products, EW systems, cockpit instruments, recording systems payloads
        and aerial reconnaissance systems. We also supply helmet mounted display and tracking
        systems as described below. By reducing the pilot&rsquo;s workload, these systems are
        designed to provide greater safety, accuracy, reliability and efficiency in performing
        missions. We also supply a comprehensive line of aircraft simulator and training
        systems.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Aircraft and helicopter upgrade programs are a part of our business
        strategy. We have implemented this strategy over the past several years in major upgrade
        programs for existing aircraft and helicopters.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.21%; TEXT-ALIGN: left">
        <font size="2">As further described below, our business activities for military aircraft
        and helicopter systems include: aircraft avionics systems, aircraft upgrade programs,
        numerous programs for F-16 aircraft, head-up displays and other electro-optic systems for
        aircraft, aerial reconnaissance systems, helicopter upgrade programs, electro-optics
        products for helicopters, precision guidance systems, flight simulators, logistic support
        services, helmet mounted systems for fighter aircraft and helmet mounted systems for
        helicopters.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">36</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="63%" border="0">
                <tr>
                    <td valign="top" nowrap width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="87%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <i><b><font size="2">Aircraft Avionics Systems and Upgrade
                        Programs</font></b></i></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">C-130 J Digital Map.</font></b> <font size="2">In January 2008, ESA was
        awarded a contract by Lockheed Martin for the development of a digital map for the C-130J
        to replace the older production units. This program has production options for deliveries
        through 2011.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">T-38</font></b><font size="2">. In August 2007, Elbit Systems received a
        contract from Turkish Aircraft Industries for supply of avionics equipment for the T-38
        modernization program of the Turkish Air Force. The avionics package includes various
        displays and a comprehensive logistic package. Deliveries are to be completed through
        2012.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">IAR 99</font></b><font size="2">. In 2004, Elbit Systems, in cooperation
        with the Romanian aircraft manufacturer Avioane Craiova, was awarded a contract from the
        Romanian Defense Ministry to supply eight IAR-99 lead-in trainer aircraft. In January 2007,
        the contract was increased to add logistic support elements. The project is being executed
        in cooperation with Romanian industries, and we anticipate completing deliveries during
        2008.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <b><font size="2">F-18 Displays</font></b><font size="2">. In 2004, ESA was awarded a
        contract from Boeing for the design and development of Upfront Control Display and
        Multi-Purpose Color Display units for F/A-18E/F aircraft. Under the terms of the contract,
        ESA is providing form, fit, function and interface replacements of the existing aircraft
        configuration in support of the F/A-18E/F Multi-Year II program, taking place through 2009.
        The contract award provides options for production units of up to 360 aircraft. The first
        of these production options was awarded to ESA in 2004, with additional options awarded in
        2006 and 2007.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <b><font size="2">AL-X Brazi</font></b><font size="2">l. In 2002, Elbit Systems was awarded
        contracts by the Brazilian Government and by a subsidiary of the Brazilian aircraft company
        Embraer &ndash; Empresa Brasileira de Aeronautica S.A. (Embraer) for the production and
        logistic support phases of the AL-X Super Tucano aircraft program for the Brazilian Air
        Force. Under the contracts we supply avionics systems, equipment and logistic support for
        76 AL-X light attack and trainer aircraft being manufactured by Embraer for the Brazilian
        Air Force. This followed our completion of a development contract for the AL-X. We began
        delivering equipment for production aircraft in 2004. In January 2007, the Brazilian
        Government and Embraer exercised options for avionic systems for an additional 23 AL-X
        aircraft. Deliveries are scheduled through 2009. The avionics system for the AL-X includes
        an advanced mission computer, liquid crystal displays, head-up display, navigation system,
        digital video recorder and embedded GPS/INS radio altimeter. In addition, we are supplying
        simulators, planning mission stations and debriefing stations. Maintenance and logistic
        support to the Brazilian Air Force are provided mainly through our Brazilian subsidiary
        AEL. Program funding is provided in part through a financing arrangement between the
        Brazilian Government and commercial banks.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <b><font size="2">Colombia AL-X.</font></b> <font size="2">In 2006, Elbit Systems received
        a contract from Embraer for the supply of avionic systems for 25 AL-X Super Tucano aircraft
        to be supplied by Embraer to the Colombian Air Force. Deliveries are scheduled to occur
        through 2009.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <b><font size="2">F-5 Brazil</font></b><font size="2">. In 2001, Elbit Systems began work
        under contracts for the Brazilian F-5 Aircraft Modernization Program. The program calls for
        the upgrade of 46 F-5 aircraft for the Brazilian Air Force. Our contracts for the program
        are with Embraer and the Brazilian Government, with a total value of approximately $230
        million to be performed over an eight-year period. The contract with Embraer provides for
        an avionics upgrade, which includes an EW suite, mission computers, helmet mounted system,
        radar, displays and other avionics products</font><i><font size="2">.</font></i>
        <font size="2">Delivery of production aircraft began in 2005. In January 2007, Elbit
        Systems was awarded an additional order to integrate further advanced capabilities in the
        F-5 aircraft. The contract with the Brazilian Government covers a logistic support program
        including establishment of an in-country maintenance center based at AEL. Program funding
        is provided through a financing arrangement between the Brazilian Government and commercial
        banks. We obtained an insurance policy from the Israeli Foreign Trade Risk Insurance
        Company covering up to 90% of our financial exposure under the program, subject to the
        policy&rsquo;s terms.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">37</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <b><font size="2">Pampa</font></b><font size="2">. In 2001, Elbit Systems signed a contract
        with Lockheed Martin Aircraft Argentina S.A. for the avionics upgrade of 24 AT-63 Pampa
        aircraft for the Argentinean Air Force. We completed production deliveries during 2007, and
        in the first quarter of 2008 we received additional orders for spare parts.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="26%" border="0">
                <tr>
                    <td valign="top" nowrap width="77">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="179">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <i><b><font size="2">F-16 Programs</font></b></i></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">For more than two decades, we have supplied numerous customers with systems
        and electronic components for F-16 aircraft. We have supplied systems for the IAF&rsquo;s
        entire F-16 fleet. In addition, we have received a number of contracts from the U.S.
        Government, Lockheed Martin, the prime contractor of the F-16, and others, to supply
        electronic and electro-optic systems for F-16 aircraft used by the USAF and other air
        forces.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">In recent years, Elbit Systems, ESA, Elop and Cyclone have received a number
        of orders to supply additional systems and equipment, as well as to repair equipment, for
        F-16 aircraft of the IAF and other Lockheed Martin customers. We are supplying a wide range
        of items to Lockheed Martin for the new IAF F-16 aircraft (F-16I). These items include
        mission computers, helmet mounted systems, head-up displays, display systems, stores
        management systems, structural assemblies and other equipment.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">In recent years, ESA was awarded F-16 related contracts to develop and
        supply the commercial central interface unit, color multi-function display systems and a
        digital video recorder. ESA also is supplying advanced air to ground, air to air and
        emergency jettison remote interface units to Lockheed Martin for an F-16 customer and
        supplies commercial data entry electronic units (CDEEU) for the F-16. In 2004, ESA was
        awarded a contract by the USAF to provide more than 2,000 CDEEUs for F-16 Block 40-50
        aircraft and upgrade of pre-Block 40 F-16 aircraft. The contract is being performed over a
        four-year period. Also, in 2005, ESA was awarded a five-year multiple products, multiple
        quantity repair and maintenance contract from the USAF for various F-16 avionics
        components. In 2006, ESA was awarded a five-year contract by the USAF to provide depot
        level repair support for the Wide Angle Conventional HUD.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">In April 2008, Lockheed Martin selected Elop to supply new generation
        head-up displays for new F-16 aircraft. Elop has been supplying the head-up display for the
        F-16I since 2001. Elop also supplies aerial reconnaissance systems for the F-16 for oblique
        photography.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Since its 2005 acquisition of the assets of IMI&rsquo;s Aviation Systems
        Division, Cyclone manufacturers pylons for F-16 aircraft. Also, for a number of years
        Cyclone has manufactured the leading edge flap for U.S. Air Force F-16 aircraft. In January
        2007, Cyclone was awarded a contract by Lockheed Martin to supply structural components for
        F-16 aircraft ordered by the Hellenic (Greek) Air Force, including leading edge flaps
        horizontal stabilizers, ventral fins, rudders and center line pylons. Deliveries are
        scheduled through 2008.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">As of December 31, 2007, our overall F-16 related systems and components
        backlog, which extends through 2010, totaled approximately $115 million.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">38</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <i><b><font size="2">Fighter Aircraft Structural Components and Fuel Tanks.</font></b></i>
        <font size="2">In December 2007, Cyclone was awarded an initial contract from the USN to
        supply 300-gallon fuel tanks to be installed on F-18 aircraft. Deliveries are schedule to
        take place through 2013. In 2006, Cyclone was awarded a contract by Boeing for structural
        components for Boeing&rsquo;s F-15 aircraft, including external fuel tanks, pylons,
        horizontal stabilizers and gun access doors. Deliveries are scheduled to be completed in
        2009.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Aircraft Head-Up Displays</font></b></i><b><font size="2">.</font></b>
        <font size="2">Elop supplies its head-up displays for fixed-wing fighter and trainer
        aircraft such as the F-4, F-5, F-16, T-38C, MiG-21, Mig-27, SU-30, A-4, AL-X. AM-X, AT-63
        Pampa, IAR-99, Jaguar, KO-1, L-39 and Mirage.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.21%; TEXT-ALIGN: left">
        <i><b><font size="2">Aircraft Electro-Optic
        Systems</font></b></i><b><font size="2">.</font></b> <font size="2">Elop supplies laser
        range-finders for a range of airborne platforms. Elop also has supplied laser designators
        for other airborne applications such as the laser designator for the U.S. Apache and the
        French Tiger helicopters, the USN&rsquo;s Nite Hawk pod and for pods of other
        customers.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.21%; TEXT-ALIGN: left">
        <i><b><font size="2">Aerial Reconnaissance
        Systems</font></b></i><b><font size="2">.</font></b> <font size="2">Elop supplies airborne
        reconnaissance systems for a range of fighter aircraft including the F-16. In 2005, Elop
        was awarded a contract by the Republic of Korea Air Force (ROKAF) to supply real-time EO/IR
        long-range oblique images systems for ROKAF F-16 aircraft. The contract is to be performed
        over a three-year period. A program to supply airborne systems for the Turkish Air Force
        ceased in 2006, subject to mutually acceptable provisions, and Elop was invited to compete
        on a similar program with updated requirements.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <i><b><font size="2">HALBIT Joint Venture</font></b></i><font size="2">. In May 2007, Elbit
        Systems, Hindustan Aeronautics Ltd. (HAL) and MerlinHawk Associates Private Limited
        established HALBIT Avionics Private Limited (HALBIT) as an Indian joint venture company.
        HALBIT, in which we hold a 26% interest, was established to jointly market, design and
        integrate avionics and simulator products in the Indian market and other agreed
        markets.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">39</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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        <p style="PAGE-BREAK-BEFORE: always"></p>
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Helicopter Upgrade Programs</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">OH-58D Displays.</font></b> <font size="2">In January 2008, ESA was
        awarded a contract by the U.S. Army to replace the current displays&nbsp;with a new 5X7
        display for the OH-58D helicopter. This order is for the production of up to 650 displays
        with deliveries through 2010.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Korean Helicopter Upgrades.</font></b> <font size="2">In 2006, Elbit
        Systems was awarded a contract by Korean Aerospace Industries Ltd. to provide technical
        assistance for a Korean helicopter upgrade program, to be performed through 2011. Also, in
        2006, Elbit Systems was awarded a contract by the Korean Ministry of National Defense to
        perform portions of a large scale project for helicopters upgrades. The contract is being
        performed over a three-year period.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Romanian Helicopter Upgrade Programs</font></b><font size="2">. In 2005,
        Elbit System won two contracts to upgrade helicopters to NATO standards for the Romanian
        Air Force and Navy. The contracts, which are being performed in cooperation with the
        Romanian aircraft manufacturer IAR S.A. Brasov, are being performed over a three-year
        period.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">IAF Mission Management System</font></b><font size="2">. In 2005, Elbit
        Systems was awarded a contract to provide the IAF with a command and control mission
        management system for helicopter platforms. This advanced system provides combat forces
        with a real-time updated situational picture, which enables them to share mission critical
        data based on data communications. The system allows all mission participants to benefit
        from an accurate tactical picture for enhanced situational awareness, as well as effective
        synchronized operation on the battlefield. The system enables support coordination,
        identification of friendly forces and prevention of inadvertent
        gunfire</font><i><font size="2">.</font></i> <font size="2">Follow-on orders were received
        for additional capabilities with deliveries extending through 2009.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Apache Mission Computer</font></b><font size="2">. In 2004, ESA was
        selected by Boeing to design a new mission computer for the Apache AH-64 helicopter. The
        contract was completed in 2006. In March 2007, ESA received a follow-on master development
        and production contract for integration of the mission processor on the Apache Block 3
        program, with development deliveries to be completed in 2008.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Turkish S-70 Blackhawk</font></b><font size="2">. In 2003, Elbit Systems
        received a contract from Turkish Aerospace Industries for the modernization of the Turkish
        Armed Forces Command Sikorsky S-70 Blackhawk helicopters. We act as the avionics systems
        integrator and are developing and supplying &ldquo;glass cockpit&rdquo; avionics and
        advanced mission equipment. The program is being performed in two stages, development and
        production, over a six-year period</font><i><font size="2">.</font></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <b><font size="2">V-22 Digital Map and Display Systems</font></b><font size="2">. We supply
        both digital maps and multi-function display systems for the U.S. Armed Forces&rsquo; V-22
        Osprey tilt rotor aircraft (V-22). Our digital map provides pilots with real-time high
        resolution digital topographical images and other information pilots need to perform their
        missions. Over the last several years Boeing has awarded ESA V-22 related contracts for the
        development and supply of the digital map system, a contract for the Active Matrix Liquid
        Crystal Multi-function Display Upgrade Program, a series of interface units, redesign of
        the display electronic unit and digital map and production orders for second generation
        digital map and display electronics. In 2005, ESA was awarded a development contract for
        the second generation of the V-22 primary flight display, and in 2006 and 2007 ESA received
        additional production of orders for various V-22 items, including interface units, digital
        maps, displays, display electronics and head-up displays.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">40</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Digital Maps and Displays for Eurocopter</font></b><font size="2">. In
        2003, we received a contract from Eurocopter S.A. (Eurocopter) to develop and supply flight
        displays systems for French search and rescue helicopters. Deliveries under orders received
        to date under this contract are being made through 2009. This followed earlier contracts
        from Eurocopter for display development and supply of digital map systems and
        displays.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Electro-Optic Products for
        Helicopters</font></b></i><b><font size="2">.</font></b> <font size="2">Elop supplies
        several products for heliborne applications. These include laser range-finders and target
        designators including those based on solid state diode pumped laser technology. In 2002,
        Elop was awarded a contract to develop and supply its Laser Obstacle Ranging &amp; Display
        Systems (LORD) for IAF helicopters, which has successfully completed its advanced
        multi-functional flight test series. Performance of the contract is through 2008. In 2005,
        Elop&rsquo;s LORD system received Flight International&rsquo;s Aerospace Industry Award in
        the Avionics and Electronics category. Elop and ESA have completed the development of a
        common laser designator for both the upgrade of the Gun-Ship C-130H aircraft and the TSS
        Hawkeye Cobra AH-Z helicopter. Elop also supplies the laser-spot tracker integrated with
        the fire-control system, as well as display monitors, for the AH-64 Apache helicopter. ESA
        supplies the upgraded FLIR enhanced night targeting system for the USMC&rsquo;s AH-IW Super
        Cobra helicopters. Elop also supplies electro-optic payloads for a variety of
        helicopters</font><i><font size="2">,</font></i> <font size="2">such as the Sea King,
        Cheetah, Mi-17 and Mi-24.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Precision Guidance Systems</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">OPHER and Lizard</font></b><font size="2">. In the area of guided
        munitions, we developed and are supplying our &ldquo;Whizzard&rdquo; family of precision
        guided systems. The Whizzard family includes the &ldquo;OPHER&rdquo; and
        &ldquo;Lizard&rdquo; systems. OPHER is a thermal-imaging, autonomous precision guidance
        system. The Lizard system provides munitions guidance towards laser designated
        targets</font><i><font size="2">.</font></i> <font size="2">We have supplied OPHER systems
        to customers such as the IDF, the Italian Air Force and the Romanian Air Force and are
        currently supplying Lizard systems to the Italian Air Force. In March 2007, Elbit Systems
        was awarded a contract to supply Lizard systems for the IAF that were delivered during
        2007. In October 2007, Elbit Systems was awarded a follow-on order for deliveries during
        2008.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">JDAM</font></b><font size="2">. In 2004, ESA was awarded an order from
        Boeing to modify a Lizard Semi-Active Laser (SAL) seeker to serve as the SAL seeker for
        Boeing&rsquo;s JDAM munitions, adding the capability of laser terminal guidance against
        targets of opportunity and moving targets. The laser JDAM development program has been
        completed with a successful test conducted by the USAF and USN. ESA was awarded a
        production contract by Boeing for laser seekers in May 2007, with deliveries scheduled
        through 2012. During 2008, ESA will be supporting Boeing in a follow-on USN competition for
        the Direct Attack Moving Target Capability weapon.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.21%; TEXT-ALIGN: left">
        <b><font size="2">Viper Strike</font></b><font size="2">. In 2003, under an order received
        by ESA from Northrop Grumman Corporation (NG), our semi-active laser seeker was
        successfully tested with NG&rsquo;s brilliant anti-tank (BAT) munitions &ndash; Viper
        Strike. Orders for additional units were received through 2006. These munitions are used in
        connection with the Hunter UAV, the Predator UAV and the AC-130 gunship. New derivatives of
        this product are being modified for use on other platforms, with ESA is continuing
        deliveries of Viper Strike seekers through 2008</font><i><font size="2">.</font></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Flight Training Services</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <font size="2">We provide a range of aircraft flight training solutions and operation of
        training aircraft on private financing initiative (PFI) and &ldquo;power by the hour&rdquo;
        (PBH) arrangements.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">41</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
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        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <font size="2">In February 2007, Elbit Systems was awarded a contract to establish a
        training center for &ldquo;Tzofit&rdquo; (King Air B200 Beechcraft) for the IAF. The
        training center operates through a PFI program, with Elbit Systems providing the IAF a
        turn-key solution including the establishment of the training center, its operation and the
        supply of simulators, training services and maintenance for a ten-year period. The IMOD
        purchases from Elbit Systems flight training hours for the IAF. The center is established
        on civilian property, and for the first time in Israel such a training center also serves
        civilian pilots, providing them training in accordance with international aviation
        requirements while using local flight simulators and facilities.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">In 2004, Cyclone was awarded a ten-year contract from the IMOD for the
        operation and maintenance of the helicopters of the IAF Flight School. Under the contract,
        which is executed by providing flight hours on a PBH basis, Cyclone provides full
        maintenance services to the IAF Bell 206 and Bell 209 Cobra AH-1A helicopters.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">In 2002, Snunit Aviation Services Ltd., an Israeli company established by
        Elbit Systems and Cyclone, was awarded a contract for the supply and operation of the Grob
        120A light trainer aircraft for the IAF. The contract for operation of the aircraft is for
        ten years and was the first PFI program adopted by the IAF. Under the PFI concept, we
        purchase, own, maintain and operate the aircraft and make them available to the IAF, who is
        charged according to flight hours.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Training and Simulators</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">We provide tactical, virtual and embedded training and simulation programs
        offering across-the-board systems engineering and integration expertise applied to a
        comprehensive line of training and simulation solutions for airborne platforms. These
        solutions range from mission preparation, through execution, to post-mission debriefing and
        analysis. Our total solution concept encompasses ground support systems, including mission
        planning and debriefing for pre-and-post multi-mission rehearsal and review.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.21%; TEXT-ALIGN: left">
        <font size="2">Our training systems include virtual training systems such as the Advanced
        Combat Training System (ACTS) for fixed-wing aircraft and HeliACTS for helicopter crew
        training. We also supply live, virtual and constructive training systems. In addition, we
        offer comprehensive simulator support services such as contractor logistics support (CLS),
        training, manuals and spare parts.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">In 2006, Elbit Systems was awarded a contract by the IMOD to supply the
        avionics simulation system, cockpit and visual system for the IAF&rsquo;s F-16I aircrew
        flight and system trainer. This contract is being performed in cooperation with Lockheed
        Martin and is to be completed over a two-year period. We also supply simulators for
        aircraft such as the F-16A, F-16C/D, Puma, ALX, F-4E, F-5, Mi-8, Mi-24, Sea-King, MiG-21,
        IAR 99 and Mirage 2000.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <font size="2">In addition, we supply trainers for land, naval and UAV
        applications.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <i><b><font size="2">Logistic Support Services</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <font size="2">We provide logistic support services for fixed-wing aircraft and helicopters
        such as repair, maintenance and supply of spare parts to the IAF and other customers, often
        as a part of our upgrade and other programs. Acquisitions in recent years have added to our
        logistic support capabilities for a wide range of aircraft in Israel, the United States,
        Brazil and for other customers.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">42</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Cyclone performs various levels of maintenance services for a number of
        types of military and commercial aircraft and helicopters. Its facilities near Karmiel,
        Israel include hangars and a runway. Cyclone also has a license to use another runway and
        facilities in Israel for aircraft maintenance for the IAF. In May 2007, Cyclone assumed
        responsibility for maintenance activities for the Israeli Police helicopters on a PBH basis
        for a two-year period. The maintenance is done at the Police facilities and is subject to
        the Israeli CAA rules and regulations.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <font size="2">At ESA in Alabama, Georgia and Texas, we repair and maintain electronic
        systems and components for aircraft, helicopters and ground support equipment for U.S. and
        other customers. ESA also assists customers in establishing the appropriate level of
        maintenance and repair close to the user to improve operational readiness. At AEL in Porto
        Alegre, Brazil, we are implementing a logistic support center for our aircraft
        modernization programs for the Brazilian Air Force.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <font size="2">In 2007, our revenues from flight training services, services relating to
        training and simulators and logistic support services were not significant.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <b><font size="2">Helmet Mounted Systems</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Fighter Aircraft Helmet Mounted Systems</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">DASH.</font></b> <font size="2">Our pilot helmet mounted systems are in
        operation with a number of customers throughout the world. Over the last 20 years we have
        been designing and manufacturing Display and Sight Helmet (DASH) systems. DASH allows the
        pilot to target the weapons systems by looking at the target and also displays flight
        information on the helmet&rsquo;s visor. The DASH system has been purchased by the IMOD for
        the IAF&rsquo;s F-15I and F-16I aircraft, as well as by other customers.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">43</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
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        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">JHMCS</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Since 2000, VSI has received several contracts from Boeing and Lockheed
        Martin to supply production quantities of the Joint Helmet Mounted Cueing System (JHMCS)
        and associated development and integration efforts. The JHMCS was developed under contracts
        awarded by Boeing and Lockheed Martin to VSI. It is used in USAF and ANG F-15 and F-16 and
        USN F/A-18 fighter aircraft and has been successfully flown in all three aircraft types.
        The JHMCS provides visual information to the pilot and other crew members, based on the
        position and orientation of the operator&rsquo;s head. The JHMCS provides the pilot with
        &ldquo;first look, first shot&rdquo; high off-boresight weapons engagement capabilities.
        The system enables the pilot to accurately cue onboard weapons and sensors against enemy
        aircraft and ground targets without the need to aggressively turn the aircraft or place the
        target in the head-up display for designation. Critical information and symbology, such as
        targeting cues and aircraft performance parameters, are graphically displayed directly on
        the pilot&rsquo;s visor.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Starting in 2004, VSI has been awarded several contracts by Boeing for Low
        Rate Initial Production and Full Rate Production (FRP) lots for the JHMCS. Contracts were
        awarded in 2006, to meet FRP Lot 3 requirements. These orders fulfill U.S. Government
        domestic requirements for USAF F-15 and F-16, ANG F-15 AND USN F/A-18 Single Seat and Dual
        Seat platforms, as well as FMS production and spare commitments. In October 2007, VSI
        received additional orders to meet FRP Lot 4 requirements. As of April 30, 2008, VSI is
        supplying JHMCS to 22 countries. VSI also received direct contracts from the USN and USAF
        for spares and test equipment in support of the JHMCS. The contracts are to be completed
        through 2009. These orders bring VSI&rsquo;s total JHMCS production quantity to more than
        3,200 systems ordered, with approximately 2,500 systems delivered as of April 30,
        2008.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">ESA&rsquo;s facilities in Talladega serve as the depot repair center for the
        JHMCS electronics unit.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.06%; TEXT-ALIGN: left">
        <b><font size="2">JSF</font></b><font size="2">. In 2003, VSI was awarded a contract by
        Lockheed Martin to develop the helmet mounted system for the U.S. F-35 Joint Strike Fighter
        (JSF) Program. The contract was increased in 2005 to a total of approximately $156 million.
        VSI supported the successful JSF prototype flight test in April 2007, which included the
        helmet mounted display system, and the majority of the development effort is scheduled to
        be completed in 2008, with continuing support activities through 2012. The JSF helmet
        mounted display system is expected to contain the most advanced helmet mounted display ever
        designed and will be used as the aircraft&rsquo;s primary flight and weapon delivery
        system. In October 2007, the JSF helmet was assessed in the RAFCAM Hawk aircraft at
        Boscombe Down in the U.K.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">NVCD</font></b><font size="2">. In 2006, VSI was awarded two contracts by
        the USN and USAF to supply the Night Vision Cueing and Display System (NVCD), which
        includes Panoramic Night Vision Goggles (PNVG) for evaluation and test flight by USN and
        USAF tactical aircraft. The PNVG is based on the &ldquo;Quad Eye&rdquo;&trade; product
        developed by ESA.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">44</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
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        <p style="PAGE-BREAK-BEFORE: always"></p>
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="49%" border="0">
                <tr>
                    <td valign="top" nowrap width="77">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="406">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <i><b><font size="2">Helicopter Helmet Mounted Systems</font></b></i></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <b><font size="2">NVG/HUD</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <font size="2">Our Night Vision Goggles Head-Up Display (NVG/HUD) system allows helicopter
        pilots continuous head-up operation, which greatly improves night-flying safety.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <font size="2">In 2005, ESA was awarded a framework Indefinite Delivery / Indefinite
        Quantity (IDIQ) contract by the DOD to supply ANVIS/HUD&reg; systems for U.S. Army utility
        helicopters and other DOD rotary-wing platforms. Under this contract, the U.S. Army may
        place purchase orders with ESA for ANVIS/HUD&reg; systems from time to time over a
        five-year period for up to the aggregate amount of the contract. Over the past fifteen
        years Elbit Systems and ESA have supplied more than 4,000 NVG/HUD systems for a variety of
        U.S. Army and other U.S. Armed Forces&rsquo; programs.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <font size="2">The NVG/HUD is operational in the IAF, having been integrated into various
        assault and attack helicopters. In recent years, we also received contracts to supply
        NVG/HUD systems for customers and end users in Korea, Australia, Canada, the U.K. and other
        countries. In June 2007, Elbit Systems was awarded two contract for ANVIS HUD&reg; systems
        from two NATO countries. In 2002, ESA was selected to supply NVG/HUDs for the Agusta 129
        helicopter over a five-year period.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <b><font size="2">ARH.</font></b> <font size="2">In 2005, ESA was selected by Bell
        Helicopter to provide the Helmet Display Tracking System (HDTS), also referred as Aviator
        Night Vision Imaging System/Head-Up Display for 24 hours a day (ANVIS/HUD&reg; 24), for the
        U.S. Army&rsquo;s Armed Reconnaissance Helicopter (ARH) program. Under ESA&rsquo;s contract
        with Bell Helicopter, ESA is supplying the HDTS for each ARH aircraft ordered by the U.S.
        Army from Bell Helicopter that contains an HDTS requirement, up to 500 aircraft. The ARH
        Program currently forecasts a production quantity of approximately 500 aircraft over a
        seven-year period. In 2006, ESA was selected to provide two additional systems for ARH,
        including the data transfer system and the rocket interface unit. The Limited User Test for
        the ARH was satisfactorily completed in March 2008.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <b><font size="2">IHADSS</font></b><font size="2">. In 2000, ESA acquired Honeywell&rsquo;s
        display and orientation products business, which mainly included supply of the Integrated
        Helmet Display and Sighting System (IHADSS) for the U.S. Army and other users of Apache
        helicopters and for the Italian-made Agusta 129 helicopter. The ESA Warner Robins Support
        Center provides depot level repair support for all IHADSS customers. In 2002, Boeing
        awarded ESA the IHADSS 21 contract to upgrade the AH-64 Apache IHADSS with new electronics
        to achieve increased image resolution to accommodate longer range thermal imaging systems
        being developed for the AH-64. Transition to full-rate production is ongoing, with Lot I
        scheduled to begin during 2008.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">45</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
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        <p style="PAGE-BREAK-BEFORE: always"></p>
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Commercial Aviation Systems</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Several of the entities in the Company are engaged in the design,
        development and manufacture of a range of systems and products for the commercial and
        general aviation markets. This includes products for business jets, very light jets, search
        and rescue and transport helicopters and other general aviation platforms.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">EVS</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">As part of its Vision-Based Cockpit<sup>TM</sup> concept, ESA designs and
        produces the All Weather Window<sup>&reg;</sup></font> <font size="2">Enhanced Vision
        System (EVS) for commercial aircraft. The EVS utilizes an advanced FLIR system developed
        together with Opgal. EVS projects an image on the pilot&rsquo;s head-up display, providing
        FLIR picture overlaying the outside view in a conformal manner. It is designed to improve
        flight safety and situational awareness and allows the pilot to detect lights and ground
        features such as runways, aircraft and buildings at night and in low visibility conditions.
        Since receiving U.S. Federal Aviation Administration (FAA) certification in 2001 for the
        installation of the EVS on General Dynamics&rsquo; Gulfstream-550 business jet,
        EVS&nbsp;is&nbsp;installed as&nbsp;standard equipment on Gulfstream-400, 450, 500 and 550
        aircraft and is an option on Gulfstream G-150, G-200 and G-350 aircraft. In 2006, ESA was
        awarded additional follow-on orders for EVS by Gulfstream for all Gulfstream large cabin
        aircraft models. EVS II, the second generation Enhanced Vision System, was certified on the
        Gulfstream G-350 through G-550 aircraft in December 2007 and will be phased into production
        during 2008.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.21%; TEXT-ALIGN: left">
        <font size="2">During 2006, ESA&rsquo;s EVS was awarded the New Hampshire High Technology
        Council&rsquo;s Product of the Year Award. In 2003, EVS was selected for installation on
        FedEx Express&rsquo; Boeing MD-10 and MD-11 and Airbus A300 and A310 aircraft fleet.
        Certification was received in March 2008, with installations on aircraft beginning in
        mid-2008. EVS II was also selected by Jetcraft Corp. for the retrofit business jet
        market.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">AALC Program</font></b></i><b><font size="2">.</font></b>
        <font size="2">In 2006, ESA teamed with BAE Systems in support of the Air Force Research
        Laboratory (AFRL) Autonomous Approach and Landing Capability (AALC) program. The AALC
        program is a funded technology demonstration program by AFRL and industry to develop a
        sensor, database and display system that provides Air Force Air Mobility Command aircraft
        crews the ability to land at prepared and semi-prepared airfields in zero ceiling/zero
        runway visual range meteorological conditions. The meteorological conditions can include
        rain, fog, snow, dust, sand and other suspended and blowing particles. ESA is responsible
        for providing an integrated short wave infrared and medium wave infrared sensor for fusion
        with BAE Systems&rsquo; 94 GHz radar image for the head-down display and head-up
        display.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Sandel</font></b></i><font size="2">. In 2006, ESA acquired a 20%
        interest in Sandel, a U.S. company engaged in the development and production of specialized
        integrated display systems and other products, primarily for the general aviation market.
        Sandel&rsquo;s product line includes a terrain avoidance warning system and an electronic
        horizontal situation indicator, among others. ESA intends to integrate some of its recent
        commercial aviation products with Sandel&rsquo;s displays for the general aviation market.
        ESA has an option that expires in the fourth quarter of 2008 to acquire the balance of the
        shares of Sandel</font><i><font size="2">.</font></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">GAViS<sup>TM</sup></font></b></i><b><font size="2">.</font></b>
        <font size="2">The GAViS<sup>TM</sup> is a small, light weight, low cost, infrared based
        vision system for general aviation aircraft. It is a single aerodynamic unit that mounts
        like an antenna on the top or bottom of the aircraft and provides the pilot with increased
        situation awareness with a real-time video image on a head down display at night and in
        some other low visibility conditions. In March 2008, Piaggio America and Jetworks Air
        Center selected GAViS&trade; for the Avanti aircraft, with certification scheduled during
        2008. In 2006, Grob Aerospace of Germany selected the Kollsman GAViS<sup>TM</sup> for the
        Grob SPn light utility business jet. The GAViS&trade; has been certified on a Citation 550
        aircraft and has received product parts manufacture approval. GAViS&trade; is in full
        production.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">46</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
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        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Commercial HUDs</font></b></i><font size="2">. In 2003, ESA entered
        into a contract with Honeywell International Inc. to develop and supply, together with
        Elop, head-up display overhead projection units for the Federal Express (FedEx) fleet. The
        contract calls for deliveries through 2012. In November 2007, a new Advanced Technology
        Head-Up Display was selected by Jetcraft Corp. for the retrofit business jet market and is
        scheduled to be certified during 2009. During 2007, the FedEx head-up display was certified
        on the FedEx aircraft fleet.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Cabin Pressurization Control System</font></b></i><font size="2">. In
        April 2007, ESA&rsquo;s next generation autoschedule cabin pressurization control system,
        KAPS&trade; II, was selected by Diamond Aircraft for its D-Jet program. In March 2007, the
        KAPS&trade; II system was selected by Cessna for its CJ 4 aircraft program. In 2004, the
        KAPS<sup>TM</sup> II system was selected by Cessna for a multi-year contract for the
        Mustang aircraft and was certified in August 2007.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Commercial Avionics Instrumentation
        Products</font></b></i><b><font size="2">.</font></b> <font size="2">ESA designs and
        manufactures a range of altimeters, pressure monitors, other cockpit indicators and
        avionics test equipment for commercial as well as military aircraft. ESA is also supplying
        air data computers and air data pressure probes for commercial aircraft.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: justify">
        <i><b><font size="2">Civil Avionics Systems</font></b></i><font size="2">. In 2006, Elbit
        Systems was awarded a long-term contract to supply civil avionics systems over an
        approximately ten-year period.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Avionics for Commercial Helicopters</font></b></i><font size="2">.
        Elbit Systems develops and supplies digital maps, displays and other avionic products for
        commercial helicopters such as the EC-225 and others.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Maintenance and Repairs</font></b></i><font size="2">. ESA maintains a
        FAA certified repair facility in Wichita, Kansas for commercial avionics repairs. Cyclone
        also performs maintenance for commercial helicopters.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Aerostructure Parts</font></b></i><font size="2">. Cyclone
        manufactures structural parts based on metal and composite technologies for several types
        of commercial aircraft, including the Airbus 340 and Boeing 737, 747, 767 and
        &ldquo;Dreamliner&rdquo; 787 passenger jets. In March 2008, Cyclone was awarded a contract
        by Spirit AeroSystems to supply entrance and cargo doors for commercial aircraft. The
        contract, in an amount of approximately $160 million, calls for deliveries between 2009 and
        2016. In February 2007, Cyclone was awarded a contract by Spirit AeroSystems to supply
        engine blocker doors for commercial jets, with deliveries through 2011.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">UAS (UAV Systems)</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <font size="2">Recent advances in technology and extensive use of UAS in Afghanistan and
        Iraq by Allied Forces have resulted in an increased demand for UAVs for many military
        applications, particularly in the area of ISR. The spectrum of our UAS and related
        technology provides solutions for a broad range of operational requirements. This resulted
        in the rapid growth of our UAS business in recent years (more than tripling our sales since
        2004).</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">47</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Scope of UAS Activities</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">We develop and manufacture several types of UAV platforms for the IDF and
        other customers. These include the Hermes&reg; family of UAVs, including the Hermes&reg;
        1500, Hermes&reg; 900, the Hermes&reg; 450 and the Hermes&reg; 180, as well as the
        Skylark&reg; UAV family of Skylark&reg; I and Skylark&reg; II.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <font size="2">The Hermes&reg; 1500 is a medium altitude long endurance (MALE) UAV for
        maritime patrol and other types of support missions.The Hermes&reg; 900 is a tactical MALE
        UAS designed for various missions with combined payloads. The Hermes&reg; 450 supplies
        real-time intelligence data to ground forces. We have developed a number of recent
        modifications and variants to the Hermes&reg; 450 system. These modifications and variants
        provide extended capabilities. The Hermes&reg; 180 is a tactical short-range UAV designed
        for brigade-level intelligence, surveillance, target acquisition and reconnaissance (ISTAR)
        missions.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">We also are involved in smaller UAVs, such as the Skylark&reg; I and II. The
        Skylark&reg; I is an electrically propelled and highly covert short-range UAS providing
        ISTAR capabilities to company &ndash; brigade-level tactical echelons. Skylark&reg; II,
        which is currently under contract for development, expands the range of ISTAR capabilities
        and endurance of the Skylark&reg; family.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">We also develop and supply ground control stations for the operation of
        UAVs. In addition, we supply to the IDF and other customers the latest generation of
        surveillance UAVs, based on the Hermes&reg; 450. Our U.K. subsidiary, UEL Engines Ltd.,
        produces engines for UAVs. In April 2008, we upgraded our Hermes&reg; 450 UAV to include a
        R902 Wankel rotary technology based engine, providing capability for the UAV to carry
        multiple payloads with extended endurance.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">We also provide training systems for UAV operations. In addition, Tadiran
        Spectralink supplies data links for UAVs.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">48</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">UAS Programs</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Watchkeeper</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">In 2005</font><b><font size="2">,</font></b> <font size="2">U-TacS, Elbit
        Systems&rsquo; 51%-owned UK subsidiary, was awarded an approximately $500 million contract
        as part of the U.K. Ministry of Defence&rsquo;s (UK MOD) Watchkeeper program. U-TacS&rsquo;
        contract was awarded by Thales UK, the prime contractor for the Watchkeeper program, and is
        to be performed over an approximately eight-year period. U-TacS subcontracted with Elbit
        Systems for approximately one-third of the value of U-TacS&rsquo; contract with
        Thales.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">The Watchkeeper program will provide the U.K. Armed Forces with ISTAR
        capability based on our Hermes&reg; 450 UAS and will be a key component of the U.K.&rsquo;s
        Network Enabled Capability (NEC). The program calls for the delivery of equipment, training
        and facilities, with the capability of coming into service starting in 2010.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Under the Watchkeeper program, the U.K. Armed Forces will be provided with
        all weather day and night surveillance in times of war, tension or during peace-keeping
        operations without the need to deploy troops into sensitive areas or harmful situations.
        The Watchkeeper program system can provide continuous 24/7 surveillance when needed, using
        UAVs able to stay airborne for extended periods.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">The Watchkeeper program system consists of the WK450 UAV carrying a
        stabilized payload incorporating day/night sensors and laser target designator connected by
        a data link to a network of containerized ground control stations where operators will
        control the entire mission and interface within a network enabled environment. High
        resolution optical and radar imagery will be exploited and disseminated to provide valuable
        intelligence for operational commanders. The system is capable of rapid deployment and
        operations anywhere in the world. In April 2008, the first flight of the WK 450 was
        successfully conducted.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">In 2005, U-TacS selected Elop as the subcontractor, together with Thales UK
        Land and Joint Systems, to supply Elop&rsquo;s CoMPASS&trade; advanced observation system
        payload for the Watchkeeper program.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <font size="2">As of December 31, 2007, we had a backlog for the Watchkeeper program of
        approximately $436 million, to be performed mainly through 2011.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Lydian</font></b><font size="2">. In June 2007, U-TacS was awarded an
        approximately $110 million contract to perform the U.K. MOD Lydian Program. The program
        provides service-based support to an ISTAR capability in two overseas theatres. The support
        is intended to include the provision of a Hermes&reg; 450 UAS, training of the U.K. MOD
        staff in use and maintenance of the system and the provision of contractor logistic support
        (CLS) and program management services.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <b><font size="2">IUP</font></b><i><font size="2">.</font></i> <font size="2">In 2005, IUP,
        a partnership equally owned by Elbit Systems and IAI, was awarded an approximately $150
        million contract to supply UAS for the Turkish TUAV Program. Under the contract IUP is
        delivering UAS including advanced payloads. IUP is subcontracting 50% of the work under its
        contract to Elbit Systems, which is supplying ground controlstations, data links and
        payloads, to be delivered over a four-year period.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">49</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2"><i><b><font size="2">Skylark</font></b></i><b><font size="2">&reg;</font></b></font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <strong><font face="Times New Roman, Times, serif"><font size="2"><font color="#000000">Skylark&reg;II
        <i>.</i></font></font></font></strong> <font size="2">In April 2008, Skylark&reg;II
        conducted its first flight demonstration for the U.S. Armed Forces. In December 2007, Elbit
        Systems was selected by the Korean Government to supply the Skylark&reg;II UAS. In June
        2007, Skylark&reg;II was selected by the consulting and research organization Frost &amp;
        Sullivan for its &ldquo;Best Innovative Product Award for 2007 in the Aviation Defense
        Category.&rdquo; In 2006, Skylark&reg;II received Popular Science&rsquo;s &ldquo;2006 Best
        of What&rsquo;s New&rdquo; Award in the Aviation and Space category.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Skylark&reg;I.</font></b> <font size="2">In March 2008, we received a
        contract from France&rsquo;s Special Forces to supply Skylark&reg;I mini-UAS. In recent
        years, the Canadian Army, the Netherlands Army, the Swedish Army and several other
        customers placed orders for Skylark&reg;I systems, thus establishing a leading market
        position globally in this class of UAVs. In 2005, Elbit Systems was awarded a contract to
        supply six Skylark&reg;I systems for rapid deployment by the Australian Army. The
        deliveries were made during 2006, and in April 2007 the Australian Army placed orders for
        additional systems. In 2004, the IMOD selected Elbit Systems to supply several
        Skylark&reg;I systems for operational evaluation by the IDF ground forces. The system
        deliveries were completed, and the systems are now in an operational evaluation
        phase.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">IMOD Integrated Program</font></b></i><font size="2">. Elbit Systems
        received contracts from the Israeli Government to act as the prime contractor under a
        program to develop and supply integrated defense electronic systems. We completed the first
        phase of this program in 2002. During 2002 through 2004, we received additional orders for
        deliveries through 2010. In November 2007, we received a new UAV order for the Israeli
        Defense Forces (IDF). The order includes the development, manufacture and supply of new and
        improved UAS, as well as the upgrade of existing UAS, designed to enhance and expand the
        IDF&rsquo;s existing UAV platform. Development and supply is scheduled to take place over a
        four-year period.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <i><b><font size="2">Airborne C4ISR</font></b></i><b><font size="2">.</font></b>
        <font size="2">In 2004, Elbit Systems was awarded a contract in an amount of approximately
        US$300 million by the IMOD to supply advanced systems. The contract is being performed over
        a multi-year period, under which Elbit Systems will supply airborne systems and command and
        control systems. The contract includes integration of various systems, part of whose
        purpose includes providing advanced solutions in the area of homeland security. As of
        December 31, 2007, we had a backlog for the program of approximately $141 million to be
        performed mainly through 2009, with support activities through 2011.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">UAS Subsidiaries</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">UAS related subsidiaries in addition to U-TacS (see above &ndash;
        &ldquo;Principal Subsidiaries - U-TacS&rdquo;), include the following.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Silver Arrow</font></b><font size="2">. Silver Arrow LP (Silver Arrow),
        is an Israeli limited partnership owned by Elbit Systems together with a wholly-owned
        holding company subsidiary of Elbit Systems. It is located in Nes Ziona, Israel and
        develops and manufactures UAVs.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">UEL - UAV Engines Ltd</font></b><font size="2">., a wholly-owned British
        subsidiary of Silver Arrow, manufactures engines for UAVs and other
        applications.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Naval Systems</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Over the past three decades, we have worked with the Israeli Navy to develop
        high capability naval command and control, electro-optic, communications, EW and training
        systems for surface ship and submarine applications. These systems are currently being used
        by the Israeli Navy and several other navies throughout the world. We also develop unmanned
        surface vessels.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">50</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">C4I Systems</font></b></i><b><font size="2">.</font></b>
        <font size="2">For more than ten years, we have been the prime contractor for the C4I
        system for the Israeli Navy SAAR 5 corvette class missile boat. We also developed and
        supply the anti-missile decoy countermeasure launching system for the SAAR 5
        program.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Trainers and Simulators</font></b></i><font size="2">. We develop
        advanced naval training simulators. Our simulators address the need to improve training due
        to the high cost of activating naval forces. Our naval training systems provide realistic
        simulations of combat conditions at sea. They are used in on-shore facilities for training
        in naval tactical command decision procedures, anti-submarine warfare and electronic
        warfare. Our training systems are currently used by the Israeli Navy and several other
        navies. Our naval training and simulator systems include naval tactics and commander
        trainers, naval operational trainers, electronic warfare trainers and anti-submarine
        trainers.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Electro-Optic Systems</font></b></i><font size="2">. Elop supplies
        electro-optic products for naval applications to several customers.</font>
        <font size="2">Elop also supplies electro-optic shipboard payloads to several navy and
        maritime forces for both observation and fire control applications. In 2006, Elop was
        awarded a follow-on contract for the supply of additional CoMPASS&trade; systems to a
        European Navy. Deliveries were completed in 2007.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">EW Systems</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Elbit Systems has developed and supplied several naval electronic
        intelligence systems. The systems are designed to detect and recognize threats under a wide
        range of conditions and to initiate automatic countermeasures to protect ships against
        enemy missiles. Our systems equip the Israeli Navy Dolphin class submarines and are
        installed on board submarines of several navies worldwide. In 2001, Elbit Systems was
        awarded a contract by the German shipyard Howaldtswerke Deutsche Werft (HDW) to supply our
        Timnex II EW system for submarines, and the systems were delivered in 2003. An additional
        system was ordered in 2004, and deliveries were completed during 2007. In April 2007, Elbit
        Systems was awarded an additional contract by HDW for two systems for the new Dolphin class
        submarines ordered by the Israeli Navy. In January 2008, Elbit Systems received orders for
        additional ESM systems to be installed on an overseas customer&rsquo;s frigates.
        Furthermore, in 2006, two additional systems were ordered by an overseas
        customer.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Elisra supplies a range of systems for a variety of shipboard EW, threat
        detection and intelligence applications. Elisra&rsquo;s EW suites equip all Israeli Navy
        ships and are designed to perform threat detection and intelligence applications.
        Elisra&rsquo;s naval systems also initiate automatic coordinated countermeasures to protect
        ships against enemy missiles as well as active anti-missile protection.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Communications Systems</font></b></i><font size="2">. Elisra supplies
        several types of communications systems for naval applications. Also, Elisra&rsquo;s
        subsidiary, Tadiran Spectralink, supplies data links for seaborne applications.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Nirit Navigation System</font></b></i><font size="2">. ESA produced
        the navigation systems for the Israel Navy&rsquo;s Nirit patrol boats.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Unmanned Surface Vehicles</font></b></i><b><font size="2">.</font></b>
        <font size="2">Elbit Systems is developing the Silver Marlin USV for various maritime
        applications. Silver Marlin combines the UAS Division&rsquo;s extensive experience with
        unmanned platforms with the scope of our naval command and control capabilities.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">51</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <b><font size="2">Land Vehicle Systems</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Nature of Our Land Vehicle Systems</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.21%; TEXT-ALIGN: left">
        <font size="2">Our land vehicle systems capabilities combine Elbit Systems&rsquo;
        electronic and electric tank systems experience with Elop&rsquo;s electro-optics expertise.
        The combined land vehicles business offers capabilities ranging from complete tank
        modernization programs with full logistics support, to situational awareness and battle
        management systems, advanced day and night fire control systems incorporating eye-safe
        lasers and advanced FLIRs, electrical turret drive and stabilization systems to life
        support and hydraulic systems.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">The survivability of tanks and other combat vehicles on the modern
        battlefield depends largely on their ability to achieve a first-round hit. This requires
        the gunner to quickly and accurately coordinate many complex tasks with a large number of
        variables. We were one of the first companies to introduce modern electronic technology in
        tank applications using our expertise in developing advanced avionics systems to adapt and
        to develop control systems and electronics for combat vehicles. We replaced manually
        operated fire control systems with an advanced digital tank fire control system, improving
        on-the-move hit probability and reducing the time required for targeting.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">For over twenty years, we have been developing and supplying a family of
        fire control systems for new and upgraded main battle tanks, medium and light tanks and
        light armored vehicles. Our systems integration expertise and extensive experience in
        developing and manufacturing these systems led to an expansion into a new generation of
        tank turret drive systems. We developed an electric gun and turret drive and stabilization
        system that can be integrated with the fire control system to improve turret stabilization
        and accuracy. This, in turn, improves fire-on-the-move performance.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">We develop unmanned turrets and overhead remote controlled weapon stations
        that transform armored vehicles into armored fighting vehicles by providing the crew with
        combat capabilities of a turreted vehicle &ndash; including guns, anti-tank missiles and
        capabilities to perform in harsh battlefield conditions. In addition, we developed the
        &ldquo;See-Through-Armor&rdquo; (STA) system, a cutting edge panoramic observation system
        designed to provide the vehicle crew with an omni-directional combat scene when the
        platform hatches are closed. The STA system provides a 360&deg; view around the vehicle,
        which is critical in urban environments.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Elop is a long time developer and producer of electro-optic systems for
        combat vehicles in Israel and abroad. These systems include eye safe laser range-finders,
        second generation thermal imaging systems, gunners&rsquo; sights with or without
        line-of-sight stabilization, commander panoramic sights, computers and sensors. We supply
        our integrated battle management systems as part of our modern fire control systems sold to
        the IDF and to other customers around the world. We also furnish combat vehicle logistic
        support services to the IDF.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Merkava</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">All of the models of the most advanced IDF battle tank, the Merkava, use our
        fire control and electric gun and turret drive and stabilization systems as original
        equipment. We are both a prime and a subcontractor for the supply of systems to various
        Merkava tank models, and we are the integrator for the Merkava MK electronic and electric
        turret systems. Elbit Systems, Elop and Kinetics are supplying a significant number of
        systems for the IDF&rsquo;s most advanced Merkava tank, the MK-4. These systems include the
        day/night gunner and commander sighting systems, the electronic gun and turret drive
        system, flat panel displays, advanced warning systems against laser guided threats, life
        support systems, a battle management system and laser warning
        systems<i><font size="2">.</font></i></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">52</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">In 2006 and 2007, we were awarded several orders for the development and
        supply of electronic and optical systems and electrical drive systems for the Merkava. In
        January 2007, we were awarded an order to supply additional electronic and electro-optical
        systems for the ongoing production of the Merkava MK-4. We are the prime contractor to the
        IMOD for all Merkava tank fire control systems. We also are supplying the upgrade of the
        firing computer of the IDF&rsquo;s Merkava and M-60 tanks. Kinetics also supplies several
        systems, including the life support system, for Merkava programs. As of December 31, 2007,
        we had a total of approximately $147 million in our backlog relating to Merkava orders, to
        be supplied mainly through 2009, with additional supplies through 2010.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Land Vehicle Modernization Programs</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.21%; TEXT-ALIGN: left">
        <b><font size="2">Turkish M-60 Modernization Program.</font></b> <font size="2">In 2004,
        Elbit Systems was awarded a contract for the Turkish Army M60A1 Tank Modernization program.
        The contract, in the amount of approximately $183 million, was signed with the IMOD, with
        deliveries to be completed over an approximately five-year period. The contract is for the
        supply of electronic and electro-optical fire control systems, electrical gun and turret
        drive systems and support equipment for the program. The Prototype System Approval Tests of
        the tank were successfully completed in 2006. The program is now in the serial production
        phase. Our contract is being performed within the framework of the agreement for the
        program between Israel Military Industries Ltd. and the Turkish Ministry of
        Defense.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Multiple Launch Rocket System (MLRS) and High Mobility Artillery Rocket
        System (HIMARS).</font></b>&nbsp; <font size="2">ESA is a subcontractor to Lockheed Martin
        for the U.S. Army MLRS M270A1 upgrade program. ESA supplies the fire control system that
        includes an on-board computer processor, a 14-inch color flat panel display, a mass storage
        device and a keyboard. ESA completed production deliveries in 2004 and is performing
        ongoing retrofit activities. In 2006, ESA received additional orders from Lockheed Martin
        for MLRS production systems as well as to develop a new generation gunner display unit for
        the MLRS. The equipment developed for MLRS is also directly compatible with the HIMARS used
        by the U.S. Army and the USMC. In 2006, ESA received a production order for systems for the
        HIMARS. Additional orders were received during 2007.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Bradley A-3 Program</font></b><font size="2">. ESA is a subcontractor for
        the U.S. Army Bradley A-3 fighting vehicle modernization program. ESA was awarded contracts
        by United Defense (now BAE Systems), the prime contractor for the program, to develop and
        supply the turret and hull processors, the gunners&rsquo; and commanders&rsquo; hand
        stations, the position interface box and the map operational software. During 2005 - 2007,
        ESA was awarded additional orders for Bradley systems for the U.S. Army&rsquo;s ongoing
        operations in Afghanistan and Iraq</font><b><font size="2">.</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">USMC LAV.</font></b> <font size="2">In 2005, ESA was awarded a
        demonstration contract by Lockheed Martin as part of the Lockheed Martin team for the
        development of an upgrade of the command and control variant of the USMC&rsquo;s Light
        Armored Vehicle (LAV). The demonstration contract was completed in 2006, with ESA providing
        an integrated mission equipment package for the LAV C2 variant. Following completion of the
        demonstration program ESA participated in the phase 2 development and was responsible for
        the design, manufacturing and support of the LAV&rsquo;s complete mission equipment
        package. The development was performed in 2007, culminating in a successful operational
        test in March 2008.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">53</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <b><font size="2">USMC CREW Systems</font></b><font size="2">. In 2006, ESA was awarded a
        CREW 2.0 contract by the USMC Systems Command to supply vehicle mounted counter remote
        controlled improvised explosive device electronic warfare (CREW) systems. This was a
        follow-on contract for the supply of VHP Hunter systems. ESA has delivered and fielded VHP
        Hunter systems to deployed Marines and continues to upgrade the CREW systems&rsquo;
        capabilities.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Integrated Land Systems Upgrade Programs</font></b><font size="2">. In
        August 2007, Elbit Systems was awarded contracts in a total amount of approximately $163
        million for the supply of tank and artillery systems upgrades for customers in the Asian
        countries. The projects include upgrading of fire control and command and control systems
        for tanks and artillery systems, with deliveries to be performed through 2009.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Slovenia Armored Vehicle Program</font></b><font size="2">.In July 2007,
        Elbit Systems was selected to supply overhead remote controlled weapon stations and
        unmanned turrets as well as other electronic and electro-optical systems and components for
        the Slovenia Armored Vehicle program. The items are to be installed on board Patria AMV 8x8
        vehicles. Deliveries under the contract are scheduled to take place through
        2011.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">54</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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        <p style="PAGE-BREAK-BEFORE: always"></p>
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Romanian Vehicle Program</font></b><font size="2">.In July 2007, Elbit
        Systems was awarded a contract to supply unmanned turrets and electro-optic systems,
        including the Driver Thermal Viewer, to be installed on Piranha III vehicles supplied by
        the Swiss company Mowag of the General Dynamics European Land Combat Systems Company
        (Mowag) to the Romanian Government. Deliveries are scheduled through 2010.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Portuguese Army Program</font></b><font size="2">. In 2006, Elbit Systems
        was awarded a contract to supply unmanned turret systems, fire control systems and
        additional land systems to the Portuguese Army. The contract was entered into with STEYR
        Austria (STEYR), a member of the General Dynamics European Land Combat Systems Company, the
        prime contractor for the Portuguese program. The systems supplied by Elbit Systems are
        integrated in STEYR&rsquo;s Pandor II 8x8 light wheeled armored vehicles and will
        facilitate rapid force mobility and deployment by the Portuguese Army. Under this program
        Elbit Systems is providing a fully integrated configuration for
        fighting/patrol/surveillance vehicles, including unmanned turrets equipped with missiles,
        automatic 120 mm mortars, fire control and threat detection systems. Deliveries under the
        contract are scheduled to take place through 2010.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Belgian Armored Infantry Vehicle Program</font></b><font size="2">. In
        January 2007, Elbit Systems was awarded a contract to supply unmanned turrets and
        electro-optic systems for the Belgian Armored Infantry Vehicle program. The contract is
        pursuant to a cooperation between Elbit Systems and Mowag. Mowag is supplying its Piranha
        III vehicles for the program. Elbit Systems&rsquo; portion of the program includes the
        delivery of 30 mm unmanned turrets as well as several opto-electronic and electronic
        subsystems. Deliveries under the contract are scheduled to take place through
        2010.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Thermal Imaging and Electro-Optic Systems</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">In January 2008, Elop was awarded several contracts from international
        customers for the supply of CORAL and CORAL-CR hand-held lightweight thermal imaging
        cameras. The contracts include applications for infantry, scouts and special units, night
        sight and target acquisition, security and perimeter defense for infantry commanders.
        During the first part of 2007, Elop was awarded several contracts to supply Coral-type
        hand-held thermal imaging systems for long-range observation and reconnaissance to the
        Canadian and Israeli armed forces as well as for other international customers.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">In 2006, Elop was awarded a contract by the Samsung-Thales Company to supply
        thermal imaging kits for the gunner periscope sights of the Korean K1A1 Tank. The contract
        is to be performed over a four-year period. Also in 2006, Elop was awarded a contract to
        supply Portable Lightweight Designator /Rangefinders (PLDR) and Coral thermal imagers to
        the German Armed Forces. Deliveries are to be completed in 2008.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">In September 2006, Elop was awarded a contract in the amount of
        approximately $130 million to develop and manufacture electronic land systems for a foreign
        customer. The project also includes logistic support for the systems and is to be performed
        over a five-year period.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">In 2005, ESA was awarded initial orders to provide high performance thermal
        binocular system long-range thermal imagers (LRTI) for the USMC. The LRTI is a portable
        binocular, hand-held battery-operated thermal imager for long-range observation and
        reconnaissance and is based on an Elop design. Deliveries for the initial orders placed by
        the USMC System Command under an IDIQ contract were completed during 2007. Under the IDIQ
        contract the U.S. Government may purchase up to 5,000 LRTIs as well as spare parts,
        contractor maintenance and training items over a five-year period. In December 2007, ESA
        was awarded additional orders under the IDIQ contract for thermal laser spot imagers for
        the USMC for deliveries through 2009.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">55</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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        <p style="PAGE-BREAK-BEFORE: always"></p>
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Elop sells thermal imaging systems for the Leopard 2/A5 and other tanks. In
        addition Elop has sold thousands of hand-held thermal imagers and thermal imager
        kits.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Laser Warning Systems</font></b></i><b><font size="2">.</font></b>
        <font size="2">Elbit Systems is supplying laser warning systems for ground vehicles to
        several European countries.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Training Systems and Simulators</font></b></i><font size="2">. Elbit
        Systems and ESA have supplied tank gunnery training systems to the IDF and the U.S. Army.
        We have fielded the Deployable Range Training and Safety System (DRTSS) to the U.S. Army at
        the Forts Hood, Carson, and Stewart tank gunnery ranges. This system provides real-time
        crew gunnery evaluation, recorded after action video, battle status assessment, positive
        target recognition and ammunition conservation as well as reduces friendly fire casualties.
        In addition, we supply ground forces trainers to other customers worldwide including the
        Appended Tactical Combat Trainer System, Tactical Battle Company Trainers, Artillery
        Training Centers and the Conduct of Fire Trainer.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Environmental Control and Hydraulic
        Systems</font></b></i><b><font size="2">.</font></b> <font size="2">Kinetics develops
        advanced life support systems, including environmental and climate control and NBC
        protection systems, for combat vehicles. Kinetics also develops and manufactures hydraulic,
        fuel, braking and suspension systems as well as an auxiliary power unit for combat vehicles
        of the IDF, the U.S. Army and other customers. Kinetics&rsquo; U.S. subsidiary is
        delivering environmental and climate control systems for the U.S. Army and USMC MRAP
        vehicles.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Unmanned Ground Vehicles
        (UGVs</font></b></i><b><font size="2">)</font></b><font size="2">.</font>
        <font size="2">Elbit Systems and Elop are involved in the development of robotic unmanned
        ground vehicles (UGVs) for defense and homeland security applications. Elbit Systems&rsquo;
        UGVs are deployed by the IDF for patrolling missions. In March 2007, the Israeli Antitrust
        Commission approved the establishment of a joint venture by Elbit Systems and IAI to
        develop a next generation UGV for various applications related to security missions and
        border control. In December 2007, Elbit Systems and IAI signed a joint venture agreement
        for the establishment of a jointly-owned company for the development of the above-mentioned
        next generation UGV. In January 2008, Elbit Systems established the new company, G-NIUS
        Unmanned Ground Systems Ltd. (G-NIUS). Until receipt by IAI of the governmental approvals
        required by IAI for holding shares of G-NIUS, G-NIUS will be owned by Elbit Systems, and
        IAI was granted options to purchase shares of G-NIUS in an equal number to those of Elbit
        Systems. Such options will be exercised upon receipt by IAI of the required
        approvals.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">C4I and Government Information Systems</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Nature of Our C4I and Government Information
        Systems</font></b></i><b><font size="2">.</font></b> <font size="2">We design our C4I and
        battlefield systems to manage the growing amount of data supplied by information systems
        and sensors in defense, border control, crime prevention and other government intelligence
        gathering applications. This is an area of growing importance in light of increased
        priority for communications among defense forces and the growing need of many governments
        for anti-terrorism measures, such as ISR, access control and integrated intelligence
        gathering. Our C4I battlefield and information systems process and interpret data received
        from the different sources and present it in a user-friendly format. We integrate advanced
        software tools with general and special purpose hardware into full C4I battlefield and
        information technology systems.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">56</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
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        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Land C4I and Battlefield Management Systems</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Our land C4I and battlefield management systems are supplied through
        turn-key projects for tactical command and control. We provide solutions from the level of
        individual fighting vehicles, mortars and artillery to the divisional and headquarters
        command level. Our systems are based on hardware and software building blocks, including
        tactical computers, modems, communication controllers, data radios, military WLAN radios
        and digital map systems among others. We also provide products for facilitating operations
        in the battlefield based on commercial off-the-shelf technology (COTS).</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <b><font size="2">Digital Infantry Soldier</font></b><font size="2">. In March 2007, Elbit
        Systems received an order from the IMOD to develop and provide a battle management solution
        and full digital soldier combat suit for infantry, to be performed through 2009.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Israel Digital Army Program.</font></b> <font size="2">In 2004, Elbit
        Systems was awarded a contract by the IMOD for the Digital Army Program (DAP), in an amount
        of approximately $200 million, which has since been supplemented by additional orders. The
        DAP, is being performed over a ten-year period. Elbit Systems is the prime contractor for
        the DAP. Rafael and Tadiran Systems are serving as our major subcontractors. In September
        2007, funding approval was finalized for a total of approximately $300 million for the U.S.
        Foreign Military Funding (FMF) portion of the DAP. The FMF portion of the DAP is being
        performed by ESA as well as other U.S. subcontractors. Within the framework of the program,
        all land forces operations are being computerized (command, control, and communications),
        integrated and interfaced with new and advanced applications. Under the DAP, we are
        supplying the IDF with computerized systems down to the single soldier level. The systems
        facilitate transmission of integrated, real-time situation pictures to and from all
        battlefield and command echelons. The program calls for supply and support of all hardware
        and software, including command and control stations, data processing and distribution
        systems. It will enable force coordination at all levels, access to updated situational
        pictures, improved overall operational capabilities, including survivability and accuracy,
        and more efficient utilization of personnel and other resources. As of December 31, 2007,
        we had a total DAP backlog of approximately $425 million, to be performed mainly through
        2013.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">TORC2H&reg;</font></b><font size="2">. Elbit Systems&rsquo; TORC2H&reg;
        border protection command and control system has been supplied to the IDF, and Elbit
        Systems has successfully deployed the TORC2H&reg; to support border security activities in
        Israel. Further phases of TORC2H&reg; are anticipated to be implemented under the scope of
        the DAP. In 2005, Elbit Systems fielded a TORC2H&reg; version which was used operationally
        by the IDF during the disengagement from the Gaza Strip. We also received in 2005 an
        additional order under the TORC2H&reg; program calling for deliveries through
        2009.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Netherlands Battle Management Systems</font></b><font size="2">. In
        January 2008, Elbit Systems was awarded a contract to supply advanced Battlefield
        Management Systems (BMS) to the Royal Netherlands Army Ground Forces. The BMS includes
        enhanced tactical computers incorporating tactical communications devices and data
        communications software, for installation on tanks and armored vehicles. Deliveries are to
        be made through 2013.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">57</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
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        <p style="PAGE-BREAK-BEFORE: always"></p>
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><b><font size="2">IDF BMS</font></b><font size="2">. In 2002, Elbit Systems
        was awarded a contract by the IMOD to serve as prime contractor for the IDF&rsquo;s BMS for
        Battalion Combat Teams program. The program includes the</font> development, supply and
        support of advanced electro-optical sensors, multi-functional displays, command and control
        software, information and dissemination systems and advanced mission computers. The program
        enables coordination among the IDF&rsquo;s main battlefield tanks, armored fighting
        vehicles and infantry fighting vehicles. It provides situational awareness to maneuvering
        forces and improves the overall operational capabilities of fighting units. The first phase
        of the program, including initial deployment, was completed. Elbit Systems received
        additional orders under the scope of the Battle Management Systems for Battalion Combat
        Teams, to be performed through 2010.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">ETC</font></b><font size="2">. In July 2007, Elbit Systems was awarded a
        contract for the supply of enhanced tactical computers (ETCs) and other commercial and
        control systems to an Asian country. The contract will be performed through 2011. The IDF
        has selected Elbit Systems to develop and deliver ETCs, which serve as the hardware
        building blocks for the IDF&rsquo;s ground command and control systems. These building
        blocks are based on high performance military computers, &ldquo;ruggedization&rdquo; of
        COTS circuit boards for application in harsh military environments, as well as specialized
        displays and communication controllers for higher echelon levels. The ETCs are equipped
        with several types of communication interfaces and powerful display features. We also
        develop, manufacture and supply ETCs to a number of customers worldwide.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Governmental Information Technology and Information Gathering
        Systems</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Governmental Information Technology</font></b><font size="2">. We develop
        and supply computerized communication systems, information technology, knowledge management
        systems and image intelligence processing for governmental applications in Israel and
        abroad.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <b><font size="2">Anti-Money Laundering System</font></b><font size="2">. In 2003, Elbit
        Systems was awarded a contract for the development and support of an information processing
        system for the Israeli Money Laundering Prohibition Authority (IMPA). The system was
        successfully fielded and is currently operational by IMPA. The project is anticipated to be
        completed in 2008. The project provides IMPA with an information technology system that
        includes a database and a collection center for relevant data from financial institutions
        such as banks, insurance companies and customs authorities. The project includes the
        management of an official data base containing the currency transactions and suspicious
        activities reports submitted to IMPA by the Israeli financial community, as well as reports
        of enrichment from governmental law enforcement and information resources and from
        corresponding governmental financial intelligence units in other countries.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Military Communications Systems</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Through TadComm and our Land and C4I operations in Israel and ESA&rsquo;s
        C4I solutions activities in the U.S., we provide a range of tactical communications
        solutions for armed forces throughout the world.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <font size="2">With over 40 years of experience in military communications, TadComm has
        established expertise in&nbsp;diverse areas of military communications. These include
        advanced radio design, development and production in frequencies ranging from 1.5 MHz to 5
        GHz, featuring high grade built-in crypto algorithms and electronic counter - counter
        measures techniques (e.g. frequency hopping and direct sequence) for reliable
        communications under severe battle environments. TadComm also provides quality modems to
        serve the increasing demand for C4I data communications; multi-channel line-of-sight
        frequency hopping wide-band radio equipment for reliable inter-command posts
        communications; tactical terminals/military computers and communication controllers; as
        well as tactical internet based integrated communication systems providing communication
        from headquarters to any point in the battle-space for effective command and
        control.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">58</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Tactical Radio Systems</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">We supply tactical radio systems to a wide range of customers throughout the
        world. Examples of our recent contract awards in this area include the
        following:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">In May 2008, TadComm received a $127 million contract from a European
        customer to supply tactical communications radio equipment and systems. The systems include
        high frequency (HF) and very high frequency (VHF) tactical radio equipment designed for use
        by ground forces for data transfer and voice communications. The project will be performed
        over a 17-month period.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.37%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">In July 2007, Telefunken RACOMS in Germany was awarded a contract for the
        supply of advanced tactical communications equipment for a European customer, with
        deliveries through 2012. In 2006, TadComm signed a contract with a Latin American customer
        to supply advanced tactical radio communications equipment and system elements, which was
        completed in 2007. In 2005, TadComm entered into an agreement with an Asian customer to
        supply HF and VHF tactical radios. Deliveries were completed during 2007. In 2004,
        Talla-Tech, was awarded a five-year IDIQ contract from the U.S. Army CECOM, for the support
        and improvement of SINCGARS radios.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.37%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">In 2004, Elbit Systems was awarded a contract by the IMOD to develop a
        Wireless LAN solution for the IDF. This solution is based on commercial standards which are
        adapted and tailored to&nbsp;military tactical needs and
        environments</font><i><font size="2">.</font></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.37%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.37%; TEXT-ALIGN: left">
        <font size="2">In 2002, TadComm was awarded a contract to develop the IDF&rsquo;s new
        generation tactical radio system. In 2005 and 2007, TadComm was awarded contracts from the
        IDF for the supply of new generation tactical radio systems. Deliveries of the new radios
        are scheduled to begin in 2009, following completion of the development.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.37%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <i><b><font size="2">Bro@dNet Communication System</font></b></i><font size="2">. In 2005,
        TadComm was awarded a contract from the IDF to supply a point-to-multi-point, high-capacity
        broadband, IP-based, data communications system based on wireless broadband WiMAX
        technology. The implementation of the system is scheduled to be completed during
        2009.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">USMC Rugged Computers</font></b></i><font size="2">. In July and
        October 2007, Talla-Tech received purchase orders from the USMC to supply its RPDA-57
        Rugged Personal Digital Assistant as well as Tacter 31M products. The RPDA is a rugged
        hand-held computer and will facilitate situational awareness to dismounted Marines and
        soldiers. Tacter 31M is a hand-held or vehicle mounted multi-purpose ruggedized computer
        designed to serve all combat echelons.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <i><b><font size="2">UHF SATCOM Power
        Amplifiers</font></b></i><b><font size="2">.</font></b> <font size="2">In December 2007,
        Talla-Com was awarded a contract from DOD agencies to supply UHF SATCOM (satellite
        communications) power amplifiers.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">59</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
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        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <b><font size="2">Electro-Optical and Countermeasures Systems</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Elop has more than 70 years of experience in the field of electro-optics and
        designs and manufactures electro-optic systems and products for defense, space, homeland
        security and commercial applications worldwide. This includes expertise in thermal imaging,
        laser systems, optronic stabilized payloads, ground integrated sights, robotic sensors,
        head-up displays, space and airborne reconnaissance systems, IMINT solutions and
        electro-optic countermeasures. These systems are supplied for spaceborne, airborne, land
        and naval applications as described above.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <i><b><font size="2">COMPASS&trade; Payloads</font></b></i><b><font size="2">.</font></b>
        <font size="2">In February 2008, Elop was awarded two contracts by foreign customers for
        supply of Micro-COMPASS&trade; (Micro Compact Multi-Purpose Advanced Stabilized Systems)
        payloads for coast guard applications. The payloads are to be installed on a variety of
        marine platforms with deliveries to be completed during 2008. In July 2007, Elop was
        awarded a multi-year contract by a foreign customer to supply the COMPASS&trade;
        electro-optical payloads for attack and utility helicopters. In 2006, Elop was awarded
        several new contracts to supply advanced CoMPASS&trade; payloads for naval and aerial use,
        to be supplied over a four-year period. In 2005, Elop was selected to supply its
        CoMPASS&trade; advanced observation system payload for the UK Watchkeeper program. See
        above &ldquo;UAS &ndash; UAV Programs &ndash; Watchkeeper Program.&rdquo;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">PLDR</font></b></i><font size="2">. In February 2007, ESA received two
        follow-on orders from the USMC for its high-performance Portable Laser Designator Ranger
        (PLDR) systems that have proven successful in field test evaluations. This followed an
        initial award in 2006, under a five-year IDIQ contract by the USMC for a PLDR based on an
        Elop developed product.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Other Thermal Imaging Products</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">In May 2008, Elop and ELSEC were awarded a total of three contracts from a
        customer in Asia for the supply of cooled thermal imaging systems for reconnaissance and
        target acquisition applications. The contracts will be performed over a two-year
        period.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Elop and ESA are involved in the development and supply of payload based
        observation and fire control systems for naval and airborne platforms, including day and
        night vision, laser range-finders and designators and integrated sights for ground forces.
        In November 2007, ESA received an IDIQ contract form the USMC to supply thermal laser spot
        imagers over a five-year period.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">In July 2007, ESA received an IDIQ contract from the U.S. Naval Inventory
        Control Point for repair/mediation of various Night Targeting Systems components in support
        of the USMC AH-IW helicopters. This work will be performed through 2012.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Elop supplies advanced IMINT systems to various customers internationally.
        Elop also supplies to customers worldwide a range of hand-held, surveillance and homeland
        security and armored vehicle applications of thermal imaging products and
        systems.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">These products and systems are further described above in &ldquo;Military
        Aircraft and Helicopter Systems,&rdquo; &ldquo;Naval Systems,&rdquo; and &ldquo;Land
        Vehicle Systems&rdquo; and below in &ldquo;Homeland Security Systems.&rdquo;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">60</font></p>
        <!-- EEDocs PBStart-->
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        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Infrared Detectors</font></b><font size="2">. SCD develops and
        manufactures infrared detectors and laser diodes for electro-optical applications. Opgal
        develops electro-optics &ldquo;engines&rdquo; that combine detectors with proprietary
        electronics for a wide range of applications including for commercial aviation and homeland
        security.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="26%" border="0">
                <tr>
                    <td valign="top" nowrap width="29%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="70%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <i><b><font size="2">Space Systems</font></b></i></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Space Cameras.</font></b> <font size="2">Elop is actively expanding space
        applications for its technology and products. Elop has developed a variety of cameras for
        the Ofek Satellite, including the Ofek-3, Ofek-5 and Ofek-7, and for other initiatives of
        the Israel Space Agency. In 2006, EROS B, a commercial reconnaissance satellite, was
        launched and began transmitting images taken by an advanced high resolution camera
        developed by Elop. This followed Elop&rsquo;s supply of an advanced digital camera for the
        EROS A satellite in 2000. EROS B and EROS A were launched by ImageSat International N.V. in
        which Elop owns a minority interest. See below &ldquo;Technology
        Spin-Offs.&rdquo;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.37%; TEXT-ALIGN: left">
        <b><font size="2">Tauvex II.</font></b> <font size="2">In 2004, Elop was awarded a contract
        from the Israel Ministry of Science and Technology and the Israel Space Agency for the
        supply of&nbsp; the &ldquo;Tauvex II&rdquo; (Tel-Aviv University Ultra-Violet Explorer)
        scientific space telescope. The Tauvex II telescope will be launched into space mounted on
        the Indian Satellite GSAT-4, for the purpose of scientific research in exploration of the
        galaxies. The telescope is to be supplied for integration into the GSAT-4 during 2008. The
        contract follows an agreement signed in 2003 between the Israel Space Agency and ISRO, the
        Indian Space Research Organization, for scientific cooperation between the two countries in
        the field of&nbsp;astronomy in the &ldquo;Ultra-Violet&rdquo; spectrum.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <b><font size="2">CNES</font></b><font size="2">. In 2005, CNES, the French Space Agency,
        selected Elop for cooperation in the supply of a scientific electro-optical space camera
        called Venus. The contract is for the production of the camera which will be mounted
        on-board a micro-satellite. The contract followed a successful feasibility study by Elop.
        The camera will be installed on a satellite resulting from a contract signed between the
        Israel Space Agency and CNES. The camera is scheduled for integration into the
        micro-satellite in 2009.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.21%; TEXT-ALIGN: left">
        <b><font size="2">Hyperspectral Systems.</font></b> <font size="2">Elop has been selected
        by the IMOD to be Israel&rsquo;s hyperspectral systems development house. Currently, Elop
        is involved in an on-going hyperspectral system development program for the
        IMOD.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.21%; TEXT-ALIGN: left">
        <b><font size="2">OHB.</font></b> <font size="2">Elop and OHB System A.G. of Germany each
        own 50% of a German subsidiary, OHB Electro-Optics Gmbh, which pursues space-related
        activities.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Homeland Security Systems</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Nature of Our Homeland Security Systems</font></b></i><font size="2">.
        We are involved in the homeland security market that includes airports, border control,
        transportation, coastal authorities, urban crisis management and other critical
        infrastructure facilities. These activities are a natural extension of our expertise gained
        in the development of our C4I and battlefield management systems, UAVs and electro-optic
        systems and communication systems. National and local governments are allocating greater
        resources in this area in light of increasing terrorist threats around the world. This has
        led to increased opportunities for systems and products that meet the growing demand for
        perimeter and homeland security solutions.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">61</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
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        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">ELSEC, as well as Elbit Systems and Elop, develop and supply detection
        sensors and other products for facility security, border and coastal control and perimeter
        protection in Israel and numerous other countries. ESA leads the Company&rsquo;s homeland
        security business in the U.S. market. Products in this area include thermal imaging
        detection systems, remote controlled surveillance systems, communication products and smart
        perimeter protection systems. We are also involved in the field of aviation and
        transportation security applications and are investing in future fusion technologies for
        passenger screening at border gates and transportation terminals.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Customers in this field include the Israeli Ministry of Transportation, the
        IMOD, the U.S. Department of Homeland Security and several international defense forces and
        security organizations, including airport, border guard and coastal control authorities.
        ELSEC is a supplier of E-fences and surveillance electro-optic day/night sensors to the
        IMOD, as well as coastal surveillance systems, surveillance vehicles, airport security
        systems and boarder surveillance systems to a variety of customers, mainly in
        Europe.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">SBInet</font></b></i><b><font size="2">.</font></b> <font size="2">In
        2006, the Boeing-led team, including ESA , was awarded the U.S. Secure Border Initiative
        Project (the SBInet Project). The SBInet Project is designed to provide the U.S. Department
        of Homeland Security with increased border security capabilities along a significant part
        of the United States&rsquo; borders. ESA, as a team member to Boeing, has supplied,
        together with ELSEC, LORROS&reg; long-range observation systems for the SBInet
        Project.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Perimeter Security.</font></b></i> <font size="2">In 2006, ELSEC was
        selected by the IMOD to deploy a &ldquo;smart&rdquo; electronic deterrence system. The
        first phase of the project includes an electronic deference system to detect and assist in
        preventing crossing attempts 24-hours a day, in all weather conditions. The contract
        contains an option for the IMOD to significantly expand the system. The system is comprised
        of advanced sensors, an electronic fence, communications and computerized command and
        control posts. During 2003 and 2004, ELSEC was awarded contracts for a total of
        approximately 50 kilometers of electronic perimeter systems for military bases and
        municipalities. This followed Elbit Systems award from the IMOD of a contract to supply an
        electronic warning systems &ldquo;smart&rdquo; fence, and Elbit Systems is executing that
        program through ELSEC.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Mobile Surveillance Vehicles</font></b></i><font size="2">. In 2006,
        ELSEC was awarded a project for the supply of mobile surveillance vehicles and advanced
        cameras for the Ukraine Border Security Project. Deliveries were completed in 2007. These
        vehicles include a command and control station, monitoring sensors and additional security
        measures, allowing operation even in severe weather conditions. The vehicles can
        accommodate three operators simultaneously.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Surveillance Towers</font></b></i><font size="2">. In March 2007,
        ELSEC was awarded a project for the supply of surveillance towers for the border protection
        of a European country. Deliveries are ongoing in 2008.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Airport Integrated Security
        System</font></b></i><b><font size="2">s</font></b><font size="2">. In August 2007, ELSEC
        was awarded a contract to provide an airport security system for a European customer, with
        deliveries to be completed in 2009. In 2006, ELSEC was awarded a contract to install a
        comprehensive airport integrated security system in a European country. Deliveries were
        completed in 2007. The system enables the integration of existing systems with new systems
        and includes surveillance systems for short and medium-range, access control and sensitive
        areas intruder detection. Also, the system is scalable to accommodate the customer&rsquo;s
        future requirements.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">62</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Peripheral Coastal Security
        System</font></b></i><b><font size="2">s</font></b><font size="2">. In March 2007, Elbit
        Systems was awarded a European Union funded contract for delivery and commissioning of an
        integrated coastal surveillance system to Lithuania. Deliveries were completed in 2007. In
        2006, ELSEC completed, for a customer in Asia, the deployment of its first peripheral
        coastal security system. ELSEC&rsquo;s contract for the project was awarded in 2005 and
        includes additional stages for deployment of other locations in the customer&rsquo;s
        country. ELSEC&rsquo;s coastal security system is remote controlled and enables its
        operators to track a large number of vessels simultaneously, for dozens of miles, using
        identification capabilities to send alerts regarding types of threats those vessels may
        pose. The system includes advanced night vision sensors, daylight surveillance and laser
        range-finders developed by Elop.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Israel Border Security Systems</font></b></i><font size="2">. In 2006,
        Elbit Systems&rsquo; Border Control Management System for the Israeli Police was
        inaugurated. The innovative system interfaces with all government and security agencies in
        Israel, managing all entry and exit posts including airports, sea ports and land crossings.
        Also, the Israeli National Border Control Registration System (BCRS) was developed by Elbit
        Systems and has been fully operational since 2004. BCRS is a computerized system for
        registration and control of Israel&rsquo;s border crossing points. The system supports
        border inspection processes and assists in the control of the passage of vehicles and goods
        at all Israeli airports, seaports and land entry points.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">MUSIC</font></b></i><b><font size="2">&reg;</font></b><font size="2">.
        Elop applied its defense based technologies to develop a Multi-Spectral Infrared
        Countermeasure System (MUSIC&reg;) for commercial aircraft applications in preventing
        terrorism. MUSIC&reg; enables identification of anti-aircraft shoulder-launched missiles
        resulting in a break of the missile lock on the target. The Israeli Government is currently
        reviewing the system for use in Israel&rsquo;s civil aviation protection plan.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="41%" border="0">
                <tr>
                    <td valign="top" nowrap width="18%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="81%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">EW and SIGINT Systems</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Through Elisra, in which Elbit Systems acquired a 70% interest in 2005, we
        supply a range of multi-spectral self-protection suites for airborne combat platforms, as
        well as modular SIGINT (ELINT, COMINT and DF) systems for air, ground and naval platforms
        and applications.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Multi-Spectral, Self-Protection Suites for Airborne
        Platforms</font></b></i><font size="2">. Elisra&rsquo;s airborne platform self-protection
        suites combine defense suites with electronic support measures. Its multi-spectral
        self-protection solutions include passive IR missile warning systems for fighter aircraft,
        helicopters, transport aircraft and maritime patrol aircraft. Elisra&rsquo;s
        self-protection suites include EW payloads with radar warning receivers, laser warning
        receivers and other measures. During 2007, Elisra was awarded two contracts to supply EW
        systems for international customers, with deliveries to take place through 2011. In 2006,
        Elisra entered into a contract to supply full EW suites for fighter aircraft for an
        international customer. The contract is to be performed over a multi-year
        period.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Intelligence Systems</font></b></i><font size="2">. Elisra supplies
        SIGINT systems designed for air, ground and naval platforms. These systems incorporate
        cutting-edge digital receiving, signal processing and direction finding technologies.
        During 2007, Elisra was awarded two contracts for the supply of SIGINT systems, with
        deliveries to take place through 2009. In 2006, Tadiran Systems was awarded a contract for
        the supply of EW systems to a European country. Deliveries are scheduled for completion in
        2008. For UAVs Elisra provides systems that detect, identify and locate ground-based,
        airborne, ground and ship-based emitters. See above &ldquo;Naval Systems &ndash;
        EW.&rdquo;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">63</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
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        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Data Links</font></b><font size="2">.</font></i>
        <font size="2">Elisra&rsquo;s subsidiary, Tadiran Spectralink, develops and supplies
        advanced data links for airborne platforms, including UAVs and mini-UAVs, based on generic
        modules to conform to the full range of modern data payload systems and to support high
        rate digitalized analog data communications. Tadiran Spectralink also supplies tactical
        video links that download video and telemetry data from UAVs providing real-time video data
        to ground, airborne and naval forces, to enable comprehensive video networks.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Search and Rescue Solutions</font></b></i><font size="2">. Tadiran
        Spectralink develops and provides advanced airborne search and rescue systems, supporting
        the undetected, unimpeded first pass pick up of downed pilots and special forces within
        enemy territory. Tadiran Spectralink also provides personal search and rescue radio sets
        for non-combat use comprised of an emergency locator transmitter and a personal locator
        beacon and a voice transceiver. In 2006, Tadiran Spectralink won a contract for the supply
        of the advanced PSR-43G/SV Personal Survival Radio (PSR) to the German Air Force, with
        deliveries to be made through 2008.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Microwave and Microelectronic Products</font></b></i><font size="2">.
        Elisra supplies a variety of microwave products for EW, radar and communication systems and
        microelectronic products for a wide range of advanced applications &ndash; modems,
        cellular, telephone systems, industrial robotics and computerized control
        instrumentation.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Spectrum Control and Management</font></b></i><font size="2">.
        Elisra&rsquo;s subsidiary, Tadiran Systems, designs, develops and provides advanced
        spectrum monitoring, detection, identification and location systems, based on common,
        advanced and commercial hardware and software platforms with proprietary algorithms. The
        systems simplify the tasks of wireless traffic supervision and measurement of technical
        parameters pinpointing infringements and illegal transmission, thus providing a real-time
        picture of spectrum usage.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <b><font size="2">Technology Spin-Offs and Other Commercial Activities</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.37%; TEXT-ALIGN: left">
        <font size="2">Several of the Company&rsquo;s entities explore on an ongoing basis
        potential spin-offs of their defense related technologies for commercial applications. Our
        technology spin-offs are involved in intra-body navigation medical equipment, commercial
        satellites and internet communications for commercial aviation, commercial communications
        and microwave technologies. Several of our companies also engage in other commercial
        activities. The following is a description of our main technology spin-offs and other
        commercial activities.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">MediGuide</font></b></i><b><font size="2">.</font></b>
        <font size="2">Elbit Systems established MediGuide Inc. (MediGuide) in 2000 as a Delaware
        corporation. MediGuide, through its wholly-owned Israeli subsidiary, leverages specific
        technologies developed by Elbit Systems in the defense area for use in various medical
        procedures and intra-body navigation. Elbit Systems provided MediGuide with an exclusive
        license to use specific technologies for medical applications, and MediGuide provided Elbit
        Systems with a cross license to use MediGuide&rsquo;s developments for defense
        applications. Outside equity investments have been made in MediGuide by venture capital
        companies and strategic collaborators. As of April 30, 2008, Elbit Systems equity interest
        in MediGuide, on a fully-diluted &ldquo;as converted&rdquo; basis, was approximately 41.5%.
        In December 2007, MediGuide received a CE Mark certification for its gMPS&trade;&rsquo;s
        system and GMC&trade; catheter. In January 2008, MediGuide entered into co-development of
        medical positioning system (gMPS&trade;) enabled products with Medtronic Inc. In April
        2008, MediGuide initiated clinical trials in the U.S. under Investigational Device
        Exemption approval from the U.S. Food and Drug Administration.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">64</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Starling</font></b></i><font size="2">. Elbit Systems, Rafael
        Development Corporation Ltd. (RDC) and Elron Electronics Industries Ltd. (Elron) own
        Starling Advanced Communications Ltd. (Starling). Starling, an Israeli company, develops
        products in the area of internet communications through satellite transmissions and
        broadband information transfer for commercial aircraft. In May 2007, Starling issued an
        initial public offering (IPO) on the TASE following which Starling became a publicly-traded
        company in which Elbit Systems&rsquo; shareholdings were diluted from approximately 21% to
        approximately 16% (approximately 10% on a fully-diluted basis). Starling&rsquo;s 2007
        annual financial statements indicated that its losses and negative equity raised&nbsp;an
        uncertainty as to Starling's abililty to continue its operations as a going
        concern.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.37%; TEXT-ALIGN: left">
        <i><b><font size="2">ImageSat</font></b></i><font size="2">. Elop has an approximately 14%
        equity interest and approximately 12.5% voting power in ImageSat International N.V.
        (ImageSat). Other shareholders include IAI and private equity companies. ImageSat, which is
        incorporated in the Netherlands Antilles, is involved in the operation of satellites for
        commercial and other applications and providing satellite imagery.&nbsp;ImageSat&rsquo;s
        EROS A and EROS B satellites contain advanced high resolution cameras developed by Elop.
        See above &ldquo;Electro-Optics and Countermeasures Systems &ndash; Space Systems &ndash;
        Space Cameras.&rdquo; Also see below &ndash; Item 8. Financial Information &ndash; Legal
        Proceedings &ndash; ImageSat.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <i><b><font size="2">Chip PC</font></b></i><b><font size="2">.</font></b> <font size="2">In
        2005, Elbit Systems acquired an approximately 20% interest (18.5% plus a loan convertible
        into additional shares) in Chip PC Ltd. (Chip PC). Chip PC is an Israeli company located in
        Haifa, Israel, engaged in the development and manufacture of &ldquo;thin client&rdquo;
        solutions enabling server based computing technologies to replace traditional personal
        computers and deploy and control large numbers of work stations. In July 2007, Chip PC
        completed an IPO on the TASE. Following the IPO, Chip PC became a publicly-traded company,
        in which Elbit Systems holds approximately 19% of its shares (16.3% on a fully diluted
        basis). In addition, Elbit Systems holds an option to purchase up to an additional 5% of
        Chip PC&rsquo;s ordinary shares.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Other Commercial Activities</font></b><font size="2">. The Company
        conducts a number of other activities in the commercial area. These activities include
        medical equipment designed and produced by ESA through KMC, commercial communications and
        mobile and wireless telephone network encryptions by business units in the Land and C4I
        &ndash; Tadiran area, microwave technologies and components produced by Elisra and its
        subsidiaries, night vision products for the automotive industry developed by an Elbit
        Systems&rsquo; business unit, commercial automotive fleet management products by AEL in
        Brazil and general manufacturing and machinery services by a number of Company entities,
        including our Romanian subsidiary, Elmet International SRL.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
        <b><font size="2">Property, Plant and Equipment</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Facilities in Israel</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Facilities owned or leased by Company entities in Israel include:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Haifa vicinity</font></b><font size="2">: Our executive offices and main
        research and development facilities are located on approximately 768,000 square feet of
        property in the Advanced Technology Center in Haifa. We own approximately 311,000 square
        feet of our main facilities in Haifa. The remainder of our facilities in Haifa is leased.
        We also have ownership and long-term leasehold rights in a facility of approximately 65,000
        square feet near our headquarters building in Haifa.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">65</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Karmiel vicinity</font></b><font size="2">: We maintain manufacturing
        operations in a leased facility of approximately 253,000 square feet in Karmiel. In May
        2007, Elbit Systems entered into an agreement that provides an option to purchase the
        Karmiel facility after a three-year period. Cyclone owns approximately 1,406,000 square
        feet of property near Karmiel. This includes approximately 275,000 square feet on which
        Cyclone&rsquo;s offices, manufacturing, maintenance and hangar facilities are
        located.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Rehovot/Nes Ziona</font></b><font size="2">: Elop owns or has long-term
        leasehold rights to approximately 525,000 square feet, and leases on a shorter-term basis
        approximately 5,000 square feet, of its facilities in Rehovot. These facilities contain
        Elop&rsquo;s headquarters, offices, development facilities and manufacturing operations.
        Silver Arrow leases facilities in Nes Ziona, covering approximately 91,000 square
        feet</font><i><font size="2">.</font></i> <font size="2">A new building of approximately
        64,000 square feet has been leased, and is planned to be occupied in September 2008. Land
        and C4I - Tadiran leases approximately 7,500 square feet in Rehovot.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <b><font size="2">Netanya:</font></b> <font size="2">Land and C4I - Tadiran leases
        approximately 106,000 square feet in Netanya, which contain offices and engineering
        facilities.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Holon</font></b><font size="2">: Tadiran Systems and Tadiran Spectralink,
        have long-term leasehold rights to approximately 188,300 and 71,300 square feet,
        respectively, in Holon containing offices, development facilities and manufacturing
        operations. Land and C4I &ndash; Tadiran&rsquo;s manufacturing facilities in Holon occupy
        approximately 182,000 square feet.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Bnei Barak</font></b><font size="2">: Elisra owns approximately 122,000
        square feet and has leasehold rights of approximately 148,000 square feet in Bnei Brak.
        These facilities contain Elisra&rsquo;s headquarters, development facilities and
        manufacturing operations.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <b><font size="2">Kiryat Shmona and Northern Israel vicinity</font></b><font size="2">:
        Land and C4I &ndash; Tadiran leases facilities of approximately 6,800 share feet in Kiryat
        Shmona, and 22,700 square feet in Tel Chai. Elbit Systems&rsquo;</font> <font size="2">UAS
        operations lease a landing strip in northern Israel of approximately 3,900 feet.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Petach Tikva</font></b><font size="2">: Land and C4I &ndash; Tadiran
        leases approximately 80,000 square feet of offices and engineering facilities in Petach
        Tikva.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Sderot</font></b><font size="2">: ELSEC owns approximately 109,000 square
        feet of property in Sderot, which includes approximately 20,200 square feet of offices and
        manufacturing facilities. ELSEC anticipates adding an additional 24,000 square feet of
        office facilities by the first quarter of 2009.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Airport City</font></b><font size="2">: Kinetics owns office, laboratory
        and manufacturing facilities in Airport City, covering approximately 32,000 square
        feet.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Lod:</font></b> <font size="2">Kinetics leases manufacturing facilities
        of approximately 22,000 square feet.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Tel-Aviv</font></b><font size="2">: The Company&rsquo;s headquarters
        leases offices in Tel-Aviv of approximately 5,000 square feet.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">66</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
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        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Facilities in the United States</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Facilities owned or leased by ESA entities include:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Fort Worth, Texas</font></b><font size="2">: ownership of approximately
        25 acres, including approximately 219,000 square feet of offices, engineering and
        manufacturing facilities.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Merrimack, New Hampshire</font></b><font size="2">: ownership of
        approximately 66 acres, including approximately 352,000 square feet of offices and
        manufacturing operations.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Tallahassee, Florida</font></b><font size="2">: approximately 109,000
        square feet of offices and manufacturing facilities, of which 80,000 square feet is owned
        and the rest is leased on a long-term basis.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Talladega, Alabama</font></b><font size="2">: ownership of approximately
        38 acres, including approximately 68,000 square feet of offices and manufacturing
        facilities.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Warner Robins, Georgia</font></b><font size="2">: lease of approximately
        13,000 square feet of maintenance and repair facilities.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Wichita, Kansas</font></b><font size="2">: lease of approximately 4,000
        square feet of commercial aviation maintenance facilities.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Arlington, Virginia</font></b><font size="2">: lease of approximately
        6,000 square feet for ESA&rsquo;s Washington office.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Quantico, Virginia</font></b><font size="2">: lease of approximately
        3,000 square feet.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Other U.S. Facilities.</font></b> <font size="2">Our wholly-owned
        subsidiary Elmec Inc., leases approximately 4,600 square feet of offices and warehouse
        facilities in Chelmsford, Massachusetts. Real-Time Laboratories, Inc., a subsidiary of
        Kinetics, leases approximately 20,000 square feet of offices and manufacturing facilities
        in Boca Raton, Florida, and approximately 20,000 square feet of manufacturing facilities in
        Choctaw, Mississippi.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Facilities in Other
        Countries</font></b></i><b><font size="2">.</font></b> <font size="2">AEL owns
        approximately 282,000 square feet of property in Brazil, including offices and buildings
        covering approximately 23,000 square feet. The European Subsidiary leases approximately
        118,000 square feet in Belgium. In the U.K., Ferranti maintains freehold lease rights to
        facilities of approximately 180,000 square feet; U-TacS leases approximately 3,800 square
        feet, and UAV Engines leases approximately 13,000 square feet. Elmet and AE Electronics in
        Romania lease approximately 91,000 square feet and 35,000 square feet, respectively.
        Telefunken RACOMS, leases facilities in Germany of approximately 30,000 square
        feet.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Recent Investment in
        Facilities</font></b></i><b><font size="2">.</font></b> <font size="2">Over the last two
        years the average annual investment in our facilities, including building projects , as
        well as equipment, machinery and vehicles, amounted to approximately $85 million. There are
        no material plans to construct, expand or improve existing facilities, however, ongoing
        improvements and minor expansions are planned at the facilities in Karmiel and Sderot,
        Israel and in Fort Worth, Texas, in the U.S. Each of our manufacturing facilities generally
        operate at or near full capacity. Accordingly, we believe that our current facilities are
        adequate for our operations as now conducted.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">67</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
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        <p style="PAGE-BREAK-BEFORE: always"></p>
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
        <b><font size="2">Governmental Regulation</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Government Contracting Regulations.</font></b></i> <font size="2">We
        operate under laws, regulations and administrative rules governing defense contracts,
        mainly in Israel and the United States. Some of these carry major penalty provisions for
        non-compliance, including disqualification from participating in future contracts. In
        addition, our participation in governmental procurement processes in Israel, the United
        States and other countries is subject to specific regulations governing the conduct of the
        procurement process.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Israeli Export Regulations.</font></b></i>
        <font size="2">Israel&rsquo;s defense export policy regulates the sale of a number of our
        systems and products. Current Israeli policy encourages exports to approved customers of
        defense systems and products such as ours, as long as the export is consistent with Israeli
        Government policy. A license is required to initiate marketing activities. We also must
        receive a specific export license for any hardware eventually exported from Israel. In
        2007, approximately 50% of our revenue was derived from exports subject to Israeli export
        regulations. In 2006, the Israeli Parliament (Knesset) passed a law regulating export of
        &ldquo;dual use&rdquo; items (items that are typically sold in the commercial market but
        that also may be used in the defense market) which entered into effect in January 2007. In
        July 2007, a new Defense Export Control Law was passed by the Knesset, and the law&rsquo;s
        implementing regulations went into effect in February 2008. The new law enhances
        enforcement of export control legislation, provides certain exemptions from license
        requirements and broadens certain areas of licensing, particularly with respect to transfer
        of technology.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">U.S. and Other Export Regulations.</font></b></i>
        <font size="2">ESA&rsquo;s export of defense products, military technical data and
        technical services to Israel and other countries is subject to applicable approvals of the
        U.S. Government. Such approvals are typically in the form of an export license or a
        technical assistance agreement (TAA). Other U.S. companies wishing to export defense
        products or military related services and technology to our Israeli entities are also
        required to obtain such export licenses and TAAs. This applies to data required by our
        Israeli entities to perform work for U.S. programs. Licenses are also required for Israeli
        nationals assigned to work in defense-related technical areas at our U.S. affiliated
        companies. An application for an export license or a TAA requires disclosure of the
        intended sales of the product and the use of the technology. In recent years, the U.S. has
        implemented enhanced scrutiny of its export control regulations, and the U.S. Government
        may deny an export authorization if it determines that a transaction is counter to U.S.
        policy or national security. Other governments&rsquo; export regulations also affect our
        business from time to time, particularly with respect to end user restrictions of our
        suppliers&rsquo; governments.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">68</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Approval of Israeli Defense Acquisitions</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">The Israeli Defense Entities Law (Protection of Defense Interests) became
        effective in 2006. Among other matters, this law establishes conditions for the approval of
        an acquisition or transfer of control of an entity that is determined to be an Israeli
        &ldquo;defense entity&rdquo; under the terms of the law. Designation as a &ldquo;defense
        entity&rdquo; is to occur through an order to be issued jointly by the Israeli Prime
        Minister, Defense Minister and Trade and Industry Minister. Although no such orders have
        been issued as of the date of this Annual Report on Form 20-F, it is assumed that Elbit
        Systems and most of our Israeli subsidiaries will be designated as &ldquo;defense
        entities&rdquo; under the law. Elbit Systems and our major Israeli subsidiaries have been
        designated as &ldquo;defense entities&rdquo; under an order of the Defense Minister with
        respect to Israeli law governing various aspects of defense security
        arrangements.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Orders to be issued under the Israeli Defense Entities Law will also
        establish other conditions and restrictions. It is anticipated that in the case of a
        publicly traded company such as Elbit Systems, Israeli government approval will be required
        for acquisition of 25% or more of the voting securities or a smaller percentage of shares
        that grant &ldquo;means of control.&rdquo; Means of control for purposes of the law include
        the right to control the vote at a shareholders meeting or to appoint a director. Orders
        relating to defense entities are also anticipated to, among other matters, (1) impose
        restrictions on the ability of non-Israeli resident citizens to hold &ldquo;means of
        control&rdquo; or to be able to &ldquo;substantially influence&rdquo; defense entities; (2)
        require that senior officers of defense entities have appropriate Israeli security
        clearances; (3) require that a defense entity headquarters be in Israel and (4) subject a
        defense entity&rsquo;s international joint ventures and various technology transfers to the
        approval of the IMOD.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Approval of U.S. and Other Defense
        Acquisitions</font></b></i><font size="2">. Many other countries also require governmental
        approval of acquisitions of local defense companies or assets by foreign entities. Mergers
        and acquisitions of defense related businesses in the U.S. are subject to the Foreign
        Investment and National Security Act (FINSA) of 2007 that was implemented by Executive
        Order in January 2008. Under FINSA, our acquisitions of defense related businesses in the
        U.S. require review, and in some cases approval, by the Committee on Foreign Investment in
        the United States (CFIUS).</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">&ldquo;Buy American&rdquo; Laws.</font></b></i> <font size="2">The
        U.S. &ldquo;Buy American&rdquo; laws impose price differentials or prohibitions on
        procurement of products purchased under U.S. Government programs. The price differentials
        or prohibitions apply to products that are not made in the United States or that do not
        contain U.S. components making up at least 50% of the total cost of all components in the
        product. However, a Memorandum of Agreement between the United States and Israeli
        Governments waives the Buy American laws for specified products, including almost all the
        products currently sold in the United States by Elbit Systems and our Israeli
        subsidiaries.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Foreign Military Funding (FMF).</font></b></i> <font size="2">ESA
        participates in United States FMF programs. These programs require countries, including
        Israel, receiving military aid from the United States to use the funds to purchase products
        containing mainly U.S. origin components. In most cases, subcontracting under FMF contracts
        to non-U.S. entities is not permitted. As a consequence, ESA generally either performs FMF
        contracts itself or subcontracts with U.S. suppliers. The U.S. Government may authorize the
        IMOD to utilize a portion of the FMF budget under the United States Subcontracting
        Procurement (USSP) channel. In such cases, companies such as Elbit Systems or our Israeli
        subsidiaries, who are acting as the Israeli prime contractor to the IMOD under the NIS
        funded portion of an a IMOD program, are authorized to negotiate and enter into a
        subcontract directly with a U.S. supplier. However, payment of the funds under a USSP
        channel subcontract is administered by the IMOD Purchasing Mission to the U.S. ESA also
        participates in U.S. Foreign Military Sales (FMS) programs.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">69</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
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        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Antitrust Laws</font></b></i><font size="2">. Antitrust laws and
        regulations in Israel, the United States and other countries often require governmental
        approvals for transactions that are considered to limit competition. Such transactions may
        include cooperative agreements for specific programs or areas, as well as mergers and
        acquisitions. In connection with the acquisition of our interest in Elisra, the Israeli
        Antitrust Authority imposed stringent conditions for us to meet so long as Elisra is
        jointly held by us and IAI.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Civil Aviation
        Regulations</font></b></i><b><font size="2">.</font></b> <font size="2">Several of the
        products sold by Company entities for commercial aviation applications are subject to
        flight safety and airworthiness standards of the U.S. Federal Aviation Administration (FAA)
        and similar civil aviation authorities in Israel, Europe and other countries.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <i><b><font size="2">Federal Drug Administration Regulations</font></b></i><font size="2">.
        Medical products designed and manufactured by ESA through KMC are subject to the U.S.
        Federal Drug Administration (FDA) regulations.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 6pt; TEXT-ALIGN: left">
        <b><font size="3">Buy-Back</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">As part of their standard contractual requirements for defense programs,
        several of our customers include &ldquo;buy-back&rdquo; provisions. These provisions are
        typically best efforts obligations to make, or to facilitate third parties to make,
        specified transactions in the customer&rsquo;s country. Such transactions may include the
        purchase of local goods and services; cooperative ventures with, or investment in, local
        entities; and transfers of equipment, infrastructure or know-how for the benefit of local
        parties. In most cases, the buy-back transactions are to be fulfilled over a multi-year
        period that in some cases extends after completion of deliveries under the
        contract.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">To date, we have not encountered significant difficulties in identifying
        qualified local suppliers and placing purchase orders.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">We typically have the right to apply multiplier factors in calculating the
        amount of buy-back credit recognized, and certain types of investments and transactions
        receive buy-back credit of up to several times the value of the specific transaction.
        Therefore, even if the buy-back provisions apply in an aggregate amount of up to 100% of
        the price of the contract with our customer, the actual effective buy-back obligation
        amount in some cases could be significantly less due to the application of the multiplier
        factors.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Although failure to meet a best efforts buy-back obligation may limit our
        ability to be awarded future business from the applicable customer, in the majority of the
        cases buy-back is not linked to delivery payments or subject to specific or material
        contractual monetary penalties. The buy-back activities are a normal part of doing business
        in the defense industry with these customers. Over the number of years that we have been
        performing buy-back activities, we have not experienced significant difficulties in meeting
        our buy-back obligations, and therefore these buy-back activities are not believed to
        represent a material financial risk to our operations. Our maximum aggregate buy-back
        undertakings as of December 31, 2007 were approximately $883 million, to be fulfilled over
        a period of up to 10 years.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">70</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
        <b><font size="2">Financing Terms</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Types of Financing</font></b></i><b><font size="2">.</font></b>
        <font size="2">There are several types of financing terms applicable to our defense
        contracts. In some cases, we receive progress payments according to a percentage of the
        cost incurred in performing the contract. Sometimes we receive advances from the customer
        at the beginning of or during the course of the project, and sometimes we also receive
        milestone payments for achievement of specific milestones. In some programs we extend
        credit to the customer, sometimes based on receipt of guarantees or other security. In
        other situations work is performed before receipt of the payment, which means that we
        finance all or part of the project&rsquo;s costs for various periods of time. Financing
        arrangements may extend beyond the term of the contract&rsquo;s performance. When we
        believe it is necessary, we seek to protect all or part of our financial exposure by
        letters of credit, insurance or other measures, although in some cases such measures may
        not be available.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Advance Payment
        Guarantees</font></b></i><b><font size="2">.</font></b> <font size="2">In some cases where
        we receive advances prior to incurring contract costs or making deliveries, the customer
        may require guarantees against advances paid. These guarantees are issued either by
        financial institutions or by us. We have received substantial advances from customers under
        some of our contracts. Under certain circumstances, such as if a contract is canceled for
        default and there has been an advance or progress payment, we may be required to return
        payments to the customer as provided in the specific guarantee. As part of the guarantees
        we provide to receive progress payments or advance payments, some of our customers require
        us to transfer to them title in inventory acquired with such payments. As of December 31,
        2007, the amount of guarantees relating to customer advances was approximately $748
        million.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Performance Guarantees</font></b></i><font size="2">. A number of
        projects require us to provide performance guarantees in an amount equal to a percentage of
        the contract price. Some of our contracts contain clauses that impose penalties or reduce
        the amount payable to us if there is a delay or failure in performing in accordance with
        the contract or the completion of a phase of work, including in some cases during the
        warranty period. These types of guarantees may remain in effect for a period of time after
        completion of deliveries under the contract. Such guarantees are customary in defense
        transactions, and we provide them in the normal course of our business. As of December 31,
        2007, the balance of performance guarantees for Company entities amounted to approximately
        $129 million.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Financial Risks Relating to Our
        Projects</font></b></i><font size="2">. The nature of our projects and contracts creates
        some potential financial risks, including risks relating to dependence on governmental
        budgets, fixed price contracts for development effort and production, schedule extensions
        beyond our control, termination for the customer&rsquo;s convenience, potential for
        monetary penalties for late deliveries or failure to perform in accordance with the
        contract requirements and liability for subcontractors. In addition, we receive payments
        for some of our projects in currencies other than U.S. dollars. In such cases, we sometimes
        elect to adopt measures to reduce the risk of exchange rate fluctuations. See above &ndash;
        Item 3. Key Information &ndash; Risk Factors.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Audit Regulations.</font></b></i> <font size="2">The IMOD audits our
        books and records relating to its contracts with us. Our books and records and other
        aspects of projects related to U.S. defense contracts are subject to audit by the U.S.
        Defense Contract Audit Agency. Such audits review compliance with applicable government
        contracting cost accounting and other applicable standards. If discrepancies were found
        this could result in a downward adjustment of the applicable contract&rsquo;s price. Some
        other customers have similar rights under specific contract provisions.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">71</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
        <b><font size="2">Intellectual Property</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Patents, Trademarks and Trade Secrets.</font></b></i>
        <font size="2">The Company owns approximately 140 living patent families including patents
        and applications registered or filed in Israel, the United States, the European Patent
        Office and other countries. Our technology spin-off companies often rely in part on our
        patented technology. We also hold approximately 40 living trademark families relating to
        specific products. A significant part of our intellectual property assets relates to unique
        applications of advanced software-based technologies, development processes and production
        technologies. These applications are often not easily patentable, but are considered as our
        trade secrets and proprietary information. We take a number of measures to safeguard our
        intellectual property against infringement as well as to avoid infringement of other
        parties&rsquo; intellectual property.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Governmental Customers&rsquo; Rights in Data.</font></b></i>
        <font size="2">The IMOD usually retains specific rights to technologies and inventions
        resulting from our performance under Israeli Government contracts. This generally includes
        the right to disclose the information to third parties, including other defense contractors
        that may be our competitors. Consistent with common practice in the defense industry,
        approximately 35% of our revenues in 2007 was dependent on products incorporating
        technology that a government customer may disclose to third parties. When the Israeli
        Government funds research and development, it usually acquires rights to data and title to
        inventions. We often may retain a non-exclusive license for such inventions. The Israeli
        Government usually is entitled to receive royalties on export sales in relation to sales
        resulting from government financed development. However, if only the end product is
        purchased, we normally retain the principal rights to the technology. Sales of our products
        to the U.S. Government and some other customers are subject to similar conditions. Subject
        to applicable law, regulations and contract requirements, we attempt to maintain our
        intellectual property rights and provide customers with the right to use the technology
        only for the specific project under contract.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Licensing</font></b></i><font size="2">. There are relatively few
        cases where we manufacture under license. In such cases, the licensor typically is entitled
        to royalties or other types of compensation. In some cases where we have acquired business
        lines we obtain a royalty free license to use the applicable technology for specified
        applications. Occasionally, we license parts of our intellectual property to customers as
        part of the requirements of a particular contract. We also sometimes license technology to
        other companies for specific purposes or markets. Our technology spin-offs typically
        receive licenses to use relevant parts of our intellectual property for their designated
        business purposes. See above &ldquo;Technology Spin-Offs &ndash; MediGuide and -
        Starling.&rdquo;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><b><font size="3">Research
        and Development</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.37%; TEXT-ALIGN: left">
        <font size="2">We invest in research and development (R&amp;D) according to a long-term
        plan based on estimated market needs. Our R&amp;D efforts focus on anticipating operational
        needs of our customers, achieving reduced time to market and increasing affordability. We
        emphasize improving existing systems and products and developing new ones using emerging or
        existing technologies.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">We perform R&amp;D projects to produce new systems for the IMOD and other
        customers. These projects give us the opportunity to develop and test emerging
        technologies. We developed new tools for fast prototyping for both the design and
        development process. This permits the operational team members to effectively specify
        requirements and to automatically transfer them into software code. Examples of our ongoing
        defense-related R&amp;D projects include those for night operation capabilities, laser
        systems, display systems, helmet mounted systems, other avionics systems, UAVs, UGVs, USVs,
        space based cameras, Recce systems, C4I systems, electric tank turret drive systems,
        unmanned turret systems, communication systems and homeland security systems. We also
        perform R&amp;D in the area of commercial aviation and commercial night vision products for
        automobiles. In addition, our technology spin-offs perform R&amp;D in their areas of
        operation, mainly in the fields of medial instrumentation and broadband
        communications.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">72</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">We employ more than 3,800 software and hardware development and systems
        engineers engaged in advance programs for airborne, ground and naval defense, homeland
        security and space applications. In addition, most of our program and business line
        managers have engineering backgrounds. More than 50% of our total workforce is engaged in
        research, development and engineering.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Our customers fund part of our R&amp;D, and we also invest in our research
        and development activities. This investment is in accordance with our strategy and plan of
        operations. The table below shows amounts we invested in R&amp;D activities for the years
        ended December&nbsp;31, 2005, 2006 and 2007:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="60%" border="0">
                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="49%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="45">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">2005</font></p>
                    </td>

                    <td valign="bottom" width="5%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">2006</font></p>
                    </td>

                    <td valign="bottom" width="24">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">2007</font></p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="bottom" width="49%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="45">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="8">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">(U.S. dollars in million)</font></p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="49%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">
                        <font size="2">Total Investment</font></p>
                    </td>

                    <td valign="bottom" width="45">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">92.4</font></p>
                    </td>

                    <td valign="bottom" width="5%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">115.6</font></p>
                    </td>

                    <td valign="bottom" width="24">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">155.3</font></p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="49%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">
                        <font size="2">Less Participation*</font></p>
                    </td>

                    <td valign="bottom" width="45">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">20.5</font></p>
                    </td>

                    <td valign="bottom" width="5%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">23.4</font></p>
                    </td>

                    <td valign="bottom" width="24">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">28.3</font></p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="49%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">
                        <font size="2">Net Investment</font></p>
                    </td>

                    <td valign="bottom" width="45">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 2.25pt double" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 2.25pt double" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">71.9</font></p>
                    </td>

                    <td valign="bottom" width="5%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 2.25pt double" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 2.25pt double" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">92.2</font></p>
                    </td>

                    <td valign="bottom" width="24">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 2.25pt double" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 2.25pt double" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">127.0</font></p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
        <font size="2">____________</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">*See
        above &ndash; &ldquo;Government Rights in Data&rdquo; and see below &ndash;
        &ldquo;Conditions in Israel - Chief Scientist and Investment Center
        Funding.&rdquo;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="23%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="10%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="89%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Manufacturing</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">We manufacture and assemble most of our systems at Company operational
        facilities in Israel, the U.S. and Europe. These facilities contain warehouses, electronic
        manufacturing areas, test equipment and final assembly and test stations. We also have
        mechanical workshops, fully automated surface mount technology lines and clean
        rooms</font><b><font size="2">.</font></b> <font size="2">We have fully independent
        capabilities in electronic card assembly, electro-optic components, solid state components
        integration, environmental testing and final testing, including space simulation and
        thermal chambers. We also have computerized logistics systems for managing manufacturing
        and material supply. At ESA&rsquo;s facilities in Merrimack, we also manufacture commercial
        avionics and medical equipment in U.S. FAA and FDA registered facilities.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">We manufacture UAVs at our facilities in Karmiel, Israel and at UAS
        operations in Rehovot, Israel. Cyclone performs manufacturing and assembly of composite
        materials and other products at its facilities in Karmiel, Israel. SCD has a high
        technology semiconductor manufacturing facility in Leshem, Israel, in which it performs
        electronic integration and assembly of thermal imaging sensors and laser diodes. ESA has
        facilities for manufacturing and repair of test equipment and other items. Some components
        of our products are manufactured in Romania at S.C. A-E Electronics S.A., a majority-owned
        Romanian subsidiary of Elbit Systems that manufactures metal parts and at Elmet
        International SRL, a wholly-owned subsidiary of Elbit Systems involved in machining and
        metal works</font><i><font size="2">.</font></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">73</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
        <b><font size="2">Environmental Compliance</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <font size="2">As part of overall Company policy, we are committed to environmental, health
        and safety standards in all aspects of our operations. This includes ISO 14001
        compliance.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
        <b><font size="2">Purchasing</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">The Company&rsquo;s operational units each conduct purchasing activities. In
        the U.S., in addition to the purchasing activities conducted by the ESA companies, Elmec
        Inc., a wholly-owned subsidiary of Elbit Systems located in Chelmsford, Massachusetts, also
        provides procurement services. A number of purchasing and related support and logistic
        services are performed on a shared services basis by central service providers, in the
        Company, for various Company units and entities.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">We generally are not dependent on single sources of supply. We manage our
        inventory according to project requirements. In some projects, specific major
        subcontractors are designated by the customer. Raw materials used by us are generally
        available from a range of suppliers internationally, and the prices of such materials are
        generally not subject to volatility.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
        <b><font size="2">Customer Satisfaction and Quality Assurance</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">We invest in continuous improvement of processes to ensure customer
        satisfaction throughout all stages of our operations. This includes development, design,
        integration, manufacturing and services for software and hardware, for the range of our
        systems and products. Our quality teams are involved in assuring compliance with processes
        and administrating quality plans. These activities begin at the pre-contract stage and
        continue through the customer&rsquo;s acceptance of the product or services.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Elbit Systems uses a project management method based on Theory of
        Constraints (TOC) in most of our development projects. Using advanced software, work plans
        are continuously updated and are available to all integrated product team members. This
        method makes management more efficient and improves our ability to meet schedule demands of
        complex projects. Another TOC methodology is used successfully to manage our manufacturing
        lines in Karmiel, Israel. We also use methods such as Kaizen and Lean.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Our processes are based on a cutting edge tool case and CAD-CAM tools. This
        infrastructure, together with well defined development methodology and management tools,
        assists us in providing high quality and on time implementation of projects.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Representatives of our customers generally test our products before
        acceptance. Branches of the IDF and other customers have authorized us to conduct
        acceptance testing of our products on their behalf. In addition, Elbit Systems and Tadiran
        Spectralink are certified for Software Compatibility Maturity Model Integration (CMMI)
        Level 3 of the U.S. Software Engineering Institute (SEI), indicating a high level of
        program management and control, system engineering, software and hardware maturity and
        development capability. Elbit Systems has an approval certificate of the European Aviation
        Safety Agency (EASA) part 145 for maintaining civil products. Elbit Systems is certified
        for ISO-9001:2000 including ISO-90003 for software, AS9100, ISO-14001 and&nbsp;OSHAS 18001.
        Cyclone is certified for ISO-9001:2000, AS9100, ISO-14001 and OSHAS 18001. Elisra is
        certified for ISO-9001:2000 including ISO-90003 for software, AS9100, ISO-14001 and OSHAS
        18001. Tadiran Systems and Tadiran Spectralink are certified for ISO-9001:2000 and
        ISO-90003 for software. All of the above are certified by the National Standard Institution
        of Israel and by the National Quality Assurance (NQA) authority for AS9100.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">74</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">ESA &ndash; Fort Worth is certified for Software CMMI Level 2 of the SEI.
        ESA &ndash; Forth Worth, ESA &ndash; Talladega and ESA - Merrimack are certified for
        ISO-9001:2000 and AS9100. ESA &ndash; Tallahassee is certified for ISO-9001. ESA &ndash;
        Merrimack also holds an EASA certificate, and the quality systems of ESA - Merrimack and
        ESA - Talladega comply with NATO AQAP requirements. ESA&rsquo;s commercial aviation
        operations maintain FAA Part 145 approved repair stations in both New Hampshire and Kansas.
        Such operations are FAA Part 21 approved, holding a variety of FAA certifications in
        support of&nbsp;ESA&rsquo;s commercial avionics business line. ESA medical
        instruments&rsquo; business is registered to ISO 13485:2003, is registered with the FDA as
        a GMP manufacturer and is FDA compliant with Quality Systems Regulations 21 CFR Part 820,
        803 and 806.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
        <b><font size="2">Ethics</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <font size="2">We conduct our business activities and develop Company policies based on a
        firm commitment to ethical practices. In addition to our Code of Conduct (see below Item
        16.B) and compliance with applicable laws and regulations, we have an active Company-wide
        ethics compliance program, incorporating ongoing training awareness and enforcement. In
        March 2008, Elbit Systems&rsquo; ethics program received the top ranking for a
        non-U.S.-based organization, in the Ethisphere Institute&rsquo;s U.S. Government Contractor
        Ethics Program Survey.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><b><font size="2">Service
        and Warranty</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">We instruct our customers on the proper maintenance of our systems and
        products. In addition, we often offer training and provide equipment to assist our
        customers in performing their own maintenance. When required, support may be provided by a
        local support team or by experts sent from our main facilities.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">We generally offer a one - two-year warranty for our systems and products
        following delivery to, or installation by, the customer. In some cases we offer extended
        warranty periods. We maintain reserves for warranty obligations specifically determined for
        each project based on our experience and engineering estimates. These reserves are intended
        to cover post-delivery functionality and operating issues for which we are responsible
        under the applicable contract.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
        <b><font size="2">Marketing and Sales</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">We actively take the initiative in identifying the individual defense needs
        of our customers throughout the world. We then focus our research and development
        activities on systems designed to provide tailored solutions to those needs. We often
        provide demonstrations of prototypes and existing systems to potential
        customers.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">75</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
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        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">We market our systems and products either as a prime contractor or as a
        subcontractor to various governments and defense contractors worldwide. In Israel, we sell
        our military systems and products mainly to the IMOD, which procures all equipment for the
        IDF. Our marketing and technical support personnel for sales in Israel operate out of all
        of our major facilities in Israel. A number of marketing related support services are
        provided on a central shared services basis to various units in the Company. We are
        assisted in marketing our systems, products and services in other parts of the world
        through subsidiaries, joint ventures, consultants and representatives.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.37%; TEXT-ALIGN: left">
        <font size="2">In the U.S., the ESA companies lead our marketing activities, from the Fort
        Worth, Merrimack, Talladega and Tallahassee facilities and from offices in the Washington,
        D.C. area. A number of marketing related support services are provided on a central shared
        services basis to various units in the Company. ESA operates under a Special Security
        Agreement that allows it and its subsidiaries to work on certain classified U.S. Government
        programs. See above &ldquo;Principal Subsidiaries &ndash; ESA.&rdquo;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <font size="2">Our subsidiaries in other countries typically lead the marketing activities
        in their home countries, often assisted by marketing and business development personnel
        based in Israel.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Over the past several years, a number of the major entities in the Company
        have entered into cooperation agreements with major defense contractors in the United
        States, Europe and certain other key markets. These agreements provide for joint
        participation in marketing and performance of a range of projects. In other countries, we
        actively pursue business opportunities as either a prime contractor or a subcontractor,
        usually together with local companies. Often we enter into cooperation agreements with
        other companies for such opportunities.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
        <b><font size="2">Competition</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">We operate in a competitive environment for most of our projects, systems
        and products. Competition is based on product and program performance, price, reputation,
        reliability, life cycle costs and responsiveness to customer requirements. This includes
        the ability to respond to rapid changes in technology. In addition, our competitive
        position sometimes is affected by specific requirements in particular markets.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">In recent years consolidation in the defense industry has affected
        competition. This has decreased the number but increased the relative size and resources of
        our competitors. We adapt to market conditions by adjusting our business strategy to
        changing defense market conditions. We also anticipate continued competition in defense
        markets due to declining defense budgets in many countries.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Competitors in the sale of some of our products to the Government of Israel
        include IAI and Rafael among others. From time to time we also cooperate with some of our
        competitors on specific projects.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Outside of Israel, we compete in a number of areas with major international
        defense contractors. Our main competitors include divisions and subsidiaries of Northrop
        Grumman Corporation, Raytheon Inc., Honeywell, BAE Systems Ltd., Rockwell Collins, L-3
        Communications Holdings, Inc., Thales S.A., Harris Corporation, European Aerospace Defense
        and Space Company EADS N.V., Goodrich Corporation, FLIR Systems, Inc., CMC Electronics
        Inc., Rhode and Schwartz GmbH, Selex Communications Ltd. and ITT Defense Limited. Our
        competitors also include a number of other major defense contractors in the United States
        and Europe. Many of these competitors have greater financial, marketing and other resources
        than ours. We also compete in the worldwide defense market with numerous smaller companies
        as well as other large and small Israeli companies. In addition, we compete with a range of
        companies in the commercial avionics market. In certain cases we also engage in strategic
        cooperative activities with some of our competitors.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">76</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
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        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Overall, we believe we are able to compete on the basis of our systems
        development and technological expertise, our systems&rsquo; combat-proven performance and
        our policy of offering customers overall solutions to technological, operational and
        financial needs.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><b><font size="2">Major
        Customers</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Sometimes, our revenues from an individual customer account for more than
        10% of our revenues in a specific year. Our only such customers during the last three years
        were the IMOD, that accounted for 26% in 2005, 24% in 2006 and 21% in 2007, and the U.S.
        Government, that accounted for 10% of our revenues in 2005 and 15% of our revenues in
        2006.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><b><font size="2">Social
        Responsibility</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <font size="2">We place importance on social responsibility to the communities in which we
        live and work. This is consistent with our policy of emphasizing ethics in our business
        practices. Our policy encourages the voluntary efforts of our Company entities and
        employees who donate their time and efforts in the support of members of our communities
        who are in need. In this regard, we place priority on initiatives to promote educational
        advancement, particularly in the technology sectors. A major activity resulting from our
        social responsibility policy is facilitating the placement of our employees as tutors in
        peripheral communities and less developed neighborhoods, providing technology-related
        knowledge as well as other educational resources generally lacking in those areas. We also
        promote numerous other community support activities. Our commitment to social
        responsibility initiatives has been reflected in our ongoing ranking among the top Israeli
        companies in the &ldquo;Maala&rdquo; social responsibility index.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
        <b><font size="2">Conditions in Israel</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Political, Military and Economic
        Risks</font></b></i><b><font size="2">.</font></b> <font size="2">Our operations in Israel
        are subject to several potential political, military and economic risks. See above - Item
        3. Key Information &ndash; Risk Factors &ndash; Risks Related to Our Israeli
        Operations.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Trade Agreements</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Israel is a member of the United Nations, the International Monetary Fund,
        the International Bank for Reconstruction and Development and the International Finance
        Corporation. Israel also is a party to the General Agreement on Tariffs and Trade, which
        provides for reciprocal lowering of trade barriers among its members. In addition, Israel
        has been granted preferences under the Generalized System of Preferences from the United
        States, Australia, Canada and Japan. These preferences allow Israel to export products
        covered by such programs either duty-free or at reduced tariffs.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Israel and the European Community are parties to a Free Trade Agreement that
        provides some advantages for Israeli exports to most European countries and requires Israel
        to lower its tariffs on imports from these countries over a number of years. Israel and the
        United States entered into an agreement to establish a Free Trade Area that eliminates
        tariff and some non-tariff barriers on most trade between the two countries. An agreement
        between Israel and the European Free Trade Association, which includes Austria, Norway,
        Finland, Sweden, Switzerland, Iceland and Liechtenstein, established a free-trade zone
        between Israel and those nations.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">77</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Chief Scientist (OCS) and Investment Center Funding</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">The Government of Israel, through the OCS and the Israel Investment Center
        (the Investment Center), encourages research and development projects oriented towards
        export products and participates in the funding of such projects as well as company
        investments in manufacturing infrastructures.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Under the terms currently applying to OCS funding, companies receiving
        funding for development of products must pay the Israeli Government a royalty of usually 0%
        (in the case of non-royalty bearing grants) to 5% of the sales of products developed from a
        project funded by the OCS. These payments start with the beginning of sales of such
        products and typically end when 100% of the dollar value of the grant is repaid. For grants
        provided starting in 1999, the recipient must also pay interest payments to the OCS on the
        amount of the grant. The annual interest payment rate is LIBOR. The terms of Israeli
        Government participation also require that the rate of manufacture of products developed
        with government grants be performed in Israel at a rate equal to or higher than the rate
        contained in the funding proposal, unless a special approval has been granted. Separate
        Israeli Government consent is required to transfer to third parties technologies developed
        through projects in which the Government participates in the funding of the development
        effort.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.37%; TEXT-ALIGN: left">
        <font size="2">In 2002, Elop reached agreement with the OCS to join an OCS initiative
        applicable to large, research and development intensive Israeli companies. This initiative
        allows participating companies to receive OCS funding for generic research and development
        without the need for payment of future royalties. However, as a condition to joining the
        initiative, companies are required to reach agreement with the OCS on an unconditional
        prepayment for existing OCS funded programs in exchange for a release by the OCS from all
        obligations. Under Elop&rsquo;s agreement with the OCS, Elop paid $10.6 million over a
        five-year period beginning in 2002 in exchange for a release of Elop&rsquo;s obligations to
        pay further royalties.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.37%; TEXT-ALIGN: left">
        <font size="2">The Investment Center promotes Israeli export products and increased
        industrialization of peripheral areas through investment in industrial infrastructure. The
        Investment Center either provides grants for qualified projects or provides tax benefits
        for qualified industrial investments by Israeli companies. In 2005, the regulations
        relating to the tax benefit programs of the Investment Center were revised to provide for
        review and approval of the tax benefit by the Israel Tax Authority only after a company has
        made the applicable investment.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Israeli Labor Laws.</font></b></i> <font size="2">Our employees in
        Israel are subject to Israeli labor laws. Some employees are also affected by some
        provisions of collective bargaining agreements between the Histadrut - General Federation
        of Labor in Israel and the Coordination Bureau of Economic Organizations, which includes
        the Industrialists&rsquo; Association. These labor laws and collective bargaining
        provisions mainly concern the length of the work day, minimum daily wages for professional
        workers, insurance for work-related accidents, procedures for dismissing certain employees,
        determination of severance pay, employment of &ldquo;manpower&rdquo; employees and other
        conditions of employment.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Severance Pay</font></b></i><b><font size="2">.</font></b>
        <font size="2">Under Israeli law, our Israeli companies are required to make severance
        payments to terminated Israeli employees, other than in some cases of termination for
        cause. The severance reserve is calculated based on the employee&rsquo;s last salary and
        period of employment. A portion of the severance pay and pension obligation is covered by
        payment of premiums to insurance companies under approved plans and to pension funds. The
        deposits presented in the balance sheet include profits accumulated to the balance sheet
        date. The amounts deposited may be withdrawn only after fulfillment of the obligations
        under the Israeli laws relating to severance pay.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">78</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">National Insurance Institute.</font></b></i> <font size="2">Israeli
        employees and employers are required to pay predetermined sums to the National Insurance
        Institute, which is similar to the U.S. Social Security Administration. These amounts also
        include payments for national health insurance. As of December 31, 2007, the payments to
        the National Insurance Institute were equal to approximately 17.7% of wages,, subject to a
        cap if an employee&rsquo;s monthly wages exceed a specified amount. The employee
        contributes approximately 66% and the employer contributes approximately 34%.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 5.22%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Enforcement of Judgments</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Israeli courts may enforce U.S. and other foreign jurisdiction final
        executory judgments for liquidated amounts in civil matters, obtained after due process
        before a court of competent jurisdiction. This enforcement is made according to the private
        international law rules currently applicable in Israel, which recognize and enforce similar
        Israeli judgments, provided that:</font></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 6pt; PADDING-TOP: 0in" valign="top" width="41">
                        <p>&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 6pt; PADDING-TOP: 0in" valign="top" width="34">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 6pt; PADDING-TOP: 0in" valign="top" width="910">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">adequate service of process has been made and the defendant
                        has had a reasonable opportunity to be heard;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 6pt; PADDING-TOP: 0in" valign="top" width="41">
                        <p>&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 6pt; PADDING-TOP: 0in" valign="top" width="35">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 6pt; PADDING-TOP: 0in" valign="top" width="909">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">the judgment and its enforcement are not contrary to the
                        law, public policy, security or sovereignty of the State of
                        Israel;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 6pt; PADDING-TOP: 0in" valign="top" width="41">
                        <p>&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 6pt; PADDING-TOP: 0in" valign="top" width="35">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 6pt; PADDING-TOP: 0in" valign="top" width="909">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">the judgment was not obtained by fraud and does not conflict
                        with any other valid judgment in the same matter between the same
                        parties;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 6pt; PADDING-TOP: 0in" valign="top" width="41">
                        <p>&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 6pt; PADDING-TOP: 0in" valign="top" width="35">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 6pt; PADDING-TOP: 0in" valign="top" width="909">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">an action between the same parties in the same matter is not
                        pending in any Israeli court at the time the lawsuit is instituted in the
                        foreign court; and</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 6pt; PADDING-TOP: 0in" valign="top" width="41">
                        <p>&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 6pt; PADDING-TOP: 0in" valign="top" width="35">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 6pt; PADDING-TOP: 0in" valign="top" width="909">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">the judgment is no longer subject to a right of
                        appeal.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Foreign judgments enforced by Israeli courts generally will be payable in
        Israeli currency. The usual practice in Israel in an action to recover an amount in a
        non-Israeli currency is for the Israeli court to provide for payment of the equivalent
        amount in Israeli currency at the exchange rate in effect on the judgment date. Under
        existing Israeli law, a foreign judgment payable in foreign currency may be paid in Israeli
        currency at the foreign currency&rsquo;s exchange rate on the payment date or in foreign
        currency. Until collection, an Israeli court judgment stated in Israeli currency will
        ordinarily be linked to the Israeli Consumer Price Index (CPI) plus interest at the annual
        rate (set by Israeli regulations) in effect at that time. Judgment creditors must bear the
        risk of unfavorable exchange rates.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="61%" border="0">
                <tr>
                    <td valign="top" nowrap width="24%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><a name="item4a"><font size="4">Item 4A.</font></a></b></p>
                    </td>

                    <td valign="top" nowrap width="71%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="4">Unresolved Staff Comments</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <font size="2">None</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">79</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 5.22%; TEXT-ALIGN: left"></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><a name="item5"><font size="4">Item 5.</font></a></b></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="4">Operating Financial Review and Prospects
                        &ndash;</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 15.35%; TEXT-ALIGN: left">
        <b><font size="4">Management&rsquo;s Discussion and Analysis</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><font size="2">The following discussion and analysis should be read together with our
        audited consolidated financial statements and notes appearing in Item 18
        below.</font></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <b><font size="3">General</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <i><b><font size="2">Critical Accounting Policies and Estimates</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: justify">
        <font size="2">Our significant accounting policies are described in Note 2 to the audited
        consolidated financial statements for the year ended December 31, 2007.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">Our results of operations and financial condition are based on the
        preparation of consolidated financial statements in conformity with United States generally
        accepted accounting principles (U.S. GAAP). The preparation of the consolidated financial
        statements requires management to select accounting policies for critical accounting areas
        as well as estimates and assumptions and to make judgments that involve the accounting
        policies described below that affect the amounts reported in the consolidated financial
        statements. Significant changes in assumptions and/or conditions and changes in critical
        accounting policies could materially impact our operating results and financial
        condition.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        <font size="2">We believe our most critical accounting policies relate to:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="7%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Revenue Recognition.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="7%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Business Combinations and Purchase Price
                        Allocation.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="7%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Impairment of Goodwill and Other Long-Lived
                        Assets.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="7%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Other-Than-Temporary Decline in Value of Investments in
                        Investee Companies.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="7%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Useful Life of Long-Lived Assets.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="7%">
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Tax Accounting.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="7%">
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Valuation of Securities.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        <b><font size="2">Revenue Recognition</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">We generate revenues, mainly from long-term contracts involving the design,
        development, manufacture and integration of defense systems and products. In addition, to a
        minor extent we provide support and services for such systems and products.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">Revenues from long-term contracts are recognized based on Statement of
        Position 81-1 &ldquo;Accounting for Performance of Construction-Type and Certain
        Production-Type Contracts&rdquo; (SOP 81-1) according to which revenues are recognized on
        the percentage-of-completion basis.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">Sales under long-term fixed-price contracts which provide for a substantial
        level of development efforts in relation to total contract efforts are recorded using the
        cost-to-cost method of accounting as the basis to measure progress toward completing the
        contract and recognizing revenues. According to this method, sales and profits are recorded
        based on the ratio of costs incurred to estimated total costs at completion. In certain
        circumstances, when measuring progress toward completion, we consider other factors, such
        as achievement of performance milestones.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">80</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
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        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">Sales and anticipated profit under long-term fixed-price production type
        contracts are recorded on a percentage-of-completion basis, using the units-of-delivery as
        the basis to measure progress toward completing the contract and recognizing revenues. In
        certain circumstances, which involve long-term fixed-price production type contracts for
        non-homogenous or small quantity of units, revenue is recognized based on the achievement
        of performance milestones, which provide a more reliable, and objective, measure to the
        extent of progress toward completion.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify" align="left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">Sales and anticipated profit under long-term fixed-price contracts that
        involve both development and production are recorded using the cost-to-cost method and
        units-of-delivery method as applicable to the phase of the contract, as the basis to
        measure progress toward completion. In addition, when measuring progress toward completion
        under the development portion of the contract, we consider other factors, such as
        achievement of performance milestones.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify" align="left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">The percentage-of-completion method of accounting requires management to
        estimate the cost and gross profit margin for each individual contract. Estimated gross
        profit or loss from long-term contracts may change due to changes in estimates resulting
        from differences between actual performance and original estimated forecasts. Such changes
        in estimated gross profit are recorded in results of operations when they are reasonably
        determinable by management, on a cumulative catch-up basis. Anticipated losses on contracts
        are charged to earnings when determined to be probable.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify" align="left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">Sales under cost-reimbursement-type contracts are recorded as costs are
        incurred. Applicable estimated profits are included in earnings in the proportion that
        incurred costs bear to total estimated costs.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify" align="left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">Amounts representing contract change orders, claims or other items are
        included in sales only when they can be reliably estimated and realization is probable.
        Penalties and awards applicable to performance on contracts are considered in estimating
        sales and profit rates and are recorded when there is sufficient information to assess
        anticipated contract performance.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify" align="left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">We believe that the use of the percentage-of-completion method is
        appropriate as the Company has the ability to make reasonably dependable estimates of the
        extent of progress towards completion, contract revenues and contract costs. In addition,
        contracts executed include provisions that clearly specify the enforceable rights regarding
        services to be provided and received by the parties to the contracts, the consideration to
        be exchanged and the manner and terms of settlement. In all cases the Company expects to
        perform our contractual obligations, and our customers are expected to satisfy their
        obligations under the contract.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify" align="left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">In cases where the contract involves the delivery of products and
        performance of services, we follow the guidelines specified in EITF 00-21, &ldquo;Revenue
        Arrangements with Multiple Deliverables&rdquo; in order to allocate the contract fees
        between the products accounted for under SOP 81-1 and the services.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify" align="left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">In certain circumstances, sales under short-term fixed-price production type
        contracts are accounted for in accordance with SAB No. 104, &ldquo;Revenue Recognition in
        Financial Statements&rdquo; (SAB 104). In such cases sales are recognized when the
        following criteria are met: persuasive evidence of an arrangement exists, delivery has
        occurred, the seller&rsquo;s price to the buyer is fixed or determinable, no further
        obligation exists and collectability is reasonably assured. When such contracts involve the
        delivery of multiple products that are delivered at different times, EITF-00-21 is applied
        in allocating contract fees to the various items.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">81</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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        <p style="PAGE-BREAK-BEFORE: always"></p>
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">Management reviews periodically the estimates of progress towards completion
        and project costs. These estimates are determined based on engineering estimates and past
        experience, by personnel having the appropriate authority and expertise to make reasonable
        estimates of progress towards contract completion and the related costs. Such engineering
        estimates are reviewed periodically for each specific contract by professional personnel
        from various disciplines within the organization. These estimates take into consideration
        the probability of achievement of certain milestones, as well as other factors that might
        impact the contract&rsquo;s completion.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">A number of internal and external factors affect our cost estimates,
        including labor rates, estimated future material prices, revised estimates of uncompleted
        work, efficiency variances, linkage to indices and exchange rates, customer specifications
        and testing requirement changes. If any of the above factors were to change, or if
        different assumptions were used in estimating progress cost and measuring progress towards
        completion, it is likely that materially different amounts would be reported in our
        consolidated financial statements.</font></p>

        <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <b><font size="2">Business Combinations and Purchase Price Allocation</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">Business combinations are accounted for using the purchase method of
        accounting, under which the total purchase price of the acquired companies is allocated to
        the tangible and intangible assets acquired and liabilities assumed, as well as to
        in-process research and development (IPR&amp;D) based on their estimated fair values, and
        the excess of the purchase price over the fair value of the net assets of the purchased
        businesses is recorded as goodwill. The aggregate purchase price of any investment
        accounted for under either the consolidation or the equity method of accounting is
        allocated to identifiable net tangible assets, intangible assets other than goodwill,
        IPR&amp;D activities and to goodwill. The amount allocated to IPR&amp;D is charged
        immediately to the Company&rsquo;s results of operations in accordance with FASB
        Interpretation No. 4, &ldquo;Applicability of FASB Statement No. 2 to Business Combinations
        Accounted for by the Purchase Method&rdquo; (FIN 4). The amounts allocated to finite-lived
        intangible assets other than goodwill are amortized on a straight-line basis over their
        weighted average expected useful life.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">We engage third-party appraisal firms to assist management in determining
        the fair values of certain assets acquired and liabilities assumed. Estimating the fair
        value of certain assets acquired and liabilities assumed is judgmental in nature and often
        involves the use of significant estimates and assumptions, mainly with respect to
        intangible assets. Management makes estimates of fair value based upon assumptions believed
        to be reasonable. These estimates are based on historical experience and information
        obtained from the management of the acquired companies and are inherently uncertain. While
        there are a number of different methods for estimating the value of intangibles acquired,
        the primary method used is the discounted cash flow approach. Some of the more significant
        estimates and assumptions inherent in the discounted cash flow approach include projected
        future cash flows, including their timing, a discount rate reflecting the risk inherent in
        the future cash flows and a terminal growth rate. Another area which requires judgment and
        can impact our results of operations is estimating the expected useful lives of the
        intangible assets. Unanticipated events and circumstances may occur that may affect the
        accuracy or validity of such assumptions, estimates or actual results.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">To the extent intangible assets are ascribed with longer useful lives, there
        may be less amortization expenses recorded in any given period. As the Company operates in
        industries which are extremely competitive, the value of the intangible assets, including
        goodwill and their respective useful lives, are exposed to future adverse changes, which
        can result in an impairment charge to our results of operations.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            &nbsp;
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">82</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <b><font size="2">Impairment of Goodwill and Long-Lived Assets</font></b></p>
        <br>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">Consistent with Statement of Financial Accounting Standards (SFAS) No. 142,
        &ldquo;Goodwill and Other Intangible Assets&rdquo; (SFAS 142), goodwill and intangible
        assets deemed to have indefinite lives are not amortized&nbsp;but are subject to periodic
        impairment tests, at least on an annual basis. According to SFAS 142, goodwill impairment
        is deemed to exist if the net book value of a reporting unit exceeds its estimated fair
        value. We conduct a goodwill impairment review at least annually and more frequently
        whenever events or changes in circumstances indicate that the carrying value may not be
        recoverable. Factors considered important which could trigger an impairment review include
        significant underperformance relative to historical or expected future operating results
        and significant negative industry or economic trends. We test for impairment at a level
        referred to as a reporting unit. Determining fair value of a reporting unit involves the
        use of significant estimates and assumptions. These estimates and assumptions could have an
        impact on whether or not an impairment charge is recognized. To determine fair value, we
        may use a number of valuation methods.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">The methods commonly used to value reporting units are the Income, Market
        and Cost approaches. Our reporting units&rsquo; fair market value is estimated using either
        of two valuation methodologies: the Income Approach and the Market Approach. As mentioned
        above, these approaches use estimates and assumptions including projected future cash
        flows, discount rate and terminal growth rate. Using different assumptions could result in
        different results.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">As of December 31, 2007, our goodwill amounted to $332 million. We tested
        our goodwill for impairment as of December 31, 2007 and concluded that no impairment loss
        was identified.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">Consistent with SFAS No. 144, &ldquo;Accounting for the Impairment or
        Disposal of Long-Lived Assets,&rdquo; we evaluate long-lived assets for impairment and
        assess their recoverability whenever events or circumstances indicate that carrying amount
        of an asset may not be recoverable. The recoverability of assets to be held and used is
        measured by a comparison of the carrying amount of an asset to the future undiscounted cash
        flows expected to be generated by the asset. If an asset is considered to be impaired, the
        impairment to be recognized is measured by the amount by which the carrying amount of the
        asset exceeds its fair value. In the evaluation of fair value, we use significant estimates
        and assumptions such as projected future cash flows which are subject to high degree of
        judgment. If the carrying value of a long-lived asset exceeds its fair value, an impairment
        loss is recognized in an amount equal to that excess. In the valuation of fair value we use
        judgment as to which is the most appropriate method to use for measuring fair value and as
        to what assumptions to use in implementing the methodology chosen. As we operate in
        industries which are extremely competitive, changes in the assumptions and estimates may
        affect the carrying value of the intangible assets, and could result in an impairment
        charge to our results of operations. As of December 31, 2007, our long-lived assets
        amounted to $649.4 million, including $298.7 million identifiable in intangible assets, and
        we concluded that there were no indicators of impairment present during and up to the end
        of the year.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.21%" align="left">
        <font size="2">Should our future impairment tests determine that impairment has occurred in
        the value of our goodwill or long-lived assets, such impairment may have a material effect
        on our financial results in the period in which the impairment is determined. See also
        &ldquo;2007 Compared to 2006 - Finance Expenses (Net)&rdquo; below.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.21%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        <b><font size="2">Other-Than-Temporary Decline in Value of Investments in Investee
        Companies</font></b><font size="2">&nbsp;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">At the end of each reported period we evaluate whether an
        other-than-temporary decline in the value of an investment in investee companies has been
        sustained. This evaluation is judgmental in nature. If it has been determined that an
        investment has sustained an other-than-temporary decline in its fair value relative to its
        carrying value, the investment is written down to its fair value by a charge to our results
        of operations.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">83</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">An evaluation of fair value is dependent upon specific facts and
        circumstances. Factors that are considered in this determination include financial
        information (including, among others, budgets, business plans and financial statements) and
        independent appraisals, if available. Factors indicative of an other-than-temporary decline
        include recurring operating losses, credit defaults, specific conditions affecting the
        investment, such as in the industry or in a geographic area, and subsequent rounds of
        financing at an amount below the cost basis of the investment. This list is not all
        inclusive, and we weigh all quantitative and qualitative factors in determining if an
        other-than-temporary decline in value of an investment has occurred. As the Company
        operates in industries that are extremely competitive, it is possible that estimates could
        change in the near term, and there can be no assurance that an additional write-down or
        write-off of the carrying value&nbsp;of an&nbsp;investment will not be required in the
        future. See also &ldquo;2006 Compared to 2005 - Other Income (Expenses) (Net)&rdquo;
        below.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        <b><font size="2">Useful Life of Long-Lived Assets</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">Intangible assets and property, plant and equipment are amortized over their
        estimated useful lives. Determining the useful life of such assets involves the use of
        estimates and judgments. In determining the useful life we take into account various
        factors such as the expected use of the assets, effects of obsolescence, including
        technological developments, competition, demand, changes in business, acquisitions and
        other economic factors. If we estimate changes and the useful lives of such assets increase
        or decrease, it will affect our results of operations. See above &ndash; &ldquo;Impairment
        of Goodwill and Long-Lived Assets&rdquo; for further discussion of the effects of changes
        in useful lives.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">84</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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        <p style="PAGE-BREAK-BEFORE: always"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
        <b><font size="2">Tax Accounting</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
        <font size="2">We record income taxes using the asset and liability approach. Management
        judgment is required in determining our provision for income taxes in each of the
        jurisdictions in which we operate. The provision for income tax is calculated based on our
        assumptions as to our entitlement to various benefits under the applicable tax laws in the
        jurisdictions in which we operate. The entitlement to such benefits depends upon our
        compliance with the terms and conditions set out in these laws. We have considered future
        taxable income, prudent and feasible tax planning strategies and other available evidence
        in determining the need for a valuation allowance. Although we believe that our estimates
        are reasonable and that we have considered future taxable income and ongoing prudent and
        feasible tax strategies in estimating our tax outcome, there is no assurance that the final
        tax outcome will not be different than those which are reflected in our historical income
        tax provisions and accruals. Such differences could have a material effect on our income
        tax provision, net income and cash balances in the period in which such determination is
        made.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
        <font size="2">On January 1, 2007, we adopted FIN&nbsp;No. 48, &ldquo;Accounting for
        Uncertainty in Income Taxes&rdquo; (FIN No. 48), which contains a two-step approach to
        recognizing and measuring uncertain tax positions accounted for in accordance with SFAS
        No.&nbsp;109, &ldquo;Accounting for Income Taxes&rdquo; (SFAS No.&nbsp;109). The first step
        is to evaluate the tax position taken or expected to be taken in a tax return by
        determining if the weight of available evidence indicates that it is more likely than not
        that, on an evaluation of the technical merits, the tax position will be sustained on
        audit, including resolution of any related appeals or litigation processes. The second step
        is to measure the tax benefit as the largest amount that is more than 50% likely to be
        realized upon ultimate settlement. Prior to January&nbsp;1, 2007, we estimated our
        uncertain income tax obligations in accordance with SFAS No.&nbsp;109 and SFAS No.&nbsp;5
        &ldquo;Accounting for Contingencies.&rdquo;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -1.18in; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.39in; TEXT-ALIGN: justify">
        <font size="2">The impact on&nbsp;our consolidated financial position and results of
        operations as a result of the adoption of the provisions of FIN 48 was approximately $4.85
        million, which was recognized as an adjustment to opening retained earnings.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.39in; TEXT-ALIGN: left">
        <font size="2">We recorded interest related to its unrecognized tax benefit as income tax
        expense. Our January 1, 2007 unrecognized tax benefit included approximately $2.45 million
        of interest.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; TEXT-INDENT: -0.1in; TEXT-ALIGN: justify">
        <b><font size="2">Valuation of Securities</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.39in; TEXT-ALIGN: justify">
        <font size="2">We account for our marketable securities in accordance with SFAS No.
        115,</font> <font size="2">&ldquo;Accounting for Certain Investments in Debt and Equity
        Securities&rdquo;</font> <font size="2">(SFAS 115).</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.39in; TEXT-ALIGN: justify">
        <font size="2">Our marketable securities at December 31, 2007 included principal
        investments in Auction Rate Securities (ARS). The ARS held by us as a result of the
        acquisition of Tadiran are private placement securities with long-term nominal maturities
        for which the interest rates are reset through a &ldquo;dutch&rdquo; auction each month.
        The monthly auctions historically have provided a liquid market for these securities. Our
        investments in ARS represent interests in collateralized debt obligations supported by
        pools of residential and commercial mortgages or credit cards, insurance securitizations
        and other structured credits, including corporate bonds. Some of the underlying collateral
        for the ARS held by us consists of sub-prime mortgages.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.39in; TEXT-ALIGN: justify">
        <font size="2">Although the ARS continue to pay interest according to their stated terms,
        based on fair value indications received and valuation models applied by the investment
        banks and an analysis of other-than-temporary impairment factors, we recorded an impairment
        charge of approximately $10 million in the fourth quarter of 2007, reflecting the portion
        of ARS holdings that we concluded have an other-than-temporary decline in value, and the
        cost was included in Finance Expenses net. In addition, we recorded an unrealized pre-tax
        loss of approximately $0.9 million in other comprehensive income, reflecting an adjustment
        to ARS holdings that we concluded to have a temporary decline in value.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.39in; TEXT-ALIGN: justify">
        <font size="2">Historically, given the liquidity created by the auctions, ARS were
        presented as current assets under marketable securities on our balance sheet. As a result
        of the failed auctions, in recent periods the Company&rsquo;s ARS are illiquid until there
        is a successful auction for them. Accordingly, the entire amount of such remaining ARS has
        been reclassified from current to non-current assets on our balance sheet.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.39in; TEXT-ALIGN: justify">
        <font size="2">The valuation of our investment portfolio is subject to uncertainties that
        are difficult to predict. Factors that may impact our valuation include changes to credit
        ratings of the securities as well as to the underlying assets supporting those securities,
        rates of default of the underlying assets, underlying collateral value, discount rates,
        counterparty risk and ongoing strength and quality of market credit and
        liquidity.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.39in; TEXT-ALIGN: justify">
        <font size="2">The credit and capital markets have continued to deteriorate in 2008. If
        uncertainties in these markets continue, these markets deteriorate further or we experience
        any additional ratings downgrades on any investments in our portfolio, we may incur
        additional impairments to our investment portfolio, which could negatively affect our
        financial condition, cash flow and reported earnings.&nbsp; See also the discussion below
        in this Item 5 under the caption &ldquo;Liquidity and Capital Resources&mdash;Auction Rate
        Securities.&rdquo;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.39in; TEXT-ALIGN: left"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.39in; TEXT-ALIGN: left"></p>
        <br>
        <br>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">85</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 12.13%; TEXT-ALIGN: justify">
        &nbsp;</p>
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        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 12.13%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
        <i><b><font size="2">Sarbanes-Oxley Act</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">According to Section 404 of the U.S. Sarbanes-Oxley Act of 2002, Elbit
        Systems is required to include in our annual report for the fiscal year ending December 31,
        2007 an assessment, as of the end of the fiscal year, of the effectiveness of our internal
        controls over financial reporting.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">During 2007, we took steps to assure compliance of our documentation and
        internal controls over financial reporting with the guidelines stipulated in the
        Sarbanes-Oxley Act. We completed the required activities for the 2007 year end financial
        statements. See below &ndash; Item 15. Controls and Procedures &ndash; Management&rsquo;s
        Annual Report on Internal Control Over Financial Reporting.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
        <i><b><font size="2">New Accounting Standards</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.21%; TEXT-ALIGN: justify">
        <font size="2">The following are the recently issued accounting standards that may have an
        impact on our future financial statements:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.21%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="7%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="4%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="left">
                        <b><font size="2">SFAS 157.</font></b>&nbsp; <font size="2">In September
                        2006, the FASB issued SFAS No. 157, &ldquo;Fair Value Measurements&rdquo;
                        (SFAS 157). SFAS 157 defines fair value, establishes a framework for
                        measuring fair value and enhances fair value measurement disclosure. In
                        February 2008, the FASB issued FASB Staff Position (FSP) 157-1,
                        &ldquo;Application of FASB Statement No.&nbsp;157 FASB Statement No. 13 and
                        Other Accounting Pronouncements That Address Fair Value Measurements for
                        Purposes of Lease Classification or Measurement under Statement 13&rdquo;
                        (FSP 157-1) and FSP 157-2, &ldquo;Effective Date of FASB Statement
                        No.&nbsp;157&rdquo; (FSP&nbsp;157-2). FSP 157-1 amends SFAS No. 157 to
                        remove certain leasing transactions from its scope. FSP&nbsp;157-2 delays
                        the effective date of SFAS&nbsp;No.&nbsp;157 for all non-financial assets
                        and non-financial liabilities, except for items that are recognized or
                        disclosed at fair value in the financial statements on a recurring basis
                        (at least annually), until the beginning of the first quarter of 2009. The
                        measurement and disclosure requirements related to financial assets and
                        financial liabilities are effective for the Company beginning in the first
                        quarter of 2008.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                    &nbsp;</p>
                </td>

                <td valign="top" width="4%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="left">
                    <font size="2">The resulting fair values calculated under
                    SFAS&nbsp;No.&nbsp;157 after adoption may be different from the fair values
                    that would have been calculated under previous guidance. We are currently
                    evaluating the impact that SFAS&nbsp;No.&nbsp;157 will have on our consolidated
                    financial statements when it is applied to non-financial assets and
                    non-financial liabilities beginning in the first quarter of 2009.</font></p>
                </td>
            </tr>
        </table>
        <br>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="60">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top" width="877">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="left">
                        <b><font size="2">SFAS 159.</font></b> <font size="2">In February 2007, the
                        FASB issued SFAS No. 159, &ldquo;The Fair Value Option for Financial Assets
                        and Financial Liabilities&rdquo; (SFAS 159). SFAS 159 permits companies to
                        record certain financial instruments and other items at fair value. The
                        standard requires unrealized gains and losses to be reported in earnings
                        for items measured using the fair value option. SFAS&nbsp;&nbsp;159 is
                        effective for the Company beginning in the first quarter of 2008. The
                        adoption of SFAS&nbsp;&nbsp;159 did not have a significant impact on our
                        consolidated financial statements.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="6%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Wingdings"><font size="4"><b><font size="4"><font size="4"><font face="Times New Roman, Times, serif" color="#000000" size="3">
                        <b>&bull;</b></font></font></font></b></font></font></p>
                    </td>

                    <td valign="top" width="878">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="left">
                        <b><font size="2">EITF 07-3.</font></b> <font size="2">In June 2007, the
                        FASB ratified EITF&nbsp;07-3, &ldquo;Accounting for Non-Refundable Advance
                        Payments for Goods or Services Received for Use in Future Research and
                        Development Activities&rdquo; (EITF&nbsp;07-3). EITF&nbsp;07-3 requires
                        that nonrefundable advance payments for goods or services that will be used
                        or rendered for future research and development activities be deferred,
                        capitalized and recognized as an expense as the goods are delivered or the
                        related services are performed. EITF&nbsp;07-3 is effective, on a
                        prospective basis, for fiscal years beginning after December&nbsp;15, 2007.
                        The adoption of EITF 07-3 did not have a material impact on our
                        consolidated results of operations and financial condition.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 12.13%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">86</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 12.13%; TEXT-ALIGN: justify">
        &nbsp;</p>
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 12.13%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="6%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="50">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top" width="876">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="left">
                        <b><font size="2">SFAS 141(R).</font></b> <font size="2">In December 2007,
                        the FASB issued SFAS&nbsp;No.&nbsp;141 (revised 2007), &ldquo;Business
                        Combinations&rdquo; (SFAS&nbsp; 141(R)). Under SFAS&nbsp; 141(R), an entity
                        is required to recognize the assets acquired, liabilities assumed,
                        contractual contingencies and contingent consideration at their fair value
                        on the acquisition date. SFAS 141(R) further requires that
                        acquisition-related costs be recognized separately from the acquisition and
                        expensed as incurred, restructuring costs generally be expensed in periods
                        subsequent to the acquisition date and changes in accounting for deferred
                        tax asset valuation allowances and acquired income tax uncertainties after
                        the measurement period will impact income tax expense. In addition,
                        acquired IPR&amp;D is capitalized as an intangible asset and amortized over
                        its estimated useful life. The adoption of SFAS&nbsp;141(R) will change our
                        accounting treatment for business combinations consummated beginning in the
                        first quarter of 2009, and we are currently assessing that
                        impact.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 12.13%; TEXT-INDENT: -5.99%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="6%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="51">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top" width="875">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="left">
                        <b><font size="2">SFAS 160.</font></b> <font size="2">In December 2007, the
                        FASB issued SFAS&nbsp;No.&nbsp;160, &ldquo;Noncontrolling Interests in
                        Consolidated Financial Statements&nbsp;- an amendment of Accounting
                        Research Bulletin&nbsp;No.&nbsp;51&rdquo; (SFAS&nbsp;160). SFAS&nbsp;160
                        addresses the accounting and reporting standards for ownership interests in
                        subsidiaries held by parties other than the parent, the amount of
                        consolidated net income attributable to the parent and to the
                        noncontrolling interest, changes in a parent&rsquo;s ownership interest and
                        the valuation of retained noncontrolling equity investments when a
                        subsidiary is deconsolidated. SFAS&nbsp;160 also establishes disclosure
                        requirements that clearly identify and distinguish between the interests of
                        the parent and the interests of the noncontrolling owners. SFAS&nbsp;160 is
                        effective for fiscal years beginning after December&nbsp;15, 2008, and will
                        be adopted by the Company in 2009. We are currently assessing the impact of
                        this standard on our future consolidated results of operations and
                        financial condition.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 5.99%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="6%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="53">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top" width="873">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="left">
                        <b><font size="2">SFAS 161.</font></b> <font size="2">In March&nbsp;2008,
                        the FASB issued SFAS 161, &ldquo;Disclosures about Derivative Instruments
                        and Hedging Activities&rdquo; (SFAS 161). SFAS 161 is an amendment of SFAS
                        133, &ldquo;Accounting for Derivative Instruments and Hedging
                        Activities&rdquo; (SFAS 133). To address concerns that the existing
                        disclosure requirements of SFAS 133 do not provide adequate information,
                        SFAS 161 requires enhanced disclosures about an entity&rsquo;s derivative
                        and hedging activities and thereby improves the transparency of financial
                        reporting. SFAS 161 will be effective for financial statements issued for
                        fiscal years and interim periods beginning after November&nbsp;15, 2008. We
                        are currently evaluating the future impacts and disclosures relating to
                        SFAS 161.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">87</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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        <p style="PAGE-BREAK-BEFORE: always"></p>
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
        <i><b><font size="2">Off Balance Sheet and Other Long-Term Arrangements and
        Commitments</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <b><font size="2">Buy-Back.</font></b> <font size="2">In connection with projects in
        certain countries, Elbit Systems and certain of our subsidiaries undertook to make or
        facilitate purchases or investments in those countries at specified percentages (typically
        up to 100%) of the amount of the specific contract. The maximum aggregate undertaking as of
        December 31, 2007 amounted to approximately $883 million to be performed over a period of
        up to 10 years. In the opinion of our management, the actual amount of the investments and
        purchases should be less than that mentioned above, since certain investments and purchases
        can result in reducing the overall undertaking on more than a one-to-one basis. See above
        &ndash; Item 4. Information on the Company &ndash; Buy-Back.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <b><font size="2">Government Funding of Development.</font></b> <font size="2">Elbit
        Systems and certain Israeli subsidiaries partially finance our research and development
        expenditures under programs sponsored by the Government of Israel Chief Scientist Office
        (OCS) for the support of research and development activities conducted in Israel. At the
        time the participations were received, successful development of the related projects was
        not assured. In exchange for participation in the programs by the OCS, Elbit Systems and
        the subsidiaries agreed to pay 0% - 5% of total sales of products developed within the
        framework of these programs. The obligation to pay these royalties is contingent on actual
        sales of the products. Elbit Systems and some of our subsidiaries may also be obligated to
        pay certain amounts to the IMOD and others on certain sales including sales resulting from
        the development of some of the technologies developed with their participation. See above
        &ndash; Item 4. Information on the Company &ndash; Conditions in Israel &ndash; Chief
        Scientist (OCS) and Investment Center Funding.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: justify">
        <b><font size="2">Lease Commitments.</font></b> <font size="2">The future minimum lease
        commitments of the Company under various non-cancelable operating lease agreements in
        respect of premises, motor vehicles and office equipment as of December 31, 2007 were as
        follows: $26 million for 2008, $23 million for 2009, $19 million for 2010 and $28 million
        for 2011 and thereafter.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.68%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <b><font size="2">Bank Covenants.</font></b> <font size="2">In connection with bank credits
        and loans, including performance guarantees issued by banks and bank guarantees in order to
        secure certain advances from customers, Elbit Systems and certain subsidiaries are
        obligated to meet certain financial covenants. See below &ndash; &ldquo;Liquidity and
        Capital Resources &ndash; Financial Resources.&rdquo; Such covenants include requirements
        for shareholders&rsquo; equity, current ratio, operating profit margin, tangible net worth,
        EBITDA, interest coverage ratio and total leverage. As of December 31, 2007, Elbit Systems
        and our subsidiaries, except Elisra, were in compliance with all covenants. As of December
        31, 2007 and 2006, Elisra did not comply with its financial covenants. As a result, the
        banks requested to register a general floating lien on the assets of Elisra. In February
        2007, Elisra&rsquo;s Board of Directors approved the banks&rsquo; request. Subsequent to
        balance sheet date, Elisra granted first priority liens and/or floating liens on all of its
        property and assets with no limitations as to amount.</font> <font size="2">See below -
        Item 18. Financial Statements &ndash; Note 17(F) (Commitments and Contingent Liabilities
        &ndash; Covenants).</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 12.13%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: justify">
        <b><font size="2">Bank Guarantees.</font></b> <font size="2">As of December 31, 2007,
        guarantees in the aggregate amount of approximately $963 million were issued by banks on
        behalf of several Company entities primarily in order to secure mainly certain advances
        from customers and performance bonds.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">88</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2"><b><font size="2">Purchase Commitments.</font></b> <font size="2">As of
        December 31, 2007 and 2006, the Company had purchase commitments that amounted to
        approximately $906 and $681 million, respectively. These purchase orders and subcontracts
        are typically in a standard format proposed by us, with the subcontracts and purchase
        orders also reflecting provisions from the applicable prime contract that are appropriate
        to flow down to</font> subcontractors and vendors. The terms typically included in these
        purchase orders and subcontracts are consistent with Uniform Commercial Code provisions in
        the United States for sales of goods, as well as with specific terms called for by our
        customers in international contracts. These terms include our right to terminate the
        purchase order or subcontract in the event of the vendors&rsquo; or subcontractors&rsquo;
        default, as well as our right to terminate the order or subcontract for our convenience (or
        if our prime contractor has so terminated the prime contract). Such purchase orders and
        subcontracts typically are not subject to variable price provisions.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <b><font size="2">Cancellation of Export Authorizations for Elisra Project.</font></b>
        <font size="2">As a result of cancellation of the export authorization in 2006 to a foreign
        country (the Customer), Elisra and one of its subsidiaries were forced to terminate four
        projects. Most of the activity in respect of the projects, of which the total amount was
        approximately $40 million, has already been executed and the deliveries have been made to
        the Customer. For those projects, Elisra and its subsidiary provided to the Customer
        advances and performance guarantees issued by banks and financial institutions. As of
        December 31, 2007, the total of these advance payment and performance guarantees was
        approximately $7 million (as of December 31, 2006 - $10 million). Elisra&rsquo;s and Elbit
        Systems&rsquo; management, based on the opinion of our legal advisors, believe that the
        financial impact of the four projects&rsquo; termination in excess of the accruals recorded
        in the financial statements will not have a material adverse effect on the financial
        position or results of operations of Elbit Systems. The Customer financed the projects by
        means of bank loans. The banks received indemnity letters as security for repayment of the
        loans. Most of the indemnity was provided to the banks by International Foreign Trade Risks
        Insurance Company (IFTRIC) (since renamed ASHRA), and the balance was provided by Elisra
        and its subsidiary. In addition, Elisra provided indemnity letters to IFTRIC that can be
        exercised upon the occurrence of specific unusual events and is subject to IFTRIC
        fulfilling its commitments to the banks. In the opinion of Elisra&rsquo;s and Elbit
        Systems&rsquo; management, no provisions are required in respect of these indemnity
        letters.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
        <i><b><font size="2">Acquisitions and Divestitures During 2007</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="95%" border="0">
                <tr>
                    <td valign="top" nowrap width="8%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="91%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">See above &ndash; Item 4. Information on the Company &ndash;
                        Recent Acquisitions and Divestitures.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        <b><font size="2">TadComm</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">In April 2007, we completed a cash tender offer (the Offer) for the balance
        of the ordinary shares of TadComm that we did not already own. Prior to the completion of
        the Offer, TadComm was a publicly traded company in Israel in which we held 42% of
        TadComm&rsquo;s outstanding shares, which we recorded as an investment on the equity basis
        of accounting.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">As a result of the Offer, TadComm became a private company and our
        wholly-owned subsidiary. We paid an aggregate of approximately $383 million for the TadComm
        shares acquired in the Offer. The results of TadComm are consolidated in the
        Company&rsquo;s financial statements commencing May 1, 2007, the beginning of the month
        after the date of completion of the Offer.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">TadComm operates mainly in the defense communication area. We are active in
        the radio communication and computer area, and use integrated communication equipment in
        our systems. We foresee synergies between our Land and C<sup>4</sup>I systems operations
        and TadComm, by providing advanced integrated network and communication solutions to our
        customers.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">The table below summarizes the Purchase Price Allocation (PPA), based on a
        PPA performed by an independent advisor, for the aggregate assets acquired, and liabilities
        assumed, in connection with the acquisition of the TadComm shares as follows:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">89</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 50%; TEXT-ALIGN: justify"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="center">
            <table style="LEFT: 7.67%" cellspacing="0" cellpadding="0" width="85%" border="0">
                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="34%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">Book value of</font><br>
                        <font size="2">acquired interest</font><br>
                        <font size="2"><u>in TadComm</u></font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">Excess</font><br>
                        <font size="2"><u>cost</u></font></p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="3">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2"><u>Total</u></font></p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="center">
                        <font size="2"><u>Expected&nbsp;useful&nbsp;lives</u></font></p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="0%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="bottom" width="34%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="13">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">(in thousands of U.S. dollars)</font></p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="0%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="34%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">
                        <font size="2">Working capital</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="11%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">67,600</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(17,400</font></p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>

                    <td valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">50,200</font></p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="34%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">
                        <font size="2">Long-term assets and investments</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="11%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">34,800</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">34,800</font></p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="34%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">
                        <font size="2">Property, plant and equipment</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="11%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">9,300</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,100</font></p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">10,400</font></p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="MARGIN-LEFT: 0.4in"><font size="2">20 years</font></p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="34%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">
                        <font size="2">Long-term liabilities</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="11%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(53,000</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">800</font></p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(52,200</font></p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="34%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">
                        <font size="2">Brand name</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="11%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">5,700</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">18,200</font></p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">23,900</font></p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in; TEXT-ALIGN: justify">
                        <font size="2">15 years</font></p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="34%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">
                        <font size="2">Customer relationships and backlog</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="11%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">96,800</font></p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">96,800</font></p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in; TEXT-ALIGN: justify">
                        <font size="2">2-10 years</font></p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="34%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">
                        <font size="2">Technology</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="11%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">2,700</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">40,800</font></p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">43,500</font></p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in; TEXT-ALIGN: justify">
                        <font size="2">10 years</font></p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="34%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">
                        <font size="2">IPR&amp;D</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="11%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">16,600</font></p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">16,600</font></p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in; TEXT-ALIGN: justify">
                        <font size="2">Immediate write-off</font></p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="34%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">
                        <font size="2">Deferred taxes</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="11%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(35,100</font></p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>

                    <td valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(35,100</font></p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="bottom" width="34%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">
                        <font size="2">Goodwill</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="11%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">32,800</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">161,300</font></p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">194,100</font></p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.4in; TEXT-ALIGN: justify">
                        <font size="2">Indefinite &ndash; subject to<br>
                        annual impairment test</font></p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="34%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 2.25pt double" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 2.25pt double" valign="bottom" width="11%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">99,900</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 2.25pt double" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 2.25pt double" valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">283,100</font></p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 2.25pt double" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 2.25pt double" valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">383,000</font></p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td width="254">
                    </td>

                    <td width="13">
                    </td>

                    <td width="8">
                    </td>

                    <td width="77">
                    </td>

                    <td width="13">
                    </td>

                    <td width="13">
                    </td>

                    <td width="63">
                    </td>

                    <td width="1">
                    </td>

                    <td width="19">
                    </td>

                    <td width="21">
                    </td>

                    <td width="103">
                    </td>

                    <td width="1">
                    </td>

                    <td width="44">
                    </td>

                    <td width="8">
                    </td>

                    <td width="248">
                    </td>

                    <td width="0">
                    </td>

                    <td width="8">
                    </td>

                    <td width="0">
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%" align="left">
        <font size="2">The assets and liabilities recorded in connection with the PPA for the
        TadComm acquisition were based upon estimates of fair values for contracts in process,
        inventories, estimated costs in excess of estimated contract value to complete contracts in
        process in a loss position, contingent assets and liabilities, identifiable intangibles,
        goodwill, property, plant and equipment and deferred income taxes.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify" align="left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify" align="left">
        <font size="2">Following the acquisition of the TadComm shares in the second quarter of
        2007, we identified and wrote-off duplicated inventories and equipment and accrued
        termination costs relating to existing Elbit Systems&rsquo; business in a total amount of
        approximately $10.5 million, which was recorded as restructuring costs in the cost of
        revenues.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify" align="left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify" align="left">
        <font size="2">The following unaudited proforma data is based on historical financial
        statements of the Company and TadComm and is provided for comparative purposes only. The
        proforma information does not purport to be indicative of the results that actually would
        have occurred had the purchase of the shares been consummated prior to the beginning of the
        reported periods.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify" align="left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify" align="left">
        <font size="2">The proforma information reflects the results of the Company&rsquo;s
        operations assuming that TadComm&rsquo;s results were included in the Company&rsquo;s
        consolidated results prior to each of the reported periods and under the following
        assumptions:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -4.6%; TEXT-ALIGN: justify" align="left">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(1)</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="left">
                        <font size="2">Intangible assets (customer relationships, backlog, brand
                        name and technology) arising from the acquisition of the TadComm shares of
                        approximately $228 million net of related deferred taxes of approximately
                        $57 million, is amortized over periods ranging from two to fifteen
                        years.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 5.99%; TEXT-INDENT: -3.07%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(2)</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="left">
                        <font size="2">Excess of cost over equity purchased allocated to real
                        estate assets of approximately $1.8 million net of related deferred taxes
                        of approximately $450 thousand is amortized over a period of 20
                        years.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="top" width="3%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                    &nbsp;</p>
                </td>

                <td valign="top" width="29">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">(3)</font></p>
                </td>

                <td valign="top" width="926">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="left">
                    <font size="2">The cost attributed to purchased IPR&amp;D projects, in the
                    amount of approximately $16.56 million, was charged to operations immediately
                    as a non-recurring item and is not included in the proforma consolidated
                    results.</font></p>
                </td>
            </tr>
        </table>
        <br>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="30">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(4)</font></p>
                    </td>

                    <td valign="top" width="925">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Intercompany balances and transactions, if any, have been
                        eliminated.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">90</font></p>
        <!-- EEDocs PBStart-->
        <hr style="PAGE-BREAK-AFTER: always" align="center" width="100%" noshade>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 7.67%" cellspacing="0" cellpadding="0" width="60%" border="0">
                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="228">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="146">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="5">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Year
                        ended December 31,</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="228">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="146">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">2007</font></p>
                    </td>

                    <td valign="bottom" width="41">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">2006</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="228">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="146">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="5">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(in
                        thousands of U.S. dollars except per share data)</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="228">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">
                        <font size="2">Proforma sales</font></p>
                    </td>

                    <td valign="bottom" width="146">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="91">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: right">
                        <font size="2">2,067,805</font></p>
                    </td>

                    <td valign="bottom" width="41">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="74">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: right">
                        <font size="2">1,775,247</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="228">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">
                        <font size="2">Proforma income</font></p>
                    </td>

                    <td valign="bottom" width="146">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="91">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: right">
                        <font size="2">97,575</font></p>
                    </td>

                    <td valign="bottom" width="41">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="74">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: right">
                        <font size="2">85,890</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="228">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">
                        <font size="2">Proforma earnings per share</font></p>
                    </td>

                    <td valign="bottom" width="146">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="91">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="41">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="74">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="228">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">
                        <font size="2">Basic</font></p>
                    </td>

                    <td valign="bottom" width="146">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="91">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: right">
                        <font size="2">2.32</font></p>
                    </td>

                    <td valign="bottom" width="41">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="74">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: right">
                        <font size="2">2.08</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="228">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">
                        <font size="2">Diluted</font></p>
                    </td>

                    <td valign="bottom" width="146">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="91">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: right">
                        <font size="2">2.30</font></p>
                    </td>

                    <td valign="bottom" width="41">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="74">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: right">
                        <font size="2">2.05</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <b><font size="2">Ferranti</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%" align="left">
        <font size="2">In July 2007, we acquired the entire share capital of Ferranti, a U.K.
        company, for &pound;15 million (approximately $31 million). See above &ndash; Item 4.
        Information on the Company &ndash; Principal Subsidiaries &ndash; Ferranti.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <font size="2">Based on a PPA performed by an independent advisor, the purchase price was
        attributed to the fair value of the assets acquired and liabilities assumed as
        follows:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -2.92%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 7.67%" cellspacing="0" cellpadding="0" width="80%" border="0">
                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="275">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        </p>
                    </td>

                    <td valign="bottom" width="73">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Book
                        value<br>
                        of acquired interest<br>
                        in Ferranti</font></p>
                    </td>

                    <td valign="bottom" width="7">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <br>
                        <br>
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Excess<br>

                        cost</font></p>
                    </td>

                    <td valign="bottom" width="1">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <br>
                        <br>
                        <br>
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Total</font></p>
                    </td>

                    <td valign="bottom" width="18">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="193">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <br>
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Expected&nbsp;
                        useful<br>
                        lives of excess&nbsp; cost</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="275">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="73">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 50pt" align="left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(in
                        thousands of U.S. dollars)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="275">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Working capital</font></p>
                    </td>

                    <td valign="bottom" width="73">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="40">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">3,873</font></p>
                    </td>

                    <td valign="bottom" width="7">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="4">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="67">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">582</font></p>
                    </td>

                    <td valign="bottom" width="1">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="51">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">4,455</font></p>
                    </td>

                    <td valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="193">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="275">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Long-term assets and investments</font></p>
                    </td>

                    <td valign="bottom" width="73">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="40">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">3,845</font></p>
                    </td>

                    <td valign="bottom" width="7">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="4">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="67">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">3,376</font></p>
                    </td>

                    <td valign="bottom" width="1">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="51">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">7,221</font></p>
                    </td>

                    <td valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="193">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">20 years</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="275">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Non-competition</font></p>
                    </td>

                    <td valign="bottom" width="73">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="40">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom" width="7">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="4">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="67">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">436</font></p>
                    </td>

                    <td valign="bottom" width="1">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="51">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">436</font></p>
                    </td>

                    <td valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="193">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">2 years</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="275">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Brand name</font></p>
                    </td>

                    <td valign="bottom" width="73">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="40">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom" width="7">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="4">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="67">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,119</font></p>
                    </td>

                    <td valign="bottom" width="1">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="51">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,119</font></p>
                    </td>

                    <td valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="193">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">15 years</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="275">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Customer relationships and backlog</font></p>
                    </td>

                    <td valign="bottom" width="73">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="40">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom" width="7">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="4">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="67">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">8,933</font></p>
                    </td>

                    <td valign="bottom" width="1">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="51">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">8,933</font></p>
                    </td>

                    <td valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="193">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">4-15 years</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="275">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Technology</font></p>
                    </td>

                    <td valign="bottom" width="73">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="40">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom" width="7">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="4">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="67">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">750</font></p>
                    </td>

                    <td valign="bottom" width="1">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="51">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">750</font></p>
                    </td>

                    <td valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="193">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">15 years</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="275">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Deferred taxes</font></p>
                    </td>

                    <td valign="bottom" width="73">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="40">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom" width="7">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="4">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="67">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(4,559</font></p>
                    </td>

                    <td valign="bottom" width="1">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>

                    <td valign="bottom" width="1">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="51">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(4,559</font></p>
                    </td>

                    <td valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>

                    <td valign="bottom" width="193">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="275">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Goodwill</font></p>
                    </td>

                    <td valign="bottom" width="73">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="37">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="40">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom" width="7">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="4">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="67">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">12,055</font></p>
                    </td>

                    <td valign="bottom" width="1">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="51">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">12,055</font></p>
                    </td>

                    <td valign="bottom" width="18">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="193">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Indefinite &mdash; subject to annual impairment
                        test</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="275">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="73">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="37">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="40">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">7,718</font></p>
                    </td>

                    <td valign="bottom" width="7">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="4">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="67">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">22,692</font></p>
                    </td>

                    <td valign="bottom" width="1">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="51">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">30,410</font></p>
                    </td>

                    <td valign="bottom" width="18">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="193">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 5.99%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <font size="2">Proforma information has not been provided, since the acquisition of
        Ferranti did not have a material effect on the revenues and net income of the
        Company.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
        <i><b><font size="2">Backlog of Orders</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <font size="2">Our backlog includes firm orders received from customers for systems,
        products and projects that have yet to be completed. Our policy is to include orders in our
        backlog only when specific conditions are met. Examples of these conditions may include,
        among others, program funding, receipt of advances, letters of credit and guarantees from
        customers. As a result, from time to time we could have unbooked orders in excess of the
        level of backlog.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-INDENT: -7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">91</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">We reduce backlog when revenues for a specific contract are recognized. We
        reduce project backlog as delivery or acceptance occurs or when contract milestones or
        engineering progress under the long-term contracts are recognized as achieved. In some
        cases we reduce project backlog when costs are incurred. In the unusual event of a contract
        cancellation, we would also be required to reduce our backlog accordingly. The method of
        backlog recognition used may differ depending on the particular contract.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-INDENT: -7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <font size="2">Our backlog of orders as of December 31, 2007 reached $4,624 million, of
        which 70% were for orders outside Israel. The Company&rsquo;s backlog as of December 31,
        2006 was $3,786 million, of which 68% were for orders outside Israel. Approximately 70% of
        our backlog as of December 31, 2007 is scheduled to be performed during 2008 and 2009. The
        majority of the 30% balance is scheduled to be performed in 2010 and 2011. Backlog
        information and any comparison of backlog as of different dates may not necessarily
        represent an indication of future sales.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-INDENT: -7.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-INDENT: -7.67%; TEXT-ALIGN: justify">
        <b><font size="3">Trends</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">Trends in the defense electronics and homeland security markets in which we
        operate have been impacted by the nature of recent conflicts and terrorism activities
        throughout the world. Lessons learned in Operation Iraqi Freedom, Afghanistan and various
        terrorist actions worldwide have increased the focus of defense forces on low intensity
        conflicts and homeland security.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-INDENT: -7.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">In the defense electronics market, there is an increasing demand for
        products and systems in the areas of C<sup>4</sup>ISR and UAVs. Accordingly, while we
        continue to perform platform upgrades, in recent years more emphasis is being placed on
        C<sup>4</sup>ISR, including information systems, intelligence gathering, situational
        awareness, precision guidance, all weather and day/night operations, border and perimeter
        security, UAVs, other unmanned vehicles, space and satellite based defense capabilities and
        homeland security systems. We believe that our core technologies and abilities will enable
        us to take advantage of many of these emerging trends, as well as to continue to
        participate in the &ldquo;Current Force&rdquo; legacy operations of our
        customers.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">92</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">In recent years consolidation in the defense industry has affected
        competition. This consolidation has decreased the number but increased the relative size
        and resources of our competitors. We adapt to evolving market conditions by adjusting our
        business strategy to changing defense market conditions. Our business strategy also
        anticipates continued competition in defense markets due to declining defense budgets in
        some countries. We believe in our ability to compete on the basis of&nbsp;our systems
        development and technological expertise, combat-proven performance and policy of offering
        customers overall solutions to technological, operational and financial needs and in the
        same time enhancing the industrial capabilities at these countries.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="left"><b><font size="3">Summary of
        Operating Results</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">The following table summarizes the consolidated statements of operations of
        Elbit Systems and our subsidiaries for the years ended December 31, 2007 and December 31,
        2006.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">The financial statements of Elbit Systems include consolidation of
        TadComm&rsquo;s financial results, commencing May 1, 2007, therefore TadComm&rsquo;s
        results are included in the 2007 results and are not included in the 2006 results, which
        were prior to the date of the completion of the acquisition of TadComm. Previously,
        TadComm&rsquo;s financial results were included on the equity basis of
        ownership.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="78%" border="0">
                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="43%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="78">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">For the
                        year ended<br>
                        December 31</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="43%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="78">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="4">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">2007</font></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="4">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">2006</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="43%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="78">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">$</font></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="4%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">%</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">%</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="43%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="78">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(In
                        thousands of U.S. dollars except per share data)</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="bottom" width="43%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 11pt; TEXT-INDENT: -11pt; TEXT-ALIGN: left">
                        <font size="2">Total revenues</font></p>
                    </td>

                    <td valign="bottom" width="78">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="83">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,981,761</font></p>
                    </td>

                    <td valign="bottom" width="4%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">100.0</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,523,243</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">100.0</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="43%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 11pt; TEXT-INDENT: -11pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        <font size="2">Cost of revenues</font></p>
                    </td>

                    <td valign="bottom" width="78">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="83">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">1,454,913</font></p>
                    </td>

                    <td valign="bottom" width="4%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">73.4</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">1,149,768</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">75.5</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="bottom" width="43%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 11pt; TEXT-INDENT: -11pt; TEXT-ALIGN: left">
                        <font size="2">Restructuring expenses</font></p>
                    </td>

                    <td valign="bottom" width="78">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="83">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">10,452</font></p>
                    </td>

                    <td valign="bottom" width="4%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">0.5</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="43%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 11pt; TEXT-INDENT: -11pt; TEXT-ALIGN: left">
                        <font size="2">Gross profit</font></p>
                    </td>

                    <td valign="bottom" width="78">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="83">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">516,366</font></p>
                    </td>

                    <td valign="bottom" width="4%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">26.1</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">373,475</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">24.5</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="bottom" width="43%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 11pt; TEXT-INDENT: -11pt; TEXT-ALIGN: left">
                        <font size="2">Research and</font> <font size="2">development
                        (R&amp;D)</font> <font size="2">expenses</font></p>
                    </td>

                    <td valign="bottom" width="78">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="83">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">155,303</font></p>
                    </td>

                    <td valign="bottom" width="4%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">7.8</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">115,648</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">7.6</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="43%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 11pt; TEXT-INDENT: -11pt; TEXT-ALIGN: left">
                        <font size="2">Less - participation</font></p>
                    </td>

                    <td valign="bottom" width="78">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="83">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(28,308</font></p>
                    </td>

                    <td valign="bottom" width="4%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(1.4</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(23,416</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(1.5</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="bottom" width="43%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 11pt; TEXT-INDENT: -11pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        <font size="2">R&amp;D expenses, net</font></p>
                    </td>

                    <td valign="bottom" width="78">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="83">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">126,995</font></p>
                    </td>

                    <td valign="bottom" width="4%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">6.4</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">92,232</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">6.1</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="43%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 11pt; TEXT-INDENT: -11pt; TEXT-ALIGN: left">
                        <font size="2">Marketing and</font> <font size="2">selling
                        expenses</font></p>
                    </td>

                    <td valign="bottom" width="78">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="83">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">157,411</font></p>
                    </td>

                    <td valign="bottom" width="4%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">7.9</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">111,880</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">7.3</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="bottom" width="43%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 11pt; TEXT-INDENT: -11pt; TEXT-ALIGN: left">
                        <font size="2">General and</font> <font size="2">administrative
                        expenses</font></p>
                    </td>

                    <td valign="bottom" width="78">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="83">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">107,447</font></p>
                    </td>

                    <td valign="bottom" width="4%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">5.4</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">77,505</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">5.1</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="43%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 11pt; TEXT-INDENT: -11pt; TEXT-ALIGN: left">
                        <font size="2">IPR&amp;D write-off</font></p>
                    </td>

                    <td valign="bottom" width="78">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="83">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">16,560</font></p>
                    </td>

                    <td valign="bottom" width="4%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">0.8</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="bottom" width="43%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 11pt; TEXT-INDENT: -11pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="78">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="83">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">408,413</font></p>
                    </td>

                    <td valign="bottom" width="4%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">20.6</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">281,617</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">18.5</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="43%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 11pt; TEXT-INDENT: -11pt; TEXT-ALIGN: left">
                        <font size="2">Operating income</font></p>
                    </td>

                    <td valign="bottom" width="78">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="83">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">107,953</font></p>
                    </td>

                    <td valign="bottom" width="4%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">5.5</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">91,858</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">6.0</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="bottom" width="43%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 11pt; TEXT-INDENT: -11pt; TEXT-ALIGN: left">
                        <font size="2">Financial expenses,</font> <font size="2">net</font></p>
                    </td>

                    <td valign="bottom" width="78">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="83">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(19,329</font></p>
                    </td>

                    <td valign="bottom" width="4%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(1.0</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(21,456</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(1.4</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="43%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 11pt; TEXT-INDENT: -11pt; TEXT-ALIGN: left">
                        <font size="2">Other income</font> <font size="2">(expenses),
                        net</font></p>
                    </td>

                    <td valign="bottom" width="78">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="83">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">368</font></p>
                    </td>

                    <td valign="bottom" width="4%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">0.0</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,814</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">0.1</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="bottom" width="43%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 11pt; TEXT-INDENT: -11pt; TEXT-ALIGN: left">
                        <font size="2">Income before taxes</font> <font size="2">on
                        income</font></p>
                    </td>

                    <td valign="bottom" width="78">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="83">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">88,992</font></p>
                    </td>

                    <td valign="bottom" width="4%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">4.5</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">72,216</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">4.7</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">93</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="78%" border="0">
                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="43%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 11pt; TEXT-INDENT: -11pt; TEXT-ALIGN: left">
                        <font size="2">Taxes on income</font></p>
                    </td>

                    <td valign="bottom" width="79">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="72">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">13,810</font></p>
                    </td>

                    <td valign="bottom" width="30">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="46">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">0.7</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">20,694</font></p>
                    </td>

                    <td valign="bottom" width="24">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="45">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1.3</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="bottom" width="43%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 11pt; TEXT-INDENT: -11pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="79">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="72">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">75,182</font></p>
                    </td>

                    <td valign="bottom" width="30">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="46">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">3.8</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">51,522</font></p>
                    </td>

                    <td valign="bottom" width="24">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="45">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">3.4</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="43%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 11pt; TEXT-INDENT: -11pt; TEXT-ALIGN: left">
                        <font size="2">Minority interest in</font> <font size="2">losses (gains)
                        of</font> s<font size="2">ubsidiaries</font></p>
                    </td>

                    <td valign="bottom" width="79">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="72">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(13.038</font></p>
                    </td>

                    <td valign="bottom" width="30">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>

                    <td valign="bottom" width="46">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(0.7</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">5,977</font></p>
                    </td>

                    <td valign="bottom" width="24">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="45">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">0.4</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="bottom" width="43%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 11pt; TEXT-INDENT: -11pt; TEXT-ALIGN: left">
                        <font size="2">Equity in net</font> <font size="2">earnings
                        (losses)</font><br>
                        <font size="2">of affiliated</font> <font size="2">companies and</font>
                        <font size="2">partnership</font></p>
                    </td>

                    <td valign="bottom" width="79">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="72">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">14,565</font></p>
                    </td>

                    <td valign="bottom" width="30">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="46">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">0.7</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">14,743</font></p>
                    </td>

                    <td valign="bottom" width="24">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="45">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1.0</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="43%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 11pt; TEXT-INDENT: -11pt; TEXT-ALIGN: left">
                        <font size="2">Net earnings</font></p>
                    </td>

                    <td valign="bottom" width="79">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="72">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">76,709</font></p>
                    </td>

                    <td valign="bottom" width="30">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="46">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">3.9</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">72,242</font></p>
                    </td>

                    <td valign="bottom" width="24">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="45">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">4.7</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="bottom" width="43%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 11pt; TEXT-INDENT: -11pt; TEXT-ALIGN: left">
                        <font size="2">Diluted earnings</font> <font size="2">per share</font></p>
                    </td>

                    <td valign="bottom" width="79">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="72">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1.81</font></p>
                    </td>

                    <td valign="bottom" width="30">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="46">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1.72</font></p>
                    </td>

                    <td valign="bottom" width="24">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="45">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><b><font size="3">2007
        Compared to 2006</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">The consolidation of TadComm&rsquo;s financial results starting in May 2007
        impacted most of our financial parameters in 2007 as compared to 2006.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: justify">
        <u><b><font size="2">Revenues</font></b></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.37%" align="left">
        <font size="2">Our sales are primarily to governmental entities and prime contractors under
        government defense programs. Accordingly, the level of our revenues is subject to
        governmental budgetary constraints.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <font size="2">Our consolidated revenues increased by 30%, from $1,523.2 million in 2006 to
        $1,981.8 million in 2007.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">94</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <font size="2">The following table sets forth our revenue distribution by areas of
        operation:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 5.99%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 7.67%" cellspacing="0" cellpadding="0" width="80%" border="0">
                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="44%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="4">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">Year ended</font></p>
                        </div>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="44%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">December 31, 2007</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">December 31, 2006</font></p>
                        </div>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="44%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$ millions</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">%</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$ millions</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">%</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="44%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Airborne systems</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">596.0</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">30.1</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">547.8</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">35.9</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="44%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Land systems</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">381.0</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">19.2</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">317.7</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">20.9</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="44%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">C<sup>4</sup>ISR systems</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">582.0</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">29.4</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">313.5</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">20.6</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="44%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Electro-optics</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">271.3</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">13.7</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">223.3</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">14.7</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 18.75pt; page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 18.75pt" valign="top" width="44%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Other</font> <font size="2">(mainly non-defense
                        engineering<br>
                        and production services)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 18.75pt" valign="bottom" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <u><font size="2">151.5</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 18.75pt" valign="bottom" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <u><font size="2">7.6</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 18.75pt" valign="bottom" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <u><font size="2">120.9</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 18.75pt" valign="bottom" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <u><font size="2">7.9</font></u></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="44%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Total</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2"><u>1,981.8</u></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2"><u>100.0</u></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2"><u>1,523.2</u></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2"><u>100.0</u></font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%" align="left">
        <font size="2">The changes in revenue distribution by areas of operation are due mainly to
        the inclusion of the results of TadComm in the C<sup>4</sup>ISR category, starting in the
        second quarter of 2007.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 5.99%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <font size="2">The following table sets forth our distribution of revenues by geographical
        regions:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 7.67%" cellspacing="0" cellpadding="0" width="80%" border="0">
                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="4">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">Year ended</font></p>
                        </div>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">December 31, 2007</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">December 31, 2006</font></p>
                        </div>
                    </td>
                </tr>

                <tr style="HEIGHT: 17.05pt; page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 17.05pt" valign="top" width="41%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 17.05pt" valign="top" width="16%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$ millions</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 17.05pt" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">%</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 17.05pt" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$ millions</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 17.05pt" valign="top" width="13%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">%</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Israel</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="16%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">408.9</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">20.6</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">407.1</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="13%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">26.7</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">United States</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="16%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">702.7</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">35.5</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">609.5</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="13%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">40.0</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Europe*</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="16%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">485.2</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">24.5</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">233.7</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="13%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">15.3</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Other countries</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.6pt" valign="top" width="16%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <u><font size="2">385.0</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.6pt" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <u><font size="2">19.4</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.6pt" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <u><font size="2">272.9</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="13%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <u><font size="2">18.0</font></u></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Total</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="16%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2"><u>1,981.8</u></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2"><u>100.0</u></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2"><u>1,523.2</u></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="13%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2"><u>100.0</u></font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <font size="2">* includes most of the former Soviet bloc countries</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%" align="left">
        <font size="2">The changes in revenues by geographic distribution were influenced by the
        consolidation of TadComm&rsquo;s results with strong international content, and increased
        revenues in Europe, mainly from United Kingdom UAV operations.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <u><b><font size="2">Gross Profit</font></b></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%" align="left">
        <font size="2">Our gross profit represents the aggregate results of our activities and
        projects and is based on the mix of programs in which we are engaged during the reported
        period.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%" align="left">
        <font size="2">Gross profit in 2007 was $516.4 million (with a gross profit margin of
        26.1%), as compared to $373.5 million (gross profit margin of 24.5%) in 2006. In 2007,
        gross profit includes restructuring expenses of $10.5 million (which constituted 0.5% of
        revenues).</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">95</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <u><b><font size="2">Research and Development (R&amp;D)</font></b></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%" align="left">
        <font size="2">We continually invest in R&amp;D in order to maintain and further advance
        our technologies, in accordance with a long-term plan, based on our estimate of future
        market needs.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%" align="left">
        <font size="2">Our R&amp;D included programs which are partially funded by third parties,
        including the IMOD, the OCS and bi-national and European development funds. The R&amp;D was
        performed in all major areas of core technological activities of the Company and mainly in
        the areas of advanced airborne systems, cutting edge electro-optics technology and products
        for surveillance, aerial reconnaissance, lasers and space based sensors, radio
        communication equipment and homeland security technologies and products.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <font size="2">Gross R&amp;D expenses in 2007 totaled $155.3 million (7.8% of revenues), as
        compared with $115.6 million (7.6% of revenues) in 2006.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <font size="2">Net R&amp;D expenses (after deduction of third party participation) in 2007
        totaled $127 million (6.4% of revenues), as compared to $92.2 million (6.1% of revenues) in
        2006.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <u><b><font size="2">Marketing and Selling Expenses</font></b></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <font size="2">We are active in developing new markets and pursue at any given time various
        business opportunities according to our plan.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <font size="2">Marketing and selling expenses in 2007 were $157.4 million (7.9% of
        revenues), as compared to $111.9 million (7.3% of revenues) in 2006.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <u><b><font size="2">General and Administrative (G&amp;A) Expenses</font></b></u>
        <font size="2">&nbsp;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <font size="2">G&amp;A expenses in 2007 were $107.4 million (5.4% of revenues), as compared
        to $77.5 million (5.1% of revenues) in 2006.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%" align="left">
        <font size="2">The increase in G&amp;A expenses in 2007 compared to 2006 was related to the
        cost of various exploratory merger and acquisition, legal, audit and control activities,
        including expenses related to compliance with the Sarbanes-Oxley Act.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <u><b><font size="2">Operating Income</font></b></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%" align="left">
        <font size="2">Our operating income in 2007 was $108 million, as compared to $92 million in
        2006. As a result of the restructuring expenses and an aggregate IPR&amp;D write-off of
        approximately $27 million (before tax) relating to the TadComm acquisition (which
        constituted 1.3% of revenues) in the second quarter of 2007, the operating income margin in
        2007 decreased to 5.5%, as compared to 6.0% in 2006.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">96</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <u><b><font size="2">Financing Expenses (Net)</font></b></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <font size="2">Net financing expenses in 2007 were $19.3 million, as compared to $21.5
        million in 2006.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 5.99%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%" align="left">
        <font size="2">The net financing expenses include the impact of a write-off relating to
        Auction Rate Securities in the amount of approximately $10 million (see &ldquo;Liquidity
        and Capital Resources&rdquo; below).</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <u><b><font size="2">Other Income (Expenses) (Net)</font></b></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%" align="left">
        <font size="2">Other income in 2007 was a $0.4 million gain, which was mainly a result of
        the sale of our investment in AeroAstro Inc. in the fourth quarter of 2007, as compared to
        a $1.8 million gain in 2006, which was mainly as a result of the capital gain related to
        the sale of Soltam Systems Ltd. shares in 2006.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <u><b><font size="2">Taxes on Income</font></b></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%" align="left">
        <font size="2">Our tax rate represents a weighted average of the tax rates to which the
        various Company entities are subject. The change in the effective tax rate is attributable
        mainly to the mix of the tax rates in the various tax jurisdictions in which the Company
        entities generating the taxable income operate.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 5.99%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%" align="left">
        <font size="2">Provision for taxes in 2007 was $13.8 million (effective tax rate of 15.5%),
        as compared to a provision for taxes of $20.7 million (effective tax rate of 28.7%) in
        2006. The change in the effective tax rate is attributable mainly to a reduction of
        approximately $10 million related to prior years due to executing tax settlements by Elbit
        Systems and some of our subsidiaries in the last quarter of 2007, and to the mix of the tax
        rates in the various tax jurisdictions in which the Company entities generating the taxable
        income operate. This decrease in the percentage of provision for taxes in 2007 as compared
        to 2006 was partly offset by the IPR&amp;D write-off in the second quarter of 2007, related
        to the acquisition of the TadComm shares not being deductible for tax purposes.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <u><b><font size="2">Company&rsquo;s Share in Earnings of Affiliated
        Entities</font></b></u> <font size="2">&nbsp;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <font size="2">In 2007, we had income of $14.6 million from our share in earnings of
        affiliated entities, as compared to $14.7 million in 2006.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 5.99%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%" align="left">
        <font size="2">The companies and partnerships, in which the Company holds 50% or less in
        shares or voting rights and are therefore not consolidated in our financial statements,
        operate in complementary areas to the Company&rsquo;s core business activities, including
        electro-optics and airborne systems. Our share in TadComm&rsquo;s earnings was included
        until May 1, 2007, the date of commencement of consolidation of TadComm&rsquo;s results
        following the acquisition.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <u><b><font size="2">Net Earnings and Earnings Per Share (EPS)</font></b></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%" align="left">
        <font size="2">Net earnings in 2007 were $76.7 million (3.9% of revenues), as compared to
        reported net earnings of $72.2 million (4.7% of revenues) in 2006. Diluted EPS was $1.81 in
        2007, as compared to $1.72 in 2006.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%" align="left">
        <font size="2">The number of shares used for computation of diluted EPS in the year ended
        December 31, 2007 was 42,342 thousand shares, as compared to 41,880 thousand shares in the
        year ended December 31, 2006.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 5.99%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">97</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <font size="2">The net earnings in 2007 include $24.4 million in IPR&amp;D and
        restructuring net expenses (representing $0.58 per share), due to the acquisition of
        TadComm in April 2007.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-INDENT: -7.52%; TEXT-ALIGN: justify">
        <b><font size="2">2006 Compared to 2005</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-INDENT: -7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <u><b><font size="2">Elisra</font></b></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%" align="left">
        <font size="2">The results of Elisra were included in our consolidated financial reports
        commencing December 1, 2005. The effect on 2005 results was mainly a $7.5 million IPR&amp;D
        write-off. Because of the acquisition date (November 30, 2005), the effects of
        Elisra&rsquo;s results on our consolidated results in 2005 were not material.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 10.59%; TEXT-INDENT: 5.99%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%" align="left">
        <font size="2">Accordingly, in light of the immaterial effect of Elisra on our 2005
        results, in order to facilitate comparison of our 2006 results to those of 2005, the
        following information is provided on Elisra&rsquo;s 2006 results: revenues - $219 million,
        gross profit - $29 million and net loss &ndash; $26 million. Our net share in the loss
        (70%) was $18 million.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-INDENT: 5.99%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%" align="left">
        <font size="2">The results of Elisra reflected increased costs in the performance of
        several programs, mainly in the fourth quarter of 2006. Elisra&rsquo;s results reduced our
        gross profit, operational profit and net profit percentages.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-ALIGN: justify">
        <u><b><font size="2">Revenues</font></b></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <font size="2">Our consolidated revenues increased by 42.4%, from $1,069.9 million in 2005
        to $1,523.2 million in 2006.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; LINE-HEIGHT: 150%; TEXT-ALIGN: justify">
        <font size="2">The following table sets forth our revenue distribution by areas of
        operation:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; LINE-HEIGHT: 150%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 7.67%" cellspacing="0" cellpadding="0" width="80%" border="0">
                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="369">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="4">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">Year ended</font></p>
                        </div>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="369">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">December 31, 2006</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">December 31, 2005</font></p>
                        </div>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="369">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="111">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$ millions</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">%</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$ millions</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">%</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="369">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Airborne systems</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="111">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">547.8</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">35.9</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">420.8</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">39.3</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="369">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Land systems</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="111">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">317.7</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">20.9</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">117.4</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">11.0</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="369">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">C<sup>4</sup>ISR systems</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="111">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">313.5</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">20.6</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">217.3</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">20.3</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="369">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Electro-optics</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="111">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">223.3</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">14.7</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">242.3</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">22.7</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 18.75pt; page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 18.75pt" valign="top" width="369">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 17.65pt; TEXT-INDENT: -17.65pt; TEXT-ALIGN: left">
                        <font size="2">Other</font> <font size="2">(mainly non-defense engineering
                        and production services)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 18.75pt" valign="top" width="111">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <u><font size="2">120.9</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 18.75pt" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <u><font size="2">7.9</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 18.75pt" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <u><font size="2">72.1</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 18.75pt" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <u><font size="2">6.7</font></u></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 16.5pt; page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 16.5pt" valign="top" width="369">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Total</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double; HEIGHT: 16.5pt" valign="top" width="111">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,523.2</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double; HEIGHT: 16.5pt" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">100.0</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double; HEIGHT: 16.5pt" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,069.9</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double; HEIGHT: 16.5pt" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">100.0</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-INDENT: -7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; LINE-HEIGHT: 150%; TEXT-ALIGN: justify">
        <font size="2">The following table sets forth our distribution of revenues by geographical
        regions:</font></p>

        <div align="left">
            <table style="MARGIN-LEFT: 7.67%" cellspacing="0" cellpadding="0" width="80%" border="0">
                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="366">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="4">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">Year ended</font></p>
                        </div>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="366">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">December 31, 2006</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">December 31, 2005</font></p>
                        </div>
                    </td>
                </tr>

                <tr style="HEIGHT: 17.05pt; page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 17.05pt" valign="top" width="366">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 17.05pt" valign="top" width="107">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$ millions</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 17.05pt" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">%</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 17.05pt" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$ millions</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 17.05pt" valign="top" width="13%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">%</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="366">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Israel</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="107">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">407.1</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">26.7</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">315.4</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="13%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">29.5</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="366">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">United States</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="107">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">609.5</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">40.0</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">397.5</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="13%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">37.2</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="366">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Europe</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="107">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">233.7</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">15.3</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">104.2</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="13%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">9.7</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 15.6pt; page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.6pt" valign="top" width="366">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Other countries</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.6pt" valign="top" width="107">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <u><font size="2">272.9</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.6pt" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <u><font size="2">18.0</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.6pt" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <u><font size="2">252.8</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.6pt" valign="top" width="13%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <u><font size="2">23.6</font></u></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 15.6pt; page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.6pt" valign="top" width="366">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Total</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double; HEIGHT: 15.6pt" valign="top" width="107">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,523.2</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double; HEIGHT: 15.6pt" valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">100.0</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double; HEIGHT: 15.6pt" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,069.9</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double; HEIGHT: 15.6pt" valign="top" width="13%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">100.0</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">98</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%" align="left">
        <font size="2">The changes in revenues by areas of operation, other than the inclusion of
        Elisra, were in revenues from customers for land systems, which were increased mainly as a
        result of sales related to systems supplied to the USMC.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-INDENT: 0.15%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">The changes in revenues by geographic distribution, other than standard
        quarterly fluctuations, were in the revenues from customers in Europe and the U.S., which
        were increased mainly as a result of the Watchkeeper project in the United Kingdom and
        systems to the USMC.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <u><b><font size="2">Gross Profit</font></b></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">Our gross profit represents the aggregate results of our activities and
        projects and is based on the mix of programs in which we are engaged during the reported
        period.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">Gross profit in 2006 was $373.5 million (with a gross profit margin of
        24.5%), as compared to $279.8 million (gross profit margin of 26.1%) in 2005. The decrease
        in the gross profit margin was mainly as a result of the lower gross profit margin
        generated by Elisra.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: justify">
        <u><b><font size="2">R&amp;D</font></b></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: justify">
        <font size="2">Gross R&amp;D expenses in 2006 totaled $115.6 million (7.6% of revenues), as
        compared with $92.4 million (8.6% of revenues) in 2005.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: justify">
        <font size="2">Net R&amp;D expenses (after deduction of third party participation) in 2006
        totaled $92.2 million (6.1% of revenues), as compared to $71.9 million (6.7% of revenues)
        in 2005.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        <u><b><font size="2">Marketing and Selling Expenses</font></b></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <font size="2">Marketing and selling expenses in 2006 were $111.9 million (7.3% of
        revenues), as compared to $78.6 million (7.4% of revenues) in 2005.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">99</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <u><b><font size="2">G&amp;A Expenses</font></b></u> <font size="2">&nbsp;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <font size="2">G&amp;A expenses in 2006 were $77.5 million (5.1% of revenues), as compared
        to $54.4 million (5.1% of revenues) in 2005.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">The increase in G&amp;A expenses in 2006 compared to 2005 was related to the
        cost of various exploratory merger and acquisition, legal, audit and control activities,
        including expenses related to compliance with the Sarbanes-Oxley Act.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <u><b><font size="2">Financing Expenses (Net)</font></b></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <font size="2">Net financing expenses in 2006 were $21.5 million, as compared to $11.5
        million in 2005.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <font size="2">The increase in the net financing expenses resulted mainly from a higher
        level of long-term loans during the first half of 2006.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-ALIGN: justify">
        <u><b><font size="2">Other Income (Expenses) (Net)</font></b></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%" align="left">
        <font size="2">Other income in 2006 was a $1.8 million gain, which was mainly as a result
        of the capital gain related to the selling of Soltam Systems Ltd. shares, as compared to a
        $5.3 million loss in 2005, which included a write-off of $5.4 million related to our
        investment in ImageSat International B.V.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-ALIGN: justify">
        <u><b><font size="2">Taxes on Income</font></b></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">Provision for taxes in 2006 was $20.7 million (tax rate of 28.7%), as
        compared to a provision for taxes of $16.3 million (tax rate of 32.3%) in 2005. The change
        in the effective tax rate is attributable mainly to the mix of the tax rates in the various
        tax jurisdictions in which the Company&rsquo;s entities generating the taxable income
        operate.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        <u><b><font size="2">Company&rsquo;s Share in Earnings of Affiliated
        Entities</font></b></u> <font size="2">&nbsp;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">In 2006, we had income of $14.7 million from our share in earnings of
        affiliated entities, as compared to a loss of $1.6 million in 2005. Our share in earnings
        of affiliated entities in 2005 included $8.5 million in IPR&amp;D write-offs related to
        TadComm.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-ALIGN: justify">
        <u><b><font size="2">Net Earnings and EPS</font></b></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%" align="left">
        <font size="2">Net earnings in 2006 were $72.2 million (4.7% of revenues), as compared to
        reported net earnings of $32.5 million (3.0% of revenues) in 2005. Diluted EPS was $1.72 in
        2006, as compared to $0.78 in 2005.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%" align="left">
        <font size="2">The number of shares used for computation of diluted EPS in the year ended
        December 31, 2006 was 41,880 thousand shares, as compared to 41,623 thousand shares in the
        year ended December 31, 2005.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <font size="2">Net earnings in 2005 included an $8.5 million IPR&amp;D write-off related to
        the acquisition of TadComm&rsquo;s shares in 2005.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">100</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <b><font size="2">Conditions in Israel</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 9.21%" align="left">
        <font size="2">For information on how our operating results may be affected by conditions
        in Israel see above &ndash; Item 3. Key Information &ndash; Risks Factors &ndash; Risks
        Related to Our Israeli Operations; and Item 4. Information on the Company &ndash;
        Conditions in Israel.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <b><font size="2">Liquidity and Capital Resources</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><i><b><font size="2">Cash
        Flow</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Our operating cash flow is affected by the cumulative cash flow of our
        various projects in the reported periods. Project cash flows are affected by the timing of
        the receipt of advances and the collection of accounts receivable from customers, as well
        as the timing of payments made by us in connection with the performance of the project. The
        receipt of payments usually relates to specific events during the project, while expenses
        are ongoing. As a result, our cash flow may vary from&nbsp;one period to another. Our
        policy is to invest our cash surplus mainly in interest bearing deposits, in accordance
        with our projected needs. Also see below &ldquo;Auction Rate Securities.&rdquo;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <i><b><font size="2">Financial Resources</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <font size="2">The financial resources available to us include profits, collection of
        accounts receivable, advances from customers and Government of Israel and other third
        parties&rsquo; programs such as the OCS and development grants. In addition, the Company
        has access to bank credit lines and financing in Israel and abroad based on our capital,
        assets and activities. Elbit Systems and some subsidiaries are obligated to meet various
        financial covenants set forth in our respective loan and credit agreements. Such covenants
        include requirements such as for shareholders&rsquo; equity, current ratio, operating
        profit margin, tangible net worth, EBITDA, interest coverage ratio and total leverage. As
        of December 31, 2007, each of the companies subject to financial covenants, except Elisra,
        was in compliance with the applicable covenants. With respect to Elisra&rsquo;s financial
        covenants as of December 31, 2007 see above &ldquo;Off-Balance Sheet and Other Long-Term
        Arrangements and Commitments &ndash; Bank Covenants.&rdquo;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: justify">
        <font size="2">On December 31, 2007, we had total borrowings in the amount of $460.4
        million, including $431.3 million in long-term loans, and $963 million in guarantees issued
        on our behalf by banks, mainly in respect of advance payment and performance guarantees
        provided in the regular course of business. On December 31, 2007, we had a cash balance
        amounting to $363.9 million. We also have the ability to raise funds on the capital market
        and through expansion of our credit lines.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: justify">
        <font size="2">As of December 31, 2007, we had working capital of $156.9 million and a
        current ratio of 1.12.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: justify">
        <font size="2">We believe that our current cash balances, cash generated from operations
        and lines of credit and financing arrangements will provide sufficient resources to meet
        our operational needs for at least the next fiscal year.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: justify">
        <font size="2">For further information on the level and maturity of our borrowings, see
        below &ndash; Item 18. Financial Statements &ndash; Note 11 (Short-Term Bank Credit and
        Loans) and Note 14 (Long-Term Loans). We believe our working capital is sufficient to
        support our current requirements and financial covenants.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">101</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
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        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <i><b><font size="2">Auction Rate Securities</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%" align="left">
        <font size="2">As of December 31, 2007, the Company (through TadComm) had approximately
        $31.7 million of principal invested in Auction Rate Securities (ARS). The ARS held by the
        Company are private placement securities with long-term nominal maturities for which the
        interest rates are reset through a &ldquo;dutch&rdquo; auction each month. The monthly
        auctions historically have provided a liquid market for these securities. The
        Company&rsquo;s investments in ARS represent interests in collateralized debt obligations
        supported by pools of residential and commercial mortgages or credit cards, insurance
        securitizations and other structured credits, including corporate bonds. Some of the
        underlying collateral for the ARS held by the Company consists of sub-prime
        mortgages.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify" align="left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify" align="left">
        <font size="2">The majority of ARS investments held by the Company all had AAA/Aaa credit
        ratings at the time of purchase with some having AA rating. With the liquidity issues
        experienced in global credit and capital markets, the ARS held by the Company at December
        31, 2007 have experienced multiple failed auctions as the amount of securities submitted
        for sale has exceeded the amount of purchase orders.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify" align="left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify" align="left">
        <font size="2">The estimated market value of the Company&rsquo;s ARS holdings at December
        31, 2007 was approximately $20.8 million, which reflects an approximately $10.9 million
        adjustment to the principal value of approximately $31.7 million. Although the ARS continue
        to pay interest according to their stated terms, based on third-party valuation and an
        analysis of other-than-temporary impairment factors, the Company recorded an impairment
        charge of approximately $10 million in the fourth quarter of 2007, reflecting the portion
        of ARS holdings that the Company concluded, based on the above valuations, have an
        other-than-temporary decline in value. In addition, the Company recorded an unrealized
        pre-tax loss of approximately $0.9 million in other comprehensive income, reflecting an
        adjustment to certain ARS holdings that the Company concluded to have a temporary decline
        in value.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify" align="left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify" align="left">
        <font size="2">Historically, given the liquidity created by the auctions, ARS were
        presented by TadComm as current assets under marketable securities on its balance sheet. As
        a result of the failed auctions in recent periods, the Company&rsquo;s ARS are illiquid
        until there is a successful auction for them. Accordingly, the entire amount of such
        remaining ARS has been classified as non-current assets on the Company&rsquo;s balance
        sheet. See also the discussion above in this Item 5 under the caption &ldquo;Critical
        Accounting Policies and Estimates&mdash;Valuation of Securities.&rdquo;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">102</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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        <p style="PAGE-BREAK-BEFORE: always"></p>
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        </p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><i><b><font size="2">2007
        Cash Flow</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%" align="left">
        <font size="2">The Company&rsquo;s net cash flow generated from operating activities in
        2007 was approximately $262 million, resulting mainly from net income and advances received
        from customers, which were partially offset, mainly by an increase in
        inventories.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify" align="left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify" align="left">
        <font size="2">Net cash flow used in investment activities in 2007 was approximately $262.6
        million, which was used mainly for the acquisition of the TadComm and Ferranti shares and
        in the purchase of property, plant and equipment.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify" align="left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify" align="left">
        <font size="2">Net cash flow from financing activities in 2007 was approximately $280
        million, resulting mainly from long-term loans received.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left" align="left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><i><b><font size="2">2006
        Cash Flow</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">Our net cash flow generated from operating activities in 2006 was
        approximately $201 million, resulting mainly from net income and advances received from
        customers. The cash inflows were partially offset, mainly by an increase in inventories.
        Net cash flow used in investment activities in the year ended December 31, 2006 was
        approximately $87 million, which was used mainly for acquisition of TadComm&rsquo;s and
        Sandel&rsquo;s shares in the second quarter of 2006 and purchase of various assets and
        equipment. Net cash flow used in financing activities in 2006 was approximately $123.3
        million, which was mainly for repayment of long-term loans.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
        <i><b><font size="2">Material Commitments for Capital Expenditures</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.37%" align="left">
        <font size="2">We believe that we have adequate sources of funds to meet our material
        commitments for capital expenditures for the fiscal year ended December 31, 2008 and the
        subsequent fiscal year. See above &ldquo;Financial Resources.&rdquo; Our specific material
        commitments for capital expenditures (which include mainly the purchase of equipment,
        vehicles and buildings) as of December 31, 2007 and April 30, 2008 were approximately
        $8</font> <font size="2">million, payable out of cash from operations. See also below
        &ndash; Item 18. Financial Statements &ndash; Consolidated Statements of Cash Flows and
        Note 9 (Property, Plant and Equipment, Net) to the Financial Statements.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify" align="left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify" align="left">
        <font size="2">In general, subsidiaries are able to freely transfer cash dividends, loans
        or advances to Elbit Systems, subject to tax considerations in their applicable
        jurisdictions. Such tax considerations have not had in the past, and are not anticipated to
        have, a material impact on our ability to meet cash obligations.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">103</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><b><font size="2">Impact
        of Inflation and Exchange Rates</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <i><b><font size="2">Functional Currency</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.37%; TEXT-ALIGN: left">
        <font size="2">Our reporting currency is the U.S. dollar, which is also the functional
        currency for most of our consolidated operations. A majority of our sales are made outside
        of Israel in non-Israeli currency, mainly U.S. dollars, as are a majority of our purchases
        of materials and components. A significant portion of our expenses, mainly labor costs, are
        in NIS. Some of our subsidiaries have functional currencies in Euro, GBP and other
        currencies. Transactions and balances originally denominated in U.S. dollars are presented
        in their original amounts. Transactions and balances in currencies other than the U.S.
        dollar are remeasured in U.S. dollars according to the principles set forth in Statement
        No. 52 of the Financial Accounting Standards Board. Exchange gains and losses arising from
        remeasurement are reflected in the income statement.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <i><b><font size="2">Market Risks and Variable Interest Rates</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <font size="2">Market risks relating to our operations result mainly from changes in
        interest rates and exchange rates. We use financial instruments to limit exposure to
        changes in exchange rates in certain cases. We also typically enter into forward contracts
        in connection with transactions where the contract has been signed and that are denominated
        in currencies other than U.S. dollars and NIS. We also enter from time to time into forward
        contracts and other hedging instruments related to NIS based on marked
        conditions.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%" align="left">
        <font size="2">On December 31, 2007, our liquid assets were comprised of bank deposits, and
        short and long-term bonds. Our deposits and loans are based on variable interest rates, and
        their value as of December 31, 2007 was therefore not exposed to changes in interest rates.
        Should interest rates either increase or decrease, such change may affect our results of
        operations due to changes in the cost of the liabilities and the return on the assets that
        are based on variable rates. Reference is also made to the discussion of our exposure to
        auction rate securities set forth above under the caption &ldquo;Auction Rate
        Securities.&rdquo; See also below &ndash; Item 11. Quantitative and Qualitative Disclosure
        of Market Risk.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <i><b><font size="2">NIS/U.S. Dollar Exchange Rates</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">We attempt to manage our financial activities in order to reduce material
        financial losses in U.S. dollar terms resulting from the impact of inflation and exchange
        rate fluctuations on our non-U.S. dollar assets and liabilities. Our income and expenses in
        Israeli currency are translated into U.S. dollars at the prevailing exchange rates as of
        the date of the transaction. Consequently, we are affected by changes in the NIS/U.S.
        dollar exchange rates. On December 31, 2006 and 2007, we had exposure due to NIS
        denominated liabilities of approximately $88 million and $144.7 million, respectively, in
        excess of NIS denominated assets. These liabilities represent mostly provisions for wages
        and trade payables. The amount of our exposure to the changes in the NIS/U.S. dollar
        exchange rate may vary from time to time. Reference is made to the disclosure elsewhere in
        this Annual Report on Form 20-F above in Item 3 &ndash; Key Information &ndash; Risk
        Factors &ndash; Risks Relating to Our Israeli Operations &ndash; Changes in the U.S. Dollar
        &ndash; NIS Exchange Rate.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">104</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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        <p style="PAGE-BREAK-BEFORE: always"></p>
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Most of our future cash flows that will be in currencies other than the NIS
        and the U.S. dollar were covered as of December 31, 2007 by forward contracts. On December
        31, 2007, we had forward contracts for the sale and purchase of such foreign currencies
        totaling approximately $354.2 million ($176.3 million in Euro, $170.4 million in GBP and
        the balance of $7.5 million in other currencies). The fair value of financial derivatives
        as of December 31, 2007 accumulated to an unrealized net loss of approximately $15.1
        million, which was recorded as accumulated other comprehensive income.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
        <i><b><font size="2">Inflation and Devaluation</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">The U.S. dollar cost of our operations in Israel is influenced by any
        increase in the rate of inflation in Israel that is not fully offset by the devaluation of
        the NIS in relation to the U.S. dollar. Unless inflation in Israel is offset by a
        devaluation of the NIS, such inflation may have a negative effect on the profitability of
        contracts where Elbit Systems or any of our Israeli subsidiaries receives payment in U.S.
        dollars, NIS linked to U.S. dollars or other foreign currencies, but incurs expenses in NIS
        linked to the CPI. Inflation in Israel and currency fluctuations may also have a negative
        effect on the profitability of fixed price contracts where we receive payments in
        NIS.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">In the past, our profitability was somewhat negatively affected when
        inflation in Israel (measured by the change in CPI from the beginning to the end of the
        calendar year) exceeded the devaluation of the NIS against the U.S. dollar and at the same
        time we experienced corresponding increases in the U.S. dollar cost of our operations in
        Israel. For example, in 2004, the inflation rate was approximately 1.2% and the devaluation
        rate was negative 1.6% (representing a strengthening of the NIS vis-&agrave;-vis the U.S.
        dollar). In 2005, the inflation rate was approximately 2.4% and the devaluation rate was
        6.8%. In 2006, the inflation rate was approximately negative 0.1% and the devaluation rate
        was negative 8.2%. In 2007, the inflation rate was approximately 3.4% and the devaluation
        rate was negative 9%. There can be no assurance that we will not be materially adversely
        affected in the future if inflation in Israel exceeds the devaluation of the NIS against
        the U.S. dollar or if the timing of such devaluation lags behind increases in inflation in
        Israel.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">A devaluation of the NIS in relation to the U.S. dollar also has the effect
        of decreasing the dollar value of any of our assets that consist of NIS or accounts
        receivable denominated in NIS, unless such assets or accounts receivable are linked to the
        U.S. dollar. Such a devaluation also has the effect of reducing the U.S. dollar amount of
        any of our liabilities that are payable in NIS, unless such payables are linked to the U.S.
        dollar. On the other hand, any increase in the value of the NIS in relation to the U.S.
        dollar will have the effect of increasing the U.S. dollar value of any unlinked NIS assets
        as well as the U.S. dollar amount of any unlinked NIS liabilities and expenses.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <i><b><font size="2">Foreign Currency Expenses, Derivatives and Hedging</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">While our functional currency is the U.S. dollar, we also have some non-U.S.
        dollar or non-U.S. dollar linked currency exposure to currencies other than NIS. These are
        mainly non-U.S. dollar customer debts, payments to suppliers and subcontractors,
        obligations in other currencies, assets or undertakings. Some subcontractors are paid in
        local currency under prime contracts where we are paid in U.S. dollars. The exposure on
        these transactions has not been in amounts that are material to Elbit Systems. However,
        when we view it necessary, we seek to minimize our foreign currency exposure, by entering
        into hedging arrangements, obtaining periodic payments upon the completion of milestones,
        obtaining guarantees and security from customers and sharing currency risks with
        subcontractors.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">105</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Most of our future cash flows that will be denominated in currencies other
        than the NIS and the U.S. dollar were covered as of December 31, 2007 by forward contracts.
        On December 31, 2007, we had forward contracts for the sale and purchase of Euro, GBP and
        various other currencies. As of December 31, 2007, the forward contracts to buy U.S.
        dollars and sell GBP are expected to mature during the years 2008 &ndash; 2014. All of the
        other forward contracts are expected to mature during 2008.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">The table below presents the balance of the hedging acquired in derivative
        instruments in order to limit the exposure to exchange rate fluctuations as of December 31,
        2007 and is presented in millions of U.S. dollar equivalent terms.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 7.67%" cellspacing="0" cellpadding="0" width="64%" border="0">
                <tr style="page-break-inside: avoid">
                    <td width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><font face="Times New Roman, Times, serif" color="#000000" size="2">Forward</font></u></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <u><font face="Times New Roman, Times, serif" color="#000000" size="2">Notional
                        Amount</font></u></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <u><font face="Times New Roman, Times, serif" color="#000000" size="2">Fair
                        Value of Derivative</font></u></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <u><font size="2">Buy US$ and Sell:</font></u></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="13%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="111">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="103">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Euro</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="13%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">146.7</font></p>
                    </td>

                    <td valign="top" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="111">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(7.9</font></p>
                    </td>

                    <td valign="bottom" width="103">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">GBP</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="13%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">168.8</font></p>
                    </td>

                    <td valign="top" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="111">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(8.0</font></p>
                    </td>

                    <td valign="bottom" width="103">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Other various currencies</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="13%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">6.6</font></p>
                    </td>

                    <td valign="top" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="111">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(0.3</font></p>
                    </td>

                    <td valign="bottom" width="103">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="13%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="111">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="103">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 7.67%" cellspacing="0" cellpadding="0" width="64%" border="0">
                <tr style="page-break-inside: avoid">
                    <td width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><font face="Times New Roman, Times, serif" color="#000000" size="2">Forward</font></u></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <u><font face="Times New Roman, Times, serif"><font size="2"><font color="#000000">
                        Notional Amount</font></font></font></u></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <u><font face="Times New Roman, Times, serif"><font size="2"><font color="#000000">
                        Fair Value of Derivative</font></font></font></u></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <u><font size="2">Sell US$ and Buy:</font></u></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="13%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="111">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="103">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Euro</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="13%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font size="2">29.6</font></p>
                    </td>

                    <td valign="top" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="111">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font size="2">1.1</font></p>
                    </td>

                    <td valign="bottom" width="103">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">GBP</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="13%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font size="2">0.9</font></p>
                    </td>

                    <td valign="top" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="111">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">0</font></p>
                    </td>

                    <td valign="bottom" width="103">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Other various currencies</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="13%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font size="2">1.6</font></p>
                    </td>

                    <td valign="top" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="111">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">0</font></p>
                    </td>

                    <td valign="bottom" width="103">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="37%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="13%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="111">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="103">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <b><font size="3">Contractual Obligations</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="80%" border="0">
                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="215">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="103">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Less
                        than<br>
                        1 year</font></p>
                    </td>

                    <td valign="bottom" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <br>
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">1-3&nbsp;
                        years</font></p>
                    </td>

                    <td valign="bottom" width="39">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">4-5&nbsp;
                        years</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">More&nbsp;
                        than<br>
                        5&nbsp; years</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="215">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="103">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(U.S.
                        dollars in millions)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">1.</font></p>
                    </td>

                    <td valign="top" width="1%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="215">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Long-Term Debt Obligations</font></p>
                    </td>

                    <td valign="bottom" width="103">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="center">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="5%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">19</font></p>
                    </td>

                    <td valign="bottom" width="59">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="21">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="center">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="5%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">429</font></p>
                    </td>

                    <td valign="bottom" width="39">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="24">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="center">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="5%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">0</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="center">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="5%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">2</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">2.</font></p>
                    </td>

                    <td valign="top" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="215">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Operating Lease Obligations</font></p>
                    </td>

                    <td valign="bottom" width="103">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="5%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">26</font></p>
                    </td>

                    <td valign="bottom" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="5%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">42</font></p>
                    </td>

                    <td valign="bottom" width="39">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="24">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="5%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">23</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="5%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">5</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">3.</font></p>
                    </td>

                    <td valign="top" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="215">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Purchase Obligations*</font></p>
                    </td>

                    <td valign="top" width="103">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="5%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">656</font></p>
                    </td>

                    <td valign="top" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="5%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">186</font></p>
                    </td>

                    <td valign="top" width="39">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="5%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <br>
                        <font size="2">41</font></p>
                    </td>

                    <td valign="top" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="5%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <br>
                        <font size="2">23</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">4.</font></p>
                    </td>

                    <td valign="top" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="215">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Other Long-Term Liabilities Reflected on the Company&rsquo;s
                        Balance Sheet under U.S. GAAP**<br>
                        &nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                    </td>

                    <td valign="bottom" width="103">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="5%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font size="2"><br>
                        <br>
                        &mdash;</font></p>
                    </td>

                    <td valign="top" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="5%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font size="2"><br>
                        &nbsp;</font></p>

                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td valign="top" width="39">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="5%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font size="2"><br>
                        <br>
                        &mdash;</font></p>
                    </td>

                    <td valign="top" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="5%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font size="2"><br>
                        <br>
                        &mdash;</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">5.</font></p>
                    </td>

                    <td valign="top" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="215">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Other Long-Term Liabilities***<br>
                        &nbsp;&nbsp;&nbsp;</font></p>
                    </td>

                    <td valign="bottom" width="103">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="5%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td valign="top" width="59">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="5%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td valign="top" width="39">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="24">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="5%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td valign="top" width="7%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="5%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="1%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="215">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Total</font></p>
                    </td>

                    <td valign="bottom" width="103">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="5%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">701</font></p>
                    </td>

                    <td valign="bottom" width="59">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="5%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">657</font></p>
                    </td>

                    <td valign="bottom" width="39">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="24">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="5%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">64</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="center">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="5%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">30</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 5.99%; TEXT-INDENT: -3.07%; TEXT-ALIGN: left">
        <font size="2">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For further description of the
        Purchase Obligations see above &ldquo;Off-Balance Sheet and Other Long-Term Arrangements
        and Commitments &ndash; Purchase Commitments&rdquo; and see below &ndash; Item 18.
        Financial Statements &ndash; Note 17H (Commitments and Contingent Liabilities &ndash;
        Contractual Obligations).</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">106</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 5.99%; TEXT-INDENT: -2.92%; TEXT-ALIGN: left">
        <font size="2">**&nbsp;&nbsp;&nbsp;&nbsp; The obligation amount does not include an amount
        of $294 million of pension and employee termination liabilities. See below Item 18.
        Financial Statements &ndash; Note 2P (Significant Accounting Policies &ndash; Severance
        Pay) and Note 15 (Benefit Plans and Accrued Termination Liability) and an amount of $23
        million of tax reserve related to FIN 48.&nbsp; See below Item 18.&nbsp; Financial
        Statements - Note 16 (Income Taxes).</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 5.99%; TEXT-INDENT: -2.92%; TEXT-ALIGN: left">
        <font size="2">***&nbsp;&nbsp; See above &ndash; Item 4. Information on the Company &ndash;
        Buy-Back.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.07%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <b><font size="3">Off-Balance Sheet Transactions</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.37%; TEXT-ALIGN: left">
        <font size="2">See above &ldquo;General &ndash; Off-Balance Sheet and Other Long-Term
        Arrangements and Commitments.&rdquo;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">107</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><a name="item6">Item 6.</a></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b>Directors, Senior Management and Employees</b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <b><font size="2">Directors and Executive Officers</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><i><b><font size="2">Board
        of Directors</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Our directors as of April 30, 2008 are as follows:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 6pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="60%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="48%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><font face="Times New Roman, Times, serif" color="#000000" size="2">Name</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <u><font face="Times New Roman, Times, serif" color="#000000" size="2">Age</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="29%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <u><font face="Times New Roman, Times, serif" color="#000000" size="2">Director
                        Since</font></u></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="48%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="29%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="48%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Michael Federmann (Chairman)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">64</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="29%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">2000</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="48%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Moshe Arad</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">74</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="29%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">2005</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="48%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Avraham Asheri</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">70</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="29%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">2000</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="48%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Rina Baum</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">63</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="29%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">2001</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="48%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">David Federmann</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">33</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="29%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">2007</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="48%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Yaacov Lifshitz (External Director)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">63</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="29%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">2003</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="48%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Yigal Ne&rsquo;eman</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">66</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="29%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">2004</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="48%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Dov Ninveh</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">61</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="29%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">2000</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="48%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Nathan Sharony (External Director)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">73</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="29%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">2002</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.37%; TEXT-ALIGN: left">
        <font size="2">The term of office of each director, other than the External Directors,
        expires at the annual general shareholders meeting to be held during 2008. The term of
        office for Yaacov Lifshitz as an External Director expires in August 2009, and the term of
        office for Nathan Sharony as an External Director expires on the earlier of March 31, 2011
        or the date of the annual general meeting of shareholders to be held in 2010.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <u><b><font size="2">Michael Federmann</font></b></u><b><font size="2">.</font></b>
        <font size="2">Michael Federmann has served as Chairman of the Board of Directors since the
        merger with Elop in 2000. He served as Chairman of the Board of Directors of Elop from 1988
        until the merger. He has held managerial positions in the Federmann Group since 1969, and
        since 2002 he has served as Chairman and CEO of Federmann Enterprises Ltd. (FEL).
        Currently, he also serves as Chairman of the Board of Directors of Dan Hotels Corp. Ltd.
        (Dan Hotels). Mr.&nbsp;Federmann is Deputy Chairman of the Board of Governors of the Hebrew
        University in Jerusalem (the Hebrew University) and a member of the Board of Governors and
        the Executive Council of the Weizmann Institute of Science. He serves as the President of
        the Israel-Germany Chamber of Industry and Commerce. Mr.&nbsp;Federmann holds a
        bachelor&rsquo;s degree in economics and political science from the Hebrew
        University.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <u><b><font size="2">Moshe Arad</font></b></u><b><font size="2">.</font></b>
        <font size="2">Moshe Arad served as Vice President for External Relations of the Hebrew
        University from 1994 to 2004. He currently serves on the Board of Directors of Discount
        Investment Corporation Ltd. From 1994 to 1999, he was a member of the Board of Directors of
        Elbit Ltd. During 1992 and 1993, Mr.&nbsp;Arad served as Director General of the Israel
        Ministry of Communications. From 1990 to 1992, he was a member of the Tel-Aviv law firm of
        Herzog, Fox, Ne&rsquo;eman. Mr.&nbsp;Arad served as Israel&rsquo;s Ambassador to the United
        States from 1987 to 1990 and as Israel&rsquo;s Ambassador to Mexico from 1983 to 1987.
        Ambassador Arad holds a bachelor&rsquo;s degree in political science and international
        relations and a L.L.B. degree from the Hebrew University.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">108</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <u><b><font size="2">Avraham Asheri</font></b></u><b><font size="2">.</font></b>
        <font size="2">Avraham Asheri has served as an economic advisor and a director of several
        companies since 1998. He currently serves on the Boards of Directors of Elron Electronic
        Industries Ltd., Discount Mortgage Bank Ltd., Koor Industries Ltd., Mikronet Ltd. and
        Africa Israel Investment Ltd. Mr.&nbsp;Asheri was President and Chief Executive Officer of
        Israel Discount Bank from 1991 until 1998, and Executive Vice President and member of its
        management committee from 1983 until 1991. Prior to that, he served for 23 years at the
        Israel Ministry of Industry and Trade and at the Israel Ministry of Finance, including as
        Director General of the Israel Ministry of Industry and Trade, Managing Director of the
        Israel Investment Center and Trade Commissioner of Israel to the United States.
        Mr.&nbsp;Asheri holds a bachelor&rsquo;s degree in economics and political science from the
        Hebrew University.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <u><b><font size="2">Rina Baum</font></b></u><b><font size="2">.</font></b>
        <font size="2">Rina Baum is Vice President for Investments of FEL, and since 1986 has
        served as Director and General Manager of Unico Investment Company Ltd. She serves as a
        director of Dan Hotels and Etanit Building Products Ltd., as well as in other managerial
        positions within the Federmann Group. She also serves as a director in Harel-PIA Mutual
        Funds Management Company Ltd. Mrs.&nbsp;Baum holds an L.L.B. degree from the Hebrew
        University.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: justify">
        <u><b><font size="2">David Federmann</font></b></u><font size="2">. David Federmann has
        served in various management capacities in FEL since 2000 and since 2002 as Business
        Development Manager of Freiberger Compound Materials GmbH in Freiberg, Germany.
        Mr.&nbsp;Federmann holds a bachelor&rsquo;s degree in mathematics and philosophy from New
        York University.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <u><b><font size="2">Yaacov Lifshitz (External
        Director)</font></b></u><b><font size="2">.</font></b> <font size="2">Yaacov Lifshitz
        serves as a director of several companies and as a lecturer in the fields of economics,
        public policy and management. He currently is a lecturer at the Department of Economics and
        the Department of Public Policy and Management of Ben-Gurion University. He also currently
        serves on the Boards of Directors of Kali &ndash; Insurance Agencies Ltd. and Carmel
        Investments Ltd. During the period from 1994 to 2002, Mr.&nbsp;Lifshitz served at various
        times as the Chairman of the Boards of Directors of Hamashbir Lazarchan Israel Ltd., Israel
        Military Industries Ltd., Spectronix Ltd., Dor Chemicals Ltd., Dor Energy Ltd., DorGas Ltd.
        and the Israeli Foreign Trade Risk Insurance Corp. Ltd. He also served from 1995 to 2002 as
        the Chairman of the Executive Board of the Israel Management Center. Prior to that he held
        various senior positions in the Israeli government, banking and industry, including
        Director General of the Israel Ministry of Finance, Chief Economic Advisor to the Israel
        Ministry of Defense, Senior Vice President and Chief Credit Officer of Israel Discount Bank
        and President and CEO of Electra (Israel) Ltd. Mr.&nbsp;Lifshitz holds a bachelor&rsquo;s
        degree in economics and political science and a master&rsquo;s degree in economics from the
        Hebrew University.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <u><b><font size="2">Yigal Ne&rsquo;eman</font></b></u><b><font size="2">.</font></b>
        <font size="2">Yigal Ne&rsquo;eman has served as the Chairman and President of the Israel
        College since 1994. From 1989 to 1993, he served as Chairman and as a shareholder of
        several industrial, commercial and service companies. Mr.&nbsp;Ne&rsquo;eman served as the
        President and CEO of Tadiran Ltd. (Tadiran) from 1981 to 1989. Prior to that he held a
        number of management positions in the control and finance departments of Tadiran, and
        served as Chairman of the Board of Elisra and of Elop. Mr.&nbsp;Ne&rsquo;eman completed his
        accounting studies at the Hebrew University and is a Certified Public
        Accountant.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <u><b><font size="2">Dov Ninveh</font></b></u><font size="2">. Dov Ninveh has served as
        Chief Financial Officer and a manager in FEL since 1994. He serves as a director of Dan
        Hotels and Etanit Ltd. Mr.&nbsp;Ninveh served as a director of Elop from 1996 until 2000.
        From 1989 to 1994, he served as Deputy General Manager of Etanit Building Products Ltd.
        Mr.&nbsp;Ninveh holds a bachelor&rsquo;s degree in economics and management from the Israel
        Institute of Technology (the Technion).</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">109</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.37%; TEXT-ALIGN: left">
        <u><b><font size="2">Nathan Sharony (External
        Director)</font></b></u><b><font size="2">.</font></b> <font size="2">Nathan Sharony has
        served as a director for several companies since 1997. He currently serves as a director
        for Bituach Yashir Ltd., an insurance company, Union Bank, Genoa Technologies Ltd.,
        H-Tachof Ltd. and Israel Bonds International Inc. From 1997 to 1999, he served as Chairman
        of Technorov Holdings (1993) Ltd. From 1994 to 1997, he was Chief Executive Officer of
        Israel Bonds, a U.S. brokerage. Mr.&nbsp;Sharony served as the Director General of the
        Israel Ministry of Industry and Trade from 1992 to 1994. Prior to that, Mr.&nbsp;Sharony
        held a number of positions in industry and government including head of the Israeli
        Government Economic Mission to the U.S., President and Chief Executive Officer of Elop and
        Vice President for Logistics of Tadiran. In 1982, Mr.&nbsp;Sharony completed 30 years of
        service in the Israel Defense Forces, retiring with the rank of Major General.
        Mr.&nbsp;Sharony participated in the Field Artillery Battery Officers Course in Fort Sill,
        Oklahoma.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
        <i><b><font size="2">Executive Officers</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Our executive officers as of April 30, 2008 are as follows:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 6pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="80%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="30%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><font size="2">Name</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="8%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <u><font size="2">Age</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="61%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><font size="2">Position</font></u></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="30%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="8%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="61%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="30%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Joseph Ackerman</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="8%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">58</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="61%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">President and Chief Executive Officer</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="30%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">David Block Temin</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="8%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">53</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="61%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Executive Vice President and Chief Legal Officer and Chief
                        Compliance Officer</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="30%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Guy Brill</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="8%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">56</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="61%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Executive Vice President and Co-General Manager &ndash;
                        Technologies and Operations Division</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="30%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Itzhak Dvir</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="8%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">60</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="61%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Executive Vice President and Chief Operating
                        Officer</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="30%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Jacob Gadot</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="8%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">60</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="61%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Executive Vice President &ndash; Mergers and
                        Acquisitions</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="30%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Ran Galli</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="8%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">59</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="61%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Executive Vice President &ndash; Strategic
                        Initiatives</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="30%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Joseph Gaspar</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="8%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">59</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="61%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Executive Vice President and Chief Financial
                        Officer</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="30%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Zeev Gofer</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="8%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">55</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="61%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Executive Vice President - Business Development and
                        Marketing</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="30%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Dalia Gonen</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="8%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">55</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="61%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Executive Vice President &ndash; Human Resources</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="30%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Ran Hellerstein</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="8%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">57</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="61%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Executive Vice President and Co-General Manager &ndash;
                        Aerospace Division</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="30%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Raanan Horowitz</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="8%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">47</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="61%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">President and Chief Executive Officer &ndash; ESA</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="30%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Haim Kellerman</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="8%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">54</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="61%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Executive Vice President and General Manager &ndash; UAS
                        Division</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="30%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Bezhalel Machlis</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="8%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">45</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="61%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Executive Vice President and General Manager &ndash; Land
                        and C4I &ndash; Tadiran Division</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="30%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Ilan Pacholder</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="8%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">53</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="61%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Executive Vice President &ndash; Offset, Industrial
                        Cooperation and Financing</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="30%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Marco Rosenthal</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="8%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">61</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="61%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Executive Vice President and Co-General Manager -
                        Technologies and Operations Division</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="30%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Haim Rousso</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="8%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">61</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="61%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Executive Vice President and General Manager &ndash;
                        Electro-Optics Elop Division</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="30%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Gideon Sheffer</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="8%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">59</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="61%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Executive Vice President &ndash; Strategic
                        Planning</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="30%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Yoram Shmuely</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="8%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">47</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="61%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1.4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Executive Vice President and Co-General Manager &ndash;
                        Aerospace Division</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">110</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <u><b><font size="2">Joseph Ackerman</font></b></u><b><font size="2">.</font></b>
        <font size="2">Joseph Ackerman was appointed as President and Chief Executive Officer in
        1996. From 1996 to 2004, he served as a member of our board of directors. From 1994 to
        1996, he served as Senior Vice President and General Manager of Elbit Ltd.&rsquo;s Defense
        Systems Division (EDS). Mr.&nbsp;Ackerman joined Elbit Ltd. in 1982 and held various
        management positions, including General Manager &ndash; EFW, Senior Vice President -
        Operations Company, Vice President - Operations and Vice President - Advanced Battlefield
        Systems. He serves as Chairman or as a director on the boards of many of our affiliated
        companies. Mr.&nbsp;Ackerman holds a bachelor of science degree in aeronautical engineering
        from the Technion.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <u><b><font size="2">David Block Temin</font></b></u><font size="2">. David Block Temin was
        appointed as an Executive Vice President in April 2008 and as Chief Legal Officer and Chief
        Compliance Officer in January 2008, after serving as Corporate Vice President since 2000
        and as General Counsel since 1996. From 1987 to 1996, he was a Legal Advisor to Elbit Ltd.
        Prior to that, Mr.&nbsp;Block Temin was an attorney with law firms in New York City.
        Mr.&nbsp;Block Temin received a juris doctor degree as well as a master of arts degree in
        international relations from Stanford University and holds a bachelor of arts degree in
        political science from the University of Maryland. He is admitted to the Israeli and New
        York bars.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <u><b><font size="2">Guy Brill</font></b></u><font size="2">. Guy Brill was appointed as an
        Executive Vice President in April 2008 and has served as Co-General Manager &ndash;
        Technologies and Operations Division since 2005. He became a Corporate Vice President in
        2005. From 2001 until 2005, he served as Corporate Vice President &ndash; Business Synergy
        of Elbit Systems U.S. Corp., a U.S. subsidiary of the Company. Prior to that he held
        various management positions including Elbit Systems&rsquo; Chief Operating Officer,
        Co-Manager of the C<sup>3</sup> and Battlefield Information Systems Strategic Business
        Unit, Vice President for Processes Improvement and Quality and Vice President and Division
        Manager of the Command and Control Systems Division of EDS. Mr.&nbsp;Brill joined Elbit
        Ltd. in 1985. Prior to that, Mr.&nbsp;Brill served in the IDF in the R&amp;D branch of the
        Ground Forces, and as an artillery officer, where he holds the rank of Colonel (reserve).
        Mr.&nbsp;Brill holds a bachelor of science degree in electronic engineering from the
        Technion and a master of science of management degree from the Polytechnic University of
        New York. He is also a graduate of the Harvard University Business School&rsquo;s Advanced
        Management Program.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <u><b><font size="2">Itzhak Dvir</font></b></u><font size="2">. Itzhak Dvir was appointed
        as an Executive Vice President in April 2008 and has served as Chief Operating Officer
        since 2004. He was appointed as a Corporate Vice President in 2000. Mr.&nbsp;Dvir served as
        General Manager &ndash; UAV, Tactical and Security Systems from 2003 until 2004. From 2000
        through 2002, he was General Manager - C4I and Battlefield Systems. From 1996 until 2000,
        he was Vice President and Division Manager - UAV and C<sup>3</sup> Division. Mr.&nbsp;Dvir
        joined Elbit Ltd. in 1989 and held various management positions, including Vice President -
        UAV Division, Vice President - Advance Battlefield Systems Division and Marketing Director
        - Battlefield Systems Division. Prior to that he served as a career officer in the IAF,
        retiring with the rank of Colonel. Mr.&nbsp;Dvir holds a bachelor of science degree in
        aeronautical engineering from the Technion and a master of science degree in aeronautical
        engineering from the U.S. Air Force Institute of Technology at Wright Patterson Air Force
        Base.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <u><b><font size="2">Jacob Gadot</font></b></u><b><font size="2">.</font></b>
        <font size="2">Jacob Gadot was appointed as Executive Vice President &ndash; Mergers and
        Acquisitions in April 2008, after serving as Corporate Vice President &ndash; Mergers and
        Acquisitions since 2000. He also served as Chief Technology Officer from 2001 until 2005.
        Mr.&nbsp;Gadot held the position of Vice President - Mergers and Acquisitions from 1998 to
        2000 and Vice President - Business Development from 1996 to 1998. Mr.&nbsp;Gadot joined
        Elbit Ltd. in 1983 and held various positions in EDS, including Vice President -
        International Marketing and head of the Airborne Division. Prior to that, he worked for
        Motorola Israel, after serving for ten years as an officer in the IAF. Mr.&nbsp;Gadot holds
        a bachelor of science degree in electrical engineering from the Technion.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">111</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.37%; TEXT-ALIGN: left">
        <u><b><font size="2">Ran Galli</font></b></u><font size="2">. Ran Galli was appointed as
        Executive Vice President &ndash; Strategic Initiatives in April 2008 after serving as
        Corporate Vice President &ndash; Strategic Initiatives since 2005. He served as Corporate
        Vice President - Major Campaigns from 2003 until 2005. From 1999 until 2003 he served as
        Corporate Vice President - Business Development and Marketing. Mr.&nbsp;Galli joined Elbit
        Systems in 1997 as Vice President &ndash; Business Development. Prior to that, he served as
        Corporate Vice President &ndash; Business Development and Marketing at Rafael, which he
        joined in 1990, after retiring from the IAF with the rank of Colonel. In the IAF he served
        as head of Research and Development, following numerous aircraft program management
        positions. Mr.&nbsp;Galli holds bachelor and master of science degrees in aeronautical
        engineering from the Technion.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <u><b><font size="2">Joseph Gaspar</font></b></u><b><font size="2">.</font></b>
        <font size="2">Joseph Gaspar was appointed as an Executive Vice President in April 2008 and
        as Chief Financial Officer in 2001. He was appointed as a Corporate Vice President in 2000
        and served as Corporate Vice President &ndash; Strategy, Technology and Subsidiaries from
        the Elop merger in 2000 until 2001. From 1996 until the merger, he held the position of
        Corporate Vice President, Marketing and Business Development of Elop. Mr.&nbsp;Gaspar
        joined Elop in 1975 and held several management positions, including Vice President and
        General Manager of Elop&rsquo;s Optronics Product Division and co-manager of an Elop
        subsidiary in the United States. Mr.&nbsp;Gaspar holds a bachelor of science degree from
        the Technion in electronic engineering with advanced studies in digital signal processing
        and communication.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <u><b><font size="2">Zeev Gofer</font></b></u><font size="2">. Zeev Gofer was appointed as
        Executive Vice President &ndash; Business Development and Marketing in April 2008 after
        serving as Corporate Vice President &ndash; Business Development and Marketing since 2003.
        He previously served as Corporate Vice President and as Co-General Manager - Aircraft and
        Helicopter Upgrades and Systems from 2000 until 2003. From 1999 until 2000, he was Vice
        President - Aircraft Upgrades and Airborne Systems Division, having served as Division
        Manager since 1996. He joined Elbit Ltd. in 1982 and held various management positions,
        including Director of EDS&rsquo; Aircraft Upgrade Division, director of a major aircraft
        upgrade program, director of avionics system engineering and technical manager of the Lavi
        aircraft avionics program. Mr.&nbsp;Gofer holds bachelor and master of science degrees in
        electronic engineering from the Technion and a master of science of management degree from
        the Polytechnic University of New York.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.37%; TEXT-ALIGN: left">
        <u><b><font size="2">Dalia Gonen</font></b></u><b><font size="2">.</font></b>
        <font size="2">Dalia Gonen was appointed as Executive Vice President &ndash; Human
        Resources in April 2008 after having been appointed as Corporate Vice President - Human
        Resources in January 2008. She served as Vice President &ndash; Human Resources from 2000
        until 2007. She became Director of Human Resources in 1996. Ms.&nbsp;Gonen joined Elbit
        Ltd. in 1971 and held various positions in the Human Resources Department. Ms.&nbsp;Gonen
        holds a bachelor of arts degree in sociology from Haifa University and a master of science
        of management degree from the Polytechnic University of New York.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.37%; TEXT-ALIGN: left">
        <u><b><font size="2">Ran Hellerstein</font></b></u><b><font size="2">.</font></b>
        <font size="2">Ran Hellerstein was appointed as Executive Vice President and Co-General
        Manager - Aerospace Division in April 2008 after serving as Corporate Vice President and
        Co-General Manager - Aircraft and Helmet Systems since 2003. Mr.&nbsp;Hellerstein served as
        Corporate Vice President and Co-General Manager &ndash; Aircraft and Helicopter Upgrades
        and Systems from 2000 until 2003. From 1996 until 2000, he served as Vice President -
        Development and Engineering Division, having served as Division Manager since 1993.
        Mr.&nbsp;Hellerstein joined Elbit Ltd. in 1978 and served in various management positions,
        including Manager of EDS&rsquo; Engineering Division, department manager, technical manager
        and systems engineer. Mr.&nbsp;Hellerstein holds bachelor and master of science degrees in
        electrical engineering from the Technion.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">112</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <u><b><font size="2">Raanan Horowitz.</font></b></u> <font size="2">Raanan Horowitz was
        appointed President and Chief Executive Officer of ESA in October 2007. He served as
        Executive Vice President and General Manager of EFW from 2001 until his current
        appointment. From 1991 until 2001, Mr.&nbsp;Horowitz held various management positions with
        EFW and other U.S. subsidiaries of the Company. From 1989 to 1991, he served as a senior
        program manager for Elbit Ltd. Mr.&nbsp;Horowitz serves as a consultant on the U.S. Army
        Science Board and is a member of the national board of directors of the Leukemia and
        Lymphoma Society. Mr.&nbsp;Horowitz holds a MBA from the Seidman School of Business of
        Grand Valley State University in Allendale, Michigan. He also holds a master of science
        degree in electrical engineering and a bachelor of science degree in mechanical engineering
        from Tel-Aviv University.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.21%; TEXT-ALIGN: left">
        <u><b><font size="2">Haim Kellerman</font></b></u><font size="2">. Haim Kellerman was
        appointed as Executive Vice President and General Manager - UAS Division in April 2008
        after serving as Corporate Vice President and General Manager &ndash; UAV Systems since
        2004. From 2002 until his current appointment, Mr.&nbsp;Kellerman was Vice President - UAV
        Programs. Prior to that he held various senior program management positions relating to
        UAV, C4I and airborne programs. He joined Elbit Ltd. in 1978. Mr.&nbsp;Kellerman holds a
        bachelor of science degree in computer science from the Technion.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.21%; TEXT-ALIGN: left">
        <u><b><font size="2">Bezhalel Machlis</font></b></u><b><font size="2">.</font></b>
        <font size="2">Bezhalel Machlis was appointed as Executive Vice President and General
        Manager &ndash; Land and C4I &ndash; Tadiran Division in April 2008 after serving as
        Corporate Vice President and General Manager &ndash; Land Systems and C4I since 2004. In
        2003, he served as Corporate Vice President and General Manager - Ground C4I and
        Battlefield Systems. From 2000 until 2002, he served as Vice President - Battlefield and
        Information Systems. Mr.&nbsp;Machlis joined Elbit Ltd. in 1991 and held various management
        positions in the battlefield and information systems area. Prior to that, he served as an
        artillery officer in the IDF, where he holds the rank of Colonel (reserves).
        Mr.&nbsp;Machlis holds a bachelor of science degree in mechanical engineering and a
        bachelor of arts degree in computer science from the Technion and a MBA from Tel-Aviv
        University.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <u><b><font size="2">Ilan Pacholder</font></b></u><font size="2">. Ilan Pacholder was
        appointed as Executive Vice President &ndash; Offset, Industrial Cooperation and Financing
        in April 2008 after having been appointed as Corporate Vice President &ndash; Offset in
        January 2008. From February &ndash; December 2007, he served as Vice President and Chief
        Financial Officer of TadComm. Mr.&nbsp;Pacholder served as Corporate Secretary and Vice
        President &ndash; Finance and Capital Markets of Elbit Systems from 2003 until 2006. From
        2001 until 2003, he served as Vice President &ndash; Finance. Mr.&nbsp;Pacholder joined
        Elbit Ltd. in 1994 and held various senior positions in the Finance Department. Prior to
        joining Elbit Ltd. he served as the Chief Financial Officer for Sanyo Industries in New
        York. Before that Mr.&nbsp;Pacholder worked for Bank Leumi in New York for 10 years and
        held the position of Vice President in the international and domestic lending departments.
        Mr.&nbsp;Pacholder holds a bachelor of arts degree in accounting and economics from Queens
        College in New York and a MBA in finance and investments from Adelphi
        University.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.21%; TEXT-ALIGN: left">
        <u><b><font size="2">Marco Rosenthal</font></b></u><b><font size="2">.</font></b>
        <font size="2">Marco Rosenthal was appointed as Executive Vice President and Co-General
        Manager &ndash; Technologies and Operations Division in April 2008, after serving as
        Corporate Vice President and Co-General Manager - Technologies and Operations Division
        since 2005. He served as Corporate Vice President - Manufacturing and Purchasing from 2001
        until 2005, having served from 1999 - 2001 as Vice President &ndash; Operations and General
        Manager of the Karmiel facility. From 1996 to 1999, he served as Vice President - Material.
        Mr.&nbsp;Rosenthal joined Elbit Ltd. in 1975 and held various management positions,
        including Vice President - Material of EDS and Director of the Sales Department.
        Mr.&nbsp;Rosenthal holds a degree in technical engineering from the Technion and a degree
        in business management from Haifa University.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">113</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.21%; TEXT-ALIGN: left">
        <u><b><font size="2">Haim Rousso</font></b></u><b><font size="2">.</font></b>
        <font size="2">Haim Rousso was appointed as Executive Vice President and General Manager -
        Electro-Optics Elop Division in April 2008 after serving as Corporate Vice President and
        General Manager of Elop since the merger in 2000. Prior to that, Mr.&nbsp;Rousso held the
        position of Corporate Vice President of and General Manager of Elop. He has held various
        managerial positions in Elop since 1972. Mr.&nbsp;Rousso holds bachelor and master of
        science degrees in electrical engineering from the Technion.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.37%; TEXT-ALIGN: left">
        <u><b><font size="2">Gideon Sheffer</font></b></u><b><font size="2">.</font></b>
        <font size="2">Gideon Sheffer was appointed as Executive Vice President &ndash; Strategic
        Planning in April 2008 after serving as Corporate Vice President &ndash; Strategic Planning
        since 2001. Prior to that he served as Acting Head of Israel&rsquo;s National Security
        Council and as National Security Advisor to former Prime Minister Ehud Barak. In 1998, he
        completed 32 years of service in the IDF, retiring with the rank of Major General. From
        1995 to 1998, he served on the General Staff as Head of the IDF&rsquo;s Human Resources
        Branch. Before that, he served as Deputy Commander of the IAF. Mr.&nbsp;Sheffer held a
        number of command positions in the IAF after serving as a fighter aircraft and helicopter
        pilot. Mr.&nbsp;Sheffer holds a bachelor&rsquo;s degree in Israel studies from Bar Ilan
        University and is a graduate of the Harvard University Business School&rsquo;s Advanced
        Management Program.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.37%; TEXT-ALIGN: left">
        <u><b><font size="2">Yoram Shmuely</font></b></u><font size="2">. Yoram Shmuely was
        appointed as Executive Vice President and Co-General Manager - Aerospace Division in April
        2008 after serving as Corporate Vice President and Co-General Manager &ndash; Airborne and
        Helmet Systems since 2003. He served as Corporate Vice President and General Manager
        &ndash; Helmet Mounted Systems from 2000 until 2003. From 1998 until 2000, he was Vice
        President - Helmet Mounted Systems Division. From its founding in 1996 until 1998, he
        served as President of VSI. Mr.&nbsp;Shmuely joined Elbit Ltd. in 1990 and served as
        director of Elbit Ltd.&rsquo;s Helmet Mounted Display business. He served as a fighter
        aircraft pilot in the IAF. Mr.&nbsp;Shmuely holds a bachelor of science degree in
        electronic engineering from the Technion.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <b><font size="2">Compensation of Directors and Officers</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 8.6%; TEXT-ALIGN: left">
        <font size="2">The following table sets forth the aggregate compensation paid to all of our
        directors and officers as a group, including the President, for the fiscal year ended
        December 31, 2007:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 5.4pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="70%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="424">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="177">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Salaries, Directors&rsquo; Fees<br>
                        </font><u><font size="2">Commissions and
                        Bonuses</font></u><font size="2">(*)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Pension, Retirement</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><font size="2">and Similar Benefits</font></u></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="424">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="177">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="424">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">All directors and officers</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(consisting of 27 persons)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="177">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$7,089,996</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$914,554</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
        <font size="2">_________________________</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 5.99%; TEXT-ALIGN: left">
        <font size="2">(*) Elbit Systems&rsquo; shareholders at the annual general shareholders
        meeting held in 2004 approved payment to directors thereafter in accordance with maximum
        regulatory rates payable to External Directors under Israeli law for companies similarly
        classified based on their shareholding equity. At an extraordinary general shareholders
        meeting held in March 2008, our shareholders approved increasing compensation, effective
        April 1, 2008, to External Directors and other directors meeting the director independence
        criteria of the Nasdaq Stock Market. The increased compensation is consistent with
        amendments to Israeli law regarding compensation to External Directors who serve on the
        boards of &ldquo;dual listed&rdquo; companies, such as Elbit Systems. As a result, External
        Directors and other such &ldquo;independent&rdquo; directors are entitled to an annual fee
        equal to approximately $29,150 and a per meeting fee of approximately $640. The other
        directors, for whom compensation remains at previously approved levels, are entitled to an
        annual meeting fee of approximately $14,100 and a per meeting fee of approximately
        $540.</font> <font size="2">Such payments are made either directly to the director or to
        his or her employing company.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 5.99%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 5.99%; TEXT-ALIGN: left">
        <font size="2">The employment contract of Joseph Ackerman, Elbit Systems&rsquo; President
        and Chief Executive Officer, was renewed by the Board of Directors (after approval by the
        Compensation and Audit Committees of the Board) in August 2006 for a three-year
        period.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">114</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-ALIGN: left"><b><font size="3">Board
        Practices</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Appointment and Termination of Directors</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Directors on our board of directors (Board) are recommended for appointment
        or election by the Board&rsquo;s Nominating Committee. See below &ldquo;Nominating
        Committee.&rdquo;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">The current External Directors on our Board of directors were each appointed
        to three-year terms at a general meeting of shareholders, with Mr.&nbsp;Lifshitz&rsquo;s
        term expiring in August 2009 and Mr.&nbsp;Sharony&rsquo;s term expiring on the earlier of
        March 31, 2011 or the annual general meeting of shareholders to be held in 2010. The other
        seven current directors were appointed at the annual general meeting of shareholders held
        in August 2007.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">There are no service contracts or similar arrangements with any director
        that provide for benefits upon termination of directorship. Nasdaq&rsquo;s director
        independence and related rules applicable to boards of directors apply to Elbit Systems.
        Under these rules, our Board is required to meet the Nasdaq director independence criteria.
        Also applicable are certain other rules regarding independent directors serving on a
        director nomination committee and the manner for approving the compensation to Elbit
        Systems&rsquo; Chief Executive Officer.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Audit Committee.</font></b></i> <font size="2">Nathan Sharony
        (chairman), Moshe Arad, Avraham Asheri, Yaacov Lifshitz and Yigal Ne&rsquo;eman are members
        of the Audit Committee. The Audit Committee operates in accordance with an Audit Committee
        Charter that provides the framework for its oversight functions consistent with Israeli and
        U.S. legal and regulatory requirements. All of the members of the Audit Committee have been
        determined to be independent as defined by the applicable Nasdaq rules and those of the
        SEC. The Audit Committee meets from time to time in executive sessions and also conducts
        annual assessments of the sufficiency of its Charter and of the Committee&rsquo;s
        compliance with its obligations. See below - Item 10. Additional Information &ndash;
        General Provisions of Israeli Law and Related Provisions &ndash; Internal Auditor and Audit
        Committee; Item 16A. Audit Committee &ndash; Financial Expert and Item 16D. Exemptions from
        Listing Standards for Audit Committees.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <i><b><font size="2">Compensation Committee</font></b></i><b><font size="2">.</font></b>
        <font size="2">Avraham Asheri (Chairman), Moshe Arad and Yaacov Lifshitz are members of the
        Board&rsquo;s Compensation Committee. The purpose of the Compensation Committee is to carry
        out on behalf of the Board the responsibilities of the Board relating to approval of
        compensation of the Company&rsquo;s Chief Executive Officer and other senior officers. All
        of the committee members have been determined to be independent as defined by the
        applicable Nasdaq rules and those of the SEC.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <i><b><font size="2">Nominating Committee</font></b></i> <font size="2">. Nathan Sharony
        (Chairman), Avraham Asheri and Yigal Ne&rsquo;eman are members of the Board&rsquo;s
        Nominating Committee. The role of the Nominating Committee is to assist the Board in
        fulfilling its responsibilities with respect to the identification of individuals who are
        qualified to become Board members. All of the members of the Nominating Committee have been
        determined to be independent as defined by the applicable Nasdaq rules and those of the
        SEC. A nominee to our Board must have such experience in business or financial matters as
        would make such nominee an asset to the Board. In recommending director candidates, our
        Nominating Committee takes into consideration such factors as it deems appropriate based on
        our current needs. These factors may include: professional and person ethics and integrity;
        business, professional and industry knowledge, sophistication and contacts; the ability to
        make informed and independent judgments on a wide range of issues; relevant skills and
        experience demonstrated through business, professional, charitable or civic affairs; and
        the candidate&rsquo;s ability to devote the required time and effort to serve on our
        Board.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">115</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <b><font size="3">Employees</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <i><b><font size="2">Number of Employees</font></b></i><b><font size="2">.</font></b>
        <font size="2">Most of our employees are based in Israel, and we have a significant number
        of employees in the United States. The total number of employees worldwide and the number
        of employees in the U.S. at the end of 2007, 2006 and 2005 were as follows:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="33%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <u><font size="2">Total Employees</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="33%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <u><font size="2">U.S. Employees</font></u></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff" height="18">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="33%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">2007</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="186">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right">
                        <font size="2">10,072</font></p>
                    </td>

                    <td width="149">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="33%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">1,749</font></p>
                    </td>
                </tr>

                <tr height="24">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="middle" width="33%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">2006</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="middle" width="186" colspan="1">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right">
                        <font size="2">8,030</font></p>
                    </td>

                    <td width="149">
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="middle" width="33%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">1,357</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="33%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">2005</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="186" colspan="1">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right">
                        <font size="2">6,340</font></p>
                    </td>

                    <td width="149">
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="33%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">1,225</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.37%; TEXT-ALIGN: left">
        <i><b><font size="2">Employment Contracts</font></b></i><b><font size="2">.</font></b>
        <font size="2">Most of our Israeli employees have individual employment contracts. However,
        by law some employees receive rights under a number of general collective bargaining
        agreements and under Israeli employment laws. See above &ndash; Item 4. Information on the
        Company &ndash; Conditions in Israel &ndash; Israeli Labor Laws. We believe our overall
        relationship with our employees is satisfactory.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <i><b><font size="2">Collective Bargaining Agreements.</font></b></i>
        <font size="2">Approximately 550 of Elop&rsquo;s employees are covered by a collective
        bargaining agreement extending through the end of 2007 and negotiations regarding its
        extension are ongoing. Union collective bargaining agreements in effect through the end of
        2008 apply to approximately 175 of Cyclone&rsquo;s employees. Approximately 610 of
        Elisra&rsquo;s employees are covered by collective bargaining agreements, one extending
        through March 2010 and the other through September 2012. As of the date of this Annual
        Report on Form 20-F, negotiations with Elisra&rsquo;s employees and trade union are
        ongoing.Tadiran Systems reached a new collective bargaining agreement in effect until
        December 2010, covering approximately 160 of Tadiran Systems&rsquo; employees.
        Approximately 95 of Tadiran Spectralink&rsquo;s employees are covered by collective
        bargaining agreements extending through October 2010. Approximately 400 TadComm employees
        at its Holon plant are covered by collective bargaining agreements extending through July
        2010, and approximately 115 TadComm employees at its Kiryat Shmona and Tel Chai facilities
        are covered by collective bargaining agreements extending through August 2007, and
        negotiations regarding their extension are ongoing</font><i><font size="2">.</font></i>
        <font size="2">Approximately 195 of ESA - Fort Worth&rsquo;s employees are subject to union
        collective bargaining agreements expiring in November 2008.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">116</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><b><font size="2">Share
        Ownership</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><i><b><font size="2">Elbit
        Systems&rsquo; Stock Option Plans</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="45%" border="0">
                <tr>
                    <td valign="top" nowrap width="16%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="83%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">2007 Employee Stock Option Plan</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.37%" align="left">
        <font size="2">In January 2007, our shareholders approved the 2007 Option Plan (the Plan).
        The purpose of the Plan is to provide an incentive to applicable employees of Elbit Systems
        and certain of our subsidiaries, who are expected to contribute to the Company&rsquo;s
        future growth and success and to strengthen the alignment of the option recipients&rsquo;
        interests with those of the Company and our shareholders.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">The options were allocated, subject to the required approvals, in two tracks
        as follows: (i) Regular Options - up to 1,250,000 options exercisable into 1,250,000 of our
        ordinary shares in consideration for the exercise price, all or any portion of which may be
        granted as Incentive Stock Options (Regular Options) and (ii) Cashless Options - up to
        1,250,000 options, which entitle the participant to exercise options for an amount
        reflecting only the benefit factor (Cashless Options). Each of the participants is granted
        an equal amount of Regular Options and Cashless Options. The exercise price for Israeli
        participants is the average closing price of our shares during 30 trading days preceding
        the options&rsquo; grant date. The exercise price of options granted to a non-Israeli
        participant residing in the United States is the fair market value of the share on the day
        the options are granted. Generally, the options expire five years from the grant
        date.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.37%" align="left">
        <font size="2">According to the Plan, the options granted on a certain date (such grant
        date being the Commencement Date) will become vested and exercisable in accordance with the
        following vesting schedule:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 56.7pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="90%" border="0">
                <tr>
                    <td valign="top" width="8%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">(1)</font></p>
                    </td>

                    <td valign="top" width="91%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Fifty percent (50%) of the options will be vested and
                        exercisable from the second anniversary of the Commencement
                        Date;</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="8%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="91%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="8%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">(2)</font></p>
                    </td>

                    <td valign="top" width="91%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">An additional twenty-five percent (25%) of the options will
                        be vested and exercisable from the third anniversary of the Commencement
                        Date; and</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="8%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="91%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="8%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">(3)</font></p>
                    </td>

                    <td valign="top" width="91%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">The remaining twenty-five (25%) of the options will be
                        vested and exercisable from the fourth anniversary of the Commencement
                        Date.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2">Subject to the above-mentioned vesting periods, the options are exercisable
        during the five-year period after the Commencement Date.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.37%" align="left">
        <font size="2">Israeli participants are granted options under the Plan in accordance with
        the provisions of Section 102 of the Israeli Tax Ordinance related to the Capital Gains Tax
        Track.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.37%" align="left">
        <font size="2">During 2007, we granted approximately 200 employees an aggregate total of
        2,381,300 options under the Plan. The average exercise price of the options was $33.27. The
        options are exercisable for five years from the Commencement Date. All grants were made in
        accordance with the grant date conditions specified in the Plan. The compensation expenses
        related to the options granted during 2007 are approximately $19.2 million, of which $4.6
        million was recorded in 2007 and the balance to be recognized over a period of three years.
        As part of the overall grant in the first quarter of 2007, in January 2007, our President,
        Mr.&nbsp;Ackerman, was granted 95,000 options under the Plan at an exercise price of $33.20
        per share. No directors were granted options under the Plan but officers other than
        Mr.&nbsp;Ackerman were granted an aggregate of 728,300 options under the Plan, with an
        average exercise price of $33.20.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">117</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">For a full description of the Plan see the exhibit to the Proxy Statement
        filed with the Securities and Exchange Commission (SEC) on Form 6-K on December 7, 2006.
        See also below &ndash; Item 18. Financial Statements &ndash; Note 18 (Shareholders&rsquo;
        Equity).</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <b><font size="2">Post Merger Plan</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">We adopted an employee stock option plan following the merger with Elop in
        2000 (the Post Merger Plan). Under the Post Merger Plan, stock options for our ordinary
        shares were granted to officers and employees of Elbit Systems and wholly-owned
        subsidiaries. Under the Post Merger Plan, 5,000,000 options were authorized to be granted
        to approximately 800 key employees of Elbit Systems and wholly-owned
        subsidiaries.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Half of the options granted to any employee under the Post Merger Plan were
        exercisable into one of our ordinary shares per option in consideration for the
        employee&rsquo;s payment to us of the exercise price. The remaining options granted to any
        employee under the Post Merger Plan consisted of &ldquo;phantom&rdquo; options, which are
        similar to share appreciation rights. These options entitle the employee, on exercise of
        the phantom options, to receive shares in an amount corresponding to the value of the
        difference between the &ldquo;deemed&rdquo; option exercise price and the closing TASE
        trading price on the date before the option exercise date. For phantom options the employee
        pays only the par value of the shares actually received. The exercise price for options
        granted is 85% of the average price of Elbit Systems&rsquo; shares on the TASE for the 60
        trading days prior to the specific option grant. As of April 30, 2008, options exercisable
        into 82,250</font> <font size="2">ordinary shares, based on the shares&rsquo; April 30,
        2008 closing price on TASE of $55.41, remain vested and unvested under the Post Merger
        Plan. The options expire upon the later of six years after the grant date or 90 days after
        the employee&rsquo;s termination of employment with Elbit Systems or its subsidiaries, as
        applicable.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">118</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="61%" border="0">
                <tr>
                    <td valign="top" nowrap width="24%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><a name="item7"><font size="4">Item 7.</font></a></b></p>
                    </td>

                    <td valign="top" nowrap width="71%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="4">Major Shareholders and Related Party
                        Transactions</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><b><font size="2">Major
        Shareholders</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <i><b><font size="2">Percentages</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">We had, as of April 30, 2008, 42,094,994 ordinary shares outstanding.<sup>(1
        )</sup></font> <font size="2">The following table sets forth specific information as of
        April 30, 2008, to the best of our knowledge, concerning:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="78">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top" width="879">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">beneficial ownership of more than 5% of our outstanding
                        ordinary shares; and</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top" width="878">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">the number of ordinary shares beneficially owned by all of
                        our officers and directors as a group.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 0.5in; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="80%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="45%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><font size="2">Name of Beneficial Owner</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <u><font size="2">Amount Owned</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="32%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <u><font size="2">Percent of Ordinary Shares</font></u></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="45%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="32%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="45%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Federmann Enterprises Ltd.</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="32%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="45%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">99 Hayarkon Street</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="32%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="45%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Tel-Aviv, Israel<sup>(2)</sup></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">19,183,763</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="32%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">45.57%</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="45%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="32%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="45%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Heris Aktiengesellschaft</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="32%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="45%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">c/o 99 Hayarkon Street</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="32%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="45%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Tel-Aviv, Israel</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">3,836,458<sup>(3)</sup></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="32%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">9.11%</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="45%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="32%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="45%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">All officers and directors</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="32%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="45%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">as a group (27 persons)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">133,541<sup>(4)</sup></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="32%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">0.31%</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
        <font size="2">____________________________</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="50">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">(1)</font></p>
                    </td>

                    <td valign="top" width="935">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">The total number of ordinary shares includes 23,021 ordinary
                        shares held by one of our subsidiaries but excludes 385,900 ordinary shares
                        held by us as treasury shares.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="50">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="935">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="50">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">(2)</font></p>
                    </td>

                    <td valign="top" width="935">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Federmann Enterprises Ltd. (FEL) owns our ordinary shares
                        directly and indirectly through Heris Aktiengesellschaft (Heris) which is
                        controlled by FEL. FEL is controlled by Beit Federmann Ltd. (BFL). BFL is
                        controlled by Beit Bella Ltd. (BBL) and Beit Yekutiel Ltd. (BYL). Michael
                        Federmann is the controlling shareholder of BBL and BYL. He is also the
                        Chairman of Elbit Systems&rsquo; Board and the Chairman of the Board and
                        the Chief Executive Officer of FEL. Therefore, Mr.&nbsp;Federmann controls,
                        directly and indirectly, the vote of ordinary shares owned by Heris and
                        FEL.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="50">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="935">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="50">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="935">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">As of April 30, 2008, 4,655,448 ordinary shares held by FEL
                        were pledged to Bank Leumi Le-Israel BM to guarantee loans provided to FEL
                        in connection with FEL&rsquo;s purchase in 2004 of the ordinary shares from
                        Elron Electronics Industries Ltd. as well as to guarantee an increase of
                        the loan provided to FEL according to an April 2007 amendment to the loan
                        agreement. In addition, 2,175,000 ordinary shares held by FEL were pledged
                        in favor of Bank Hapoalim BM, in connection with FEL&rsquo;s purchase in
                        2006 from Koor Industries Ltd. (Koor) of 2,350,000 of our ordinary
                        shares.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-INDENT: -7.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2">119</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="50">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">(3)</font></p>
                    </td>

                    <td valign="top" width="935">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">The amount of ordinary shares owned by Heris is included in
                        the amount of shares held by FEL as set forth in footnote (2)
                        above.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="50">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="935">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="50">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">(4)</font></p>
                    </td>

                    <td valign="top" width="935">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="left">
                        <font size="2">This amount does not include any ordinary shares that may be
                        deemed to be beneficially owned by Michael Federmann as described in
                        footnote (2) above. The amount includes 21,677 ordinary shares underlying
                        options that are currently exercisable or that will become exercisable
                        within 60 days of April 30, 2008. A portion of the underlying options are
                        &ldquo;phantom options&rdquo; or &ldquo;cashless&rdquo; options that have
                        been calculated based on our April 30, 2008 closing share price on TASE of
                        $55.41.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
        <i><b><font size="2">Rights in Shares, Significant Changes in Shareholders and Controlling
        Shareholders</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">Our major shareholders have the same rights as other holders of our ordinary
        shares.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">The only changes in shareholdings by major shareholders in the last three
        years were those relating to FEL as follows:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="7%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: center">
                        <font size="2">April 30, 2008</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: center">
                        <font size="2">May 31, 2007</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: center">
                        <font size="2">May 31, 2006</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: center">
                        <font size="2">May 31, 2005</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="7%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="13%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: center">
                        <font size="2">Shares</font><br>
                        <u><font size="2">Owned</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: center">
                        <font size="2">% of Shares</font> <u><font size="2">Owned</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: center">
                        <font size="2">Shares</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: center">
                        <u><font size="2">Owned</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: center">
                        <font size="2">% of Shares</font> <u><font size="2">Owned</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="13%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: center">
                        <font size="2">Shares</font> <u><font size="2">Owned</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: center">
                        <font size="2">% of Shares</font> <u><font size="2">Owned</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="13%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: center">
                        <font size="2">Shares</font><br>
                        <u><font size="2">Owned</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: center">
                        <font size="2">% of Shares</font> <u><font size="2">Owned</font></u></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="7%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left">
                        <font size="2">FEL</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="13%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in" align="center">
                        <font size="2">19,183,763<sup>(1)</sup></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="8%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 1.5pt" align="center">
                        <font size="2">45.57%</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt" align="center">
                        <font size="2">19,105.448<sup>(2)</sup></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="8%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 1.5pt" align="center">
                        <font size="2">45.42%</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="13%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in" align="center">
                        <font size="2">16,755,448<sup>(3)</sup></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="10%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt" align="center">
                        <font size="2">40.68%</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="13%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in" align="center">
                        <font size="2">17,755,448<sup>(4)</sup></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="10%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt" align="center">
                        <font size="2">43.58%</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <font size="2"><sup>(1)</sup> Reflects incidental purchases by FEL of shares in open market
        transactions during 2008.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <font size="2"><sup>(2)</sup> Reflects the November 2006 purchase by FEL of 2,350,000
        shares from Koor.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <font size="2"><sup>(3)</sup> Reflects the August 2005 sale by FEL of 1,000,000 shares to
        Koor.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <font size="2"><sup>(4)</sup> Reflects the April 2005 sale by FEL of 2,160,000 shares to
        Koor.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2">As of April 30, 2008, approximately 7.82% of our outstanding ordinary shares
        were held in the United States by approximately 205 shareholders of record registered on
        the books of our transfer agent.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2"><font size="2">120</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
        <font size="2"><font size="2"><b><font size="3">Related Party
        Transactions</font></b></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><i><b><font size="2">Transactions with Affiliated
        Companies.</font></b></i> <font size="2">In the ordinary course of business, some of our
        subsidiaries and affiliates engage in business activities with each other. The purchases
        among our related parties are made at prices and on terms equivalent to those used in
        transacting business with unrelated parties under similar conditions. The sales among our
        related parties in respect to government defense contracts are made on the basis of costs
        incurred. See below &ndash; Item 10. Additional Information &ndash; General Provisions of
        Israeli Law and Related Provisions of Articles of Association &ndash; Approval of Certain
        Transactions.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><i><b><font size="2">Transactions with Officers and
        Directors.</font></b></i> <font size="2">Some members of our Board are also directors of
        FEL or companies controlled by FEL. Therefore, in the event of an issue or transaction
        between Elbit Systems and any of those companies, those individuals who are affiliated with
        both of the applicable companies will be excluded from any decisions concerning such issue
        or transaction. Transactions with officers, directors, key employees and affiliates may
        require authorization in accordance with the requirements of the Companies Law. See below
        &ndash; Item 10. Additional Information &ndash; Approval of Certain Transactions. For
        information on the grant of options in Elbit Systems&rsquo; shares to officers and
        directors, see above - Item 6. Directors, Senior Management and Employees - Share Ownership
        &ndash; Elbit Systems&rsquo; Stock Option Plans.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="150">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><a name="item8"><font size="4">Item 8.</font></a></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="835">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="4">Financial Information.</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
        <font size="2"><font size="2"><b><font size="2">Consolidated Statements and Other Financial
        Information</font></b></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">See Consolidated Financial Statements attached
        to this Form 20-F.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
        <font size="2"><font size="2"><b><font size="2">Legal
        Proceedings</font></b></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><i><b><font size="2">Elisra Plant Fire Insurance
        Claim</font></b></i><b><font size="2">.</font></b> <font size="2">In 2001, a fire occurred
        at the Holon, Israel plants of Elisra&rsquo;s subsidiaries, Tadiran Systems and Tadiran
        Spectralink, causing significant damages. In 2001, Elisra and its subsidiaries filed a
        claim in the District Court of Tel-Aviv for damages arising out of the fire against the
        Phoenix Israeli Insurance Company (the Phoenix) and other insurance companies. The
        aggregate amount of the claim was approximately $96 million, based upon a book value of $36
        million of the equipment, inventory and costs of work-in-process lost in the fire, as well
        as various other damages, including consequential damages, in accordance with the terms of
        the insurance policy. A $10 million advance was paid by the insurance company to Elisra
        shortly after the claim was filed. In March 2008, the court approved a settlement agreement
        between Elisra and its subsidiaries and the Phoenix under which the Phoenix agreed to pay
        Elisra approximately $38 million in addition to the approximately $10 million in insurance
        proceeds already paid. Under the terms of the agreement signed in 2005 between Elbit
        Systems and Koor for the acquisition by Elbit Systems of Elisra&rsquo;s shares held by
        Koor, as part of the consideration for the purchase price of the Elisra shares, Elbit
        Systems agreed to pay Koor a portion of any insurance proceeds received as a result of the
        claim against the Phoenix. Accordingly, as a result of the settlement agreement, Elbit
        Systems will pay Koor a sum of approximately $13 million.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2"><font size="2"><font size="2">121</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><i><font size="2"><strong>Kollsman &ndash;
        IS&amp;S</strong></font></i><font size="2"><strong>.</strong>&nbsp; In November 2007, a
        jury verdict was rendered in a trial in the U.S. against several defendants, including
        Kollsman, brought by plaintiff Innovative Solutions and Support, Inc. (IS&amp;S). The trial
        involved primarily issues regarding misappropriation of trade secrets relating to two
        models of a commercial air data computer. The jury&rsquo;s verdict awarded damages against
        all of the defendants, including an award against Kollsman, jointly and severally with the
        other defendants, in the amount of approximately $4.4 million. The verdict also allows for
        the possibility of the court&rsquo;s imposition of exemplary damages and other costs
        against any or all of the defendants based on willful conduct as well as prejudgment
        interest on the actual damages amount. The court has yet to render a final judgment. In
        March 2008, the Court held a hearing on the issues of the finding of willfulness and the
        possibility of awarding exemplary damages and/or attorneys&rsquo; fees, and the Court has
        yet to issue a ruling following that hearing. Kollsman has additional procedural avenues
        that it is pursuing, including filing a motion for a new trial and a motion for judgment
        notwithstanding the verdict. Moreover, Kollsman believes that it has several grounds for
        appealing any final judgment and will continue to vigorously defend
        itself.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><i><b><font size="2">ImageSat</font></b></i><b><font size="2">
        .</font></b> <font size="2">In July 2007, a claim was filed by certain minority
        shareholders and holders of expired warrants of ImageSat in a U.S. Federal Court in New
        York against ImageSat, IAI, Elbit Systems and certain current and former officers and
        directors of ImageSat. ImageSat&rsquo;s largest shareholder is IAI, holding approximately
        46% of ImageSat&rsquo;s issued share capital. Elop holds approximately 14% (7% on a fully
        diluted basis) of ImageSat&rsquo;s issued share capital and is entitled to nominate one
        director to ImageSat&rsquo;s board. The former and current directors of ImageSat named as
        defendants include, among others, Michael Federmann, Joseph Ackerman, Joseph Gaspar and the
        Estate of Jacob Toren (collectively the &ldquo;Individual Defendants&rdquo;). In March
        2008, the plaintiffs amended the complaint and named Elop as a defendant; however, as of
        the date of this Annual Report on Form 20-F, Elop has not been served with the claim.
        ImageSat is engaged in the operation of satellites and in providing satellite imagery. IAI
        has manufactured and supplied ImageSat two satellites. Elop has manufactured the cameras
        for those satellites, as IAI&rsquo;s subcontractor. The claim contains various allegations
        that the defendants allegedly breached their fiduciary and/or contractual obligations to
        the detriment of the plaintiffs. The claim alleges various causes of action and damages
        aggregating hundreds of millions of dollars, not all of which are alleged against Elbit
        Systems, Elop and/or each of the Individual Defendants. Motions to dismiss on behalf of
        Elbit Systems and the Individual Defendants were filed in October 2007. The court has yet
        to rule on those motions. Elbit Systems believes that there is no merit to the allegations
        made against it, Elop or the Individual Defendants.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -0.15%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <font size="2"><font size="2"><i><b><font size="2">Elop &ndash; Rafael
        Arbitration</font></b></i><b><font size="2">.</font></b> <font size="2">In September 2007,
        as a result of an arbitration claim in Israel submitted by Elop against Rafael in April
        2007 in an amount equivalent to approximately $64 million, Rafael filed a counterclaim
        against Elop in an amount of approximately $18 million. Elop filed the arbitration claim
        against Rafael for damages and breach of contract relating to a subcontract under which
        Rafael was a subcontractor to Elop. Evidentiary hearings with the arbitrator commenced in
        April 2008</font><i><font size="2">.</font></i></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><i><b><font size="2">Other Legal
        Proceedings</font></b></i><b><font size="2">.</font></b> <font size="2">The Company is
        involved in other legal proceedings from time to time. Based on the advice of our legal
        counsel, management believes such current proceedings will not have a material adverse
        effect on our financial position or results of operations.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <font size="2"><font size="2"><b><font size="3">Dividend
        Distributions</font></b></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">We do not have a declared dividend policy. Our
        Articles of Association provide that the Board may approve dividend payments to
        shareholders out of surplus earnings as permitted by applicable law. To date we have
        consistently paid a quarterly dividend to our shareholders.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%" border="0">
                <tr>
                    <td valign="top" nowrap width="7%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="92%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2"><font size="2"><font size="2">122</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2"><font size="2">Our aggregate quarterly
        dividend payments for the last three full fiscal years were as
        follows:</font></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 7.67%" cellspacing="0" cellpadding="0" width="60%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="36%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">2005</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="63%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$0.54 per share</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="36%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">2006</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="63%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$0.61 per share</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="36%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">2007</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="63%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$0.67 per share</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="4"><a name="item9">Item 9</a>.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="4">Offer and Listing.</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
        <font size="2"><font size="2"><b><font size="2">Share Listings and Trading
        Prices</font></b></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">Our ordinary shares are quoted on Nasdaq under
        the symbol &ldquo;ESLT&rdquo; and are also listed on the TASE.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">The high and low sale prices for our ordinary
        shares for the five most recent fiscal years are:</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 7.67%" cellspacing="0" cellpadding="0" width="80%" border="0">
                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="18%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">Nasdaq</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="6%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">TASE <sup>(1)</sup></font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="18%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="18%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <u><font size="2">High</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="18%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <u><font size="2">Low</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="6%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="18%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <u><font size="2">High</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="18%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <u><font size="2">Low</font></u></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="18%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">2003</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="18%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$20.00</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="18%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$14.51</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="6%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="18%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$20.08</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="18%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$14.99</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="18%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">2004</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="18%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$26.40</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="18%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$17.85</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="6%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="18%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$26.29</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="18%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$17.73</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="18%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">2005</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="18%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$26.85</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="18%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$20.90</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="6%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="18%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$26.38</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="18%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$22.73</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="18%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">2006</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="18%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$34.03</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="18%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$23.00</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="6%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="18%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$33.60</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="18%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$22.96</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="18%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">2007</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="18%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$59.56</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="18%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$32.32</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="6%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="18%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$59.93</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="18%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$32.47</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2"><font size="2"><font size="2">123</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">The high and low quarterly sale prices for our
        ordinary shares for the two most recent full financial years and the first two subsequent
        quarters are:</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="80%" border="0">
                <tr>
                    <td valign="top" width="33%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">Nasdaq</font></p>
                    </td>

                    <td valign="top" width="17%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">TASE<sup>(1)</sup></font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="33%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="11%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <u><font size="2">High</font></u></p>
                    </td>

                    <td valign="top" width="11%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <u><font size="2">Low</font></u></p>
                    </td>

                    <td valign="top" width="17%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <u><font size="2">High</font></u></p>
                    </td>

                    <td valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <u><font size="2">Low</font></u></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="33%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">2006</font></b></p>
                    </td>

                    <td valign="top" width="11%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="11%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="17%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="33%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">First Quarter</font></p>
                    </td>

                    <td valign="top" width="11%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$25.62</font></p>
                    </td>

                    <td valign="top" width="11%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$23.00</font></p>
                    </td>

                    <td valign="top" width="17%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$26.19</font></p>
                    </td>

                    <td valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$23.10</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="33%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Second Quarter</font></p>
                    </td>

                    <td valign="top" width="11%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$27.77</font></p>
                    </td>

                    <td valign="top" width="11%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$23.12</font></p>
                    </td>

                    <td valign="top" width="17%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$27.92</font></p>
                    </td>

                    <td valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$22.96</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="33%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Third Quarter</font></p>
                    </td>

                    <td valign="top" width="11%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$30.34</font></p>
                    </td>

                    <td valign="top" width="11%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$25.00</font></p>
                    </td>

                    <td valign="top" width="17%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$30.37</font></p>
                    </td>

                    <td valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$25.00</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="33%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Fourth Quarter</font></p>
                    </td>

                    <td valign="top" width="11%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$34.03</font></p>
                    </td>

                    <td valign="top" width="11%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$29.89</font></p>
                    </td>

                    <td valign="top" width="17%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$33.60</font></p>
                    </td>

                    <td valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$29.91</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="33%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td valign="top" width="11%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="11%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="17%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="33%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">First Quarter</font></p>
                    </td>

                    <td valign="top" width="11%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$35.90</font></p>
                    </td>

                    <td valign="top" width="11%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$32.30</font></p>
                    </td>

                    <td valign="top" width="17%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$36.61</font></p>
                    </td>

                    <td valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$32.54</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="33%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Second Quarter</font></p>
                    </td>

                    <td valign="top" width="11%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$45.63</font></p>
                    </td>

                    <td valign="top" width="11%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$35.90</font></p>
                    </td>

                    <td valign="top" width="17%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$45.13</font></p>
                    </td>

                    <td valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$36.01</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="33%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Third Quarter</font></p>
                    </td>

                    <td valign="top" width="11%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$47.38</font></p>
                    </td>

                    <td valign="top" width="11%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$39.19</font></p>
                    </td>

                    <td valign="top" width="17%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$47.59</font></p>
                    </td>

                    <td valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$39.43</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="33%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Fourth Quarter</font></p>
                    </td>

                    <td valign="top" width="11%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$59.56</font></p>
                    </td>

                    <td valign="top" width="11%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$47.35</font></p>
                    </td>

                    <td valign="top" width="17%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$59.93</font></p>
                    </td>

                    <td valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$47.41</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="33%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">2008</font></b></p>
                    </td>

                    <td valign="top" width="11%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="11%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="17%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="33%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">First Quarter</font></p>
                    </td>

                    <td valign="top" width="11%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$63.40</font></p>
                    </td>

                    <td valign="top" width="11%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$52.68</font></p>
                    </td>

                    <td valign="top" width="17%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$63.40</font></p>
                    </td>

                    <td valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$54.40</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="33%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Second Quarter (through April 30, 2008)</font></p>
                    </td>

                    <td valign="top" width="11%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$56.39</font></p>
                    </td>

                    <td valign="top" width="11%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$51.81</font></p>
                    </td>

                    <td valign="top" width="17%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$56.27</font></p>
                    </td>

                    <td valign="top" width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$52.57</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-INDENT: -7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2"><font size="2">The monthly high and low sale
        prices of our ordinary shares for the most recent six months
        are:</font></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="75%" border="0">
                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">Nasdaq</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="153">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">TASE <sup>(1)</sup></font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="65">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <u><font size="2">High</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="97">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <u><font size="2">Low</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="153">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="95">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <u><font size="2">High</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <u><font size="2">Low</font></u></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">November 2007</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="65">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$57.40</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="97">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$50.63</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="153">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="95">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$56.90</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$50.70</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">December 2007</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="65">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$59.56</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="97">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$53.63</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="153">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="95">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$59.93</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$53.60</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">January 2008</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="65">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$63.29</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="97">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$56.02</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="153">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="95">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$62.11</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$55.40</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">February 2008</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="65">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$62.40</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="97">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$59.24</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="153">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="95">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$63.41</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$54.89</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">March 2008</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="65">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$59.50</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="97">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$52.81</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="153">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="95">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$59.49</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$54.29</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">April 2008</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="65">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$56.39</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="97">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$51.81</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="153">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="95">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$56.27</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$52.57</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">_____________</font></font></font></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(1)</font></p>
                    </td>

                    <td valign="top" width="947">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">The closing prices of our ordinary shares on the TASE have
                        been translated into U.S. dollars using the daily representative rate of
                        exchange of the NIS to the U.S. dollar as published by the Bank of Israel
                        for the applicable day of the high/low amount in the specified
                        period.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2"><font size="2"><font size="2">124</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
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        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 15.35%; TEXT-INDENT: -15.35%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 15.35%; TEXT-INDENT: -15.35%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><a name="item10"><font size="4">Item 10.</font></a></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="4">Additional Information.</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2"><b><font size="2">General Provisions of
        Israeli Law and Related Provisions of Articles of
        Association</font></b></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><i><b><font size="2">Israeli Companies Law and Revised
        Articles of Association</font></b></i><font size="2">. The Israel Companies Law &ndash;
        1999 (the Companies Law) is the basic corporation law governing Israeli publicly and
        privately held companies. The Companies Law mandates specific provisions be included in an
        Israeli company&rsquo;s articles of association, which are included in Elbit Systems
        Restated Articles of Association (the Articles of Association).</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><i><b><font size="2">Purpose</font></b></i><font size="2">.
        Elbit Systems&rsquo; purpose, as described in Article 3 of the Articles of Association,
        includes any objectives permitted by law.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><i><b><font size="2">Appointment of
        Directors</font></b></i><font size="2">. Our directors are appointed by the shareholders at
        the annual general shareholders meeting. They hold office until the next annual general
        shareholders meeting, which is held at least once every calendar year but not more than 15
        months after the previous general shareholders meeting. Between annual general shareholders
        meetings the Board may appoint new directors to fill vacancies, however new External
        Directors must be elected at a general shareholders meeting as described in &ldquo;External
        Directors&rdquo; below. The Articles of Association authorizes a maximum of 17 and a
        minimum of five directors. See also &ndash; Item 6. Directors, Senior Management and
        Employees &ndash; Board Practices &ndash; Nominating Committee.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><i><b><font size="2">Substitute
        Directors</font></b></i><font size="2">. The Articles of Association provide that any
        director may appoint another person to serve as a substitute director. A substitute
        director must be qualified under the Companies Law to serve as a substitute director. If
        his or her appointment is for more than one meeting it will be subject to the approval of
        the Board. Such person may not act as a substitute director for more than one director at
        the same time. In addition, a Board committee member may not substitute for another Board
        committee member in committee meetings. The same rules, including compensation, will apply
        to a substitute director as to the director who appointed him or her, and the substitute
        director may participate in Board and Board committee meetings in the same manner as the
        appointing director (subject to any applicable independence criteria). Subject to the
        Companies Law, a director who has appointed a substitute director may revoke the
        appointment at any time. In addition, the office of a substitute director will be vacated
        at any time that the office of the director who appointed the substitute is vacated for any
        reason. Any appointment or revocation of the appointment of a substitute director will be
        made by notice in writing to the substitute director and Elbit Systems. The appointment or
        revocation, as the case may be, will become effective on the later of the date of receipt
        of the above notice or the date fixed in the notice.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2"><font size="2"><font size="2">125</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
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        <p style="PAGE-BREAK-BEFORE: always"></p>
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><i><b><font size="2">External
        Directors</font></b></i></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">Under the Companies Law publicly held Israeli
        companies are required to appoint two &ldquo;External Directors.&rdquo; Among other
        requirements, External Directors must be unaffiliated with Elbit Systems and our
        controlling shareholders. According to Israeli law, as amended in 2006, External Directors
        in companies such as Elbit Systems that are &ldquo;dual listed&rdquo; (traded on stock
        exchanges both in Israel and the U.S.) serve for a three-year term and may stand for
        re-election to additional terms of up to three years each beyond the first two terms.
        External Directors of non-dual listed companies may not stand for re-election after the
        first two terms. At a general meeting of shareholders held in March 2008, our shareholders
        approved an amendment to our Articles of Incorporation, consistent with such amendment to
        Israeli law. Any committee of the Board must include at least one External
        Director.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">Yaacov Lifshitz and Nathan Sharony currently
        serve as our Board&rsquo;s External Directors. Mr.&nbsp;Lifshitz&rsquo;s term of office
        ends in August 2009, and Mr.&nbsp;Sharony&rsquo;s ends on the earlier of March 31, 2011 or
        the date of the annual general shareholders meeting to be held in 2010, whichever occurs
        first. Israeli law requires that at least one of the External Directors in non-dual listed
        companies must have financial and accounting expertise as defined in the relevant
        regulations and that the other External Director have professional competence, as
        determined by the board of directors on the basis of the definitions in the relevant
        regulations. Dual listed companies are considered to be in compliance with the requirements
        of Israeli law if at least one of the directors, who meets the independence criteria
        applicable in accordance with the regulations of the respective non-Israeli stock exchange,
        has financial and accounting expertise.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">Yaacov Lifshitz was determined by the Board to
        be a financial and accounting expert under Israeli law, and Nathan Sharony was determined
        to have the applicable professional competence to serve as an External
        Director.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><i><b><font size="2">Internal Auditor and Audit
        Committee</font></b><font size="2">.</font></i> <font size="2">Publicly held Israeli
        companies are required to appoint an internal auditor. The main role of the internal
        auditor is to examine whether the company&rsquo;s activities comply with the law, integrity
        and orderly business procedures. Publicly held companies are also required to establish an
        audit committee of the board of directors. The audit committee must consist of at least
        three directors qualified under the Companies Law, including all External Directors. Our
        audit committee and internal auditor operate in accordance with an audit committee charter
        that provides the framework for their functions, consistent with applicable Israeli and
        U.S. laws and regulations. See above - Item 6. Directors, Senior Management and Employees
        &ndash; Board Practices &ndash; Audit Committee.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><i><b><font size="2">Office
        Holders</font></b></i></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">The Companies Law specifies the duty of care
        and fiduciary duties that an &ldquo;Office Holder&rdquo; owes to a company. An Office
        Holder is defined as a director, general manager, chief business manager, deputy general
        manager, vice general manager or any other person who fulfills these functions without
        regard to that person&rsquo;s title or other manager directly subordinate to the general
        manager. Each person listed above in Item 6. Directors and Executive Officers is an Office
        Holder of Elbit Systems.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">Under the Companies Law, an Office
        Holder&rsquo;s fiduciary duty includes avoiding any conflict of interest between the
        Officer Holder&rsquo;s position in the company and his or her personal affairs. The
        fiduciary duty also includes avoiding any competition with the company and avoiding
        exploiting any business opportunity of the company in order to receive personal advantage
        for the Office Holder or others. Also, the Office Holder is required to disclose to the
        company any information or documents relating to the company&rsquo;s affairs that the
        Officer Holder has received due to his or her position as an Office Holder. Under the
        Companies Law voting agreements among directors are considered a breach of fiduciary duty.
        In addition, all compensation arrangements between a company and Office Holders who are not
        directors require approval of the Board, and such compensation arrangements that are
        extraordinary also require the approval of the Audit Committee prior to Board approval.
        Elbit Systems directors are compensated at rates approved by a general meeting of
        shareholders. See above &ndash; Item 6. Directors, Senior Management and Employees &ndash;
        Compensation of Directors and Officers.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2"><font size="2"><font size="2">126</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
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        <p style="PAGE-BREAK-BEFORE: always"></p>
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
        <font size="2"><font size="2"><b><font size="2">Approval of Certain
        Transactions</font></b></font></font></p>

        <div align="left">
            &nbsp;
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><i><b><font size="2">Approval
        Procedures</font></b></i><b><font size="2">.</font></b> <font size="2">The Companies Law
        requires that certain transactions, actions and arrangements, mainly with related parties,
        be approved as provided for in the Companies Law and in a company&rsquo;s articles of
        association and in many cases by the audit committee and by the board of directors.
        Sometimes shareholder approval is also required.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><i><b><font size="2">Personal Interest and Extraordinary
        Transactions</font></b></i><b><font size="2">.</font></b> <font size="2">The Companies Law
        requires that an Office Holder or a controlling shareholder of a publicly traded company
        immediately disclose (and no later than the first board meeting the transaction is
        discussed) any &ldquo;Personal Interest&rdquo; that he or she may have and all related
        material information known to him or her, in connection with any existing or proposed
        transaction by the company. An Office Holder with a personal interest in any such matter
        that is brought for approval of the audit committee or board of directors may not be
        present at the meeting where the matter is being approved and may not vote on the matter.
        &ldquo;Personal Interest&rdquo; also includes any interest held by the Office
        Holder&rsquo;s spouse, siblings, parents, grandparents, descendants, spouse&rsquo;s
        descendants and the spouses of any of them. It also includes an interest by any corporation
        in which the Office Holder or his or her relative is a 5% or greater shareholder, director
        or general manager or in which he or she has the right to appoint at least one director or
        the general manager. An &ldquo;extraordinary transaction&rdquo; is other than in the
        ordinary course of business, other than on market terms, or is likely to have a material
        impact on the company&rsquo;s profitability, assets or
        liabilities.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><i><b><font size="2">Approval of
        Transactions</font></b></i></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">The Companies Law requires approval by the
        board of directors for transactions that are not extraordinary with an Office Holder or in
        which an Office Holder has a Personal Interest.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">The Companies Law requires approval by both
        the audit committee and the board of directors for the following
        transactions:</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="31">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(1)</font></p>
                    </td>

                    <td valign="top" width="878">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">extraordinary transactions with an Office Holder or in which
                        an Office Holder has a Personal Interest;</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="76">
                    </td>

                    <td valign="top" width="31">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(2)</font></p>
                    </td>

                    <td valign="top" width="878">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">the grant of indemnification, exemption or insurance to
                        Office Holders who are not directors;</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="76">
                    </td>

                    <td valign="top" width="31">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(3)</font></p>
                    </td>

                    <td valign="top" width="878">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">material actions or arrangements that may otherwise be
                        considered a breach of fiduciary duty of an Office Holder; or</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="76">
                    </td>

                    <td valign="top" width="31">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(4)</font></p>
                    </td>

                    <td valign="top" width="878">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">terms of service of directors, including the grant of
                        indemnification, exemption or insurance and terms of employment of
                        directors in other roles.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2"><font size="2"><font size="2">127</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
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        <p style="PAGE-BREAK-BEFORE: always"></p>
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">Matters referred to in (4) also require
        shareholder approval, including, where applicable, a specified percentage of non-interested
        shareholders.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">Extraordinary transactions with controlling
        shareholders or extraordinary transactions with another person in which the controlling
        shareholder has a Personal Interest, including terms of service of controlling shareholders
        or certain of their relatives who serve as employees or directors of the applicable company
        require approval by the audit committee, the board of directors and a general meeting of
        shareholders by a special majority as provided in the Companies
        Law.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
        <font size="2"><font size="2"><b><font size="2">Exemption, Insurance and Indemnification of
        Directors and Officers</font></b></font></font></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="85%" border="0">
                <tr>
                    <td valign="top" nowrap width="9%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="91%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <i><b><font size="2">Exemption, Insurance and Indemnification under the
                        Companies Law</font></b></i></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">Under the Companies Law, an Israeli company
        may not exempt an Office Holder from liability with respect to a breach of his or her duty
        of loyalty, but may exempt in advance an Office Holder from his or her liability to the
        company, in whole or in part, with respect to a breach of his or her duty of care. However,
        a company may not exempt in advance a director from his or her liability to the company
        with respect to a breach of duty of care in connection with a distribution made by the
        company.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">The Companies Law permits a company to obtain
        an insurance policy covering liabilities of Office Holders resulting from a breach of the
        Office Holder&rsquo;s duty of care to the company or to another person. Insurance may also
        be obtained to cover liabilities from the breach of his or her fiduciary duty to the
        company, to the extent that the Office Holder acted in good faith and had reasonable cause
        to believe that the act would not prejudice the interests of the company. It may also cover
        monetary liabilities charged against an Office Holder while serving the
        company.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">Under the Companies Law, a company may
        indemnify an Office Holder against any monetary liability incurred in his or her capacity
        as an Office Holder whether imposed on him or her in favor of another person pursuant to a
        judgment, a settlement or an arbitrator&rsquo;s award approved by court. A company also can
        indemnify an Office Holder against reasonable litigation expenses including
        attorneys&rsquo; fees, incurred by him or her in his or her capacity as an Office Holder,
        in a proceeding instituted against him or her by the company, on its behalf or by a third
        party, in connection with criminal proceedings in which the Office Holder was acquitted, or
        as a result of a conviction for a crime that does not require proof of criminal intent, or
        in which an indictment was not brought against the Office Holder.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">Also under the Companies Law, a
        company&nbsp;may indemnify an Office Holder against reasonable litigation expenses,
        including attorneys&rsquo; fees, incurred by him or her in his or her capacity as an Office
        Holder, in an investigation or proceeding in which no indictment was filed and no monetary
        payments in lieu of criminal proceedings were imposed against the Office Holder, or
        monetary payments in lieu of criminal proceedings were imposed on him or her provided that
        the alleged criminal offense does not require proof of criminal
        intent.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">Under the Companies Law, a company may
        indemnify an Office Holder in respect of certain liabilities, either in advance of an event
        or following an event. If a company undertakes to indemnify an Office Holder in advance of
        an event, the indemnification, other than reasonable litigation expenses, must be limited
        to foreseeable events in light of the company&rsquo;s actual activities at the time the
        company undertook such indemnification and also limited to reasonable amounts or criteria
        under the circumstances, as determined by the board of directors, and the undertaking to
        indemnity will specify any such events, amounts or criteria.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2"><font size="2"><font size="2">128</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">A company may not indemnify an Office Holder
        or enter into an insurance contract that would provide coverage for any monetary liability
        incurred as a result of the following:</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="77">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(1)</font></p>
                    </td>

                    <td valign="top" width="880">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">a breach of fiduciary duty, except for a breach of a
                        fiduciary duty to the company while acting in good faith and having
                        reasonable cause to assume that such act would not prejudice the interests
                        of the company;</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="77">
                    </td>

                    <td valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(2)</font></p>
                    </td>

                    <td valign="top" width="880">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">a willful breach of the duty of care or reckless disregard
                        for the circumstances or to the consequences of a breach of the duty of
                        care other than mere negligence;</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="77">
                    </td>

                    <td valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(3)</font></p>
                    </td>

                    <td valign="top" width="880">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">an act done with the intent to unlawfully realize a personal
                        gain; or</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="77">
                    </td>

                    <td valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(4)</font></p>
                    </td>

                    <td valign="top" width="880">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">a fine or monetary penalty imposed for an
                        offense.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            &nbsp;
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><i><b><font size="2">Insurance and Indemnification under the
        Articles of Association</font></b></i></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">Elbit Systems&rsquo; Articles of Association
        allows for directors and officers liability insurance, subject to the provisions of the
        Companies Law. This insurance may cover:</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="77">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(1)</font></p>
                    </td>

                    <td valign="top" width="880">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">a breach of his or her duty of care to Elbit Systems or to
                        another person;</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="77">
                    </td>

                    <td valign="top" width="28"><font size="2">(2)</font> </td>

                    <td valign="top" width="880">
                        <p><font size="2">a breach of his or her fiduciary duty to Elbit Systems,
                        provided that the director or officer acted in good faith and had
                        reasonable cause to assume that his or her act would not harm the interests
                        of Elbit Systems; or<br>
                        &nbsp;&nbsp;</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="77">
                    </td>

                    <td valign="top" width="28"><font size="2">(3)</font></td>

                    <td valign="top" width="880"><font size="2">any other event for which insurance
                    of a director or officer is permitted.</font></td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">In addition, Elbit Systems&rsquo; Articles of
        Association permit indemnification, retroactively or in advance, of a director or officer
        against:</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="77">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(1)</font></p>
                    </td>

                    <td valign="top" width="880">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">a monetary liability imposed on the director of officer or
                        paid by him or her in favor of a third party under a judgment, including a
                        judgment by way of compromise or a judgment of an arbitrator approved by a
                        court; however, such undertaking will be limited to events which, in the
                        Board&rsquo;s opinion, are foreseeable in light of the Elbit Systems&rsquo;
                        actual activities at the time of granting the obligation to indemnify, and
                        to a sum or criteria as the Board deems reasonable under the circumstances,
                        and the undertaking to indemnify will specify the aforementioned events and
                        sum or criteria.</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="77">
                    </td>

                    <td valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(2)</font></p>
                    </td>

                    <td valign="top" width="880">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">reasonable legal fees incurred by a director or officer in
                        an investigation or proceeding conducted against him by an authority
                        authorized to conduct such investigation or procedure, provided that such
                        investigation or procedure (i) concludes without the filing of an
                        indictment against the director or officer and without imposition of
                        monetary payment in lieu of criminal proceedings, or (ii) concludes with
                        imposing on the director or officer monetary payment in lieu of criminal
                        proceedings, provided that the alleged criminal offense in question does
                        not require proof of criminal intent.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2"><font size="2"><font size="2">129</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="77">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(3)</font></p>
                    </td>

                    <td valign="top" width="880">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">reasonable expenses of the proceedings, including lawyers
                        fees, expended by the director or officer or imposed on him or her by the
                        court for:</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 15.04%; TEXT-INDENT: -7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="106">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 138.24%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="27">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(a)</font></p>
                    </td>

                    <td valign="top" width="852">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">proceedings issued against him or her by or on Elbit
                        Systems&rsquo; behalf or by a third party;</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="106">
                    </td>

                    <td valign="top" width="27">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(b)</font></p>
                    </td>

                    <td valign="top" width="852">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">criminal proceedings from which the director or officer was
                        acquitted; or</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="106">
                    </td>

                    <td valign="top" width="27">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(c)</font></p>
                    </td>

                    <td valign="top" width="852">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">criminal proceedings in which he or she was convicted but
                        that do not require proof of criminal intent; or</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 18.11%; TEXT-INDENT: -3.07%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="78">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 138.24%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="27">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 114.48%; TEXT-ALIGN: left">
                        <font size="2">(4)</font></p>
                    </td>

                    <td valign="top" width="880">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 114.48%; TEXT-ALIGN: left">
                        <font size="2">any other liability or expense for which it is or may be
                        permissible to indemnify a director or an officer.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-INDENT: -7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">However, any indemnification so granted by
        Elbit Systems may not exceed 25% of Elbit Systems&rsquo; consolidated equity as reflected
        in our last consolidated annual financial statements published prior to the payment of such
        indemnification.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">The Articles of Association permit the grant
        of similar indemnification to any person acting as a director or officer of another company
        in which Elbit Systems is directly or indirectly a shareholder or has any
        interest.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-INDENT: -7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">Elbit Systems&rsquo; Audit Committee, Board
        and shareholders approved the grant to members of our Board of indemnification letters
        reflecting the above conditions and limitations. Similar letters were also approved by the
        Audit Committee and the Board for grant to officers of Elbit
        Systems.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">In 2004, a general meeting of Elbit
        Systems&rsquo; shareholders approved a framework resolution that allows Elbit Systems to
        purchase directors and officers (D&amp;O) liability insurance that meets the framework
        resolution&rsquo;s terms. The framework resolution covers a five-year period beginning in
        August 2004, and allows for an aggregate increase of insurance coverage of up to $45
        million (from the then current level of $30 million) for any year covered by the policy. As
        of April 30, 2008, the level of D&amp;O insurance coverage was $50 million. The framework
        resolution also allows for an increase of up to 25% per year in the D&amp;O insurance
        premium up to a maximum aggregate of 125% of the then current annual premium ($660,000).
        The Audit Committee and the Board must approve that any purchase of D&amp;O insurance falls
        within the terms of the framework resolution.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
        <font size="2"><font size="2"><b><font size="2">Incorporation by
        Reference</font></b></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">The description of our Memorandum of
        Association and Articles of Association, as amended, included in our Annual Report on Form
        20-F, under the Securities Act of 1933, as amended, which Memorandum of Association and
        Articles of Association have been filed with the SEC, is incorporated by reference
        herein.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.52%; TEXT-INDENT: -7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
        <font size="2"><font size="2"><b><font size="2">Material
        Contracts</font></b></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">Elbit Systems has not entered into material
        contracts since June 1, 2005, other than in the ordinary course of business and other than
        the agreements entered into in 2005 related to the Elisra and the TadComm acquisitions.
        These agreements, which for the most part are no longer in effect, were described in our
        Annual Report on Form 20-F for 2005.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2"><font size="2"><font size="2">130</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
        <font size="2"><font size="2"><b><font size="2">Exchange Controls and Other Limitations
        Affecting Security Holders</font></b></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">Non-residents of Israel may freely hold and
        trade our ordinary shares under general and specific permits issued under the Israeli
        Currency Control Law, 1978. Our Memorandum of Association and Articles of Association do
        not restrict the ownership of ordinary shares by non-residents of Israel. Neither the
        Memorandum of Association and Articles of Association nor Israeli law restrict the voting
        rights of non-residents.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">Under the general permit given through the
        Israeli Currency Control Law, 1978, non-residents of Israel who buy our ordinary shares
        inside or outside of Israel with any foreign currency are able to receive a number of types
        of distributions in freely repatriable U.S. dollars or specified other currencies. These
        distributions include dividends, proceeds from the sale of shares and any amounts payable
        on the dissolution, liquidation or winding-up of Elbit Systems.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">In the last several years, the Government of
        Israel liberalized its policies regarding exchange controls and investments in Israel and
        abroad.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
        <font size="2"><font size="2"><b><font size="2">Taxation</font></b></font></font></p>

        <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <font size="2"><font size="2"><i><b><font size="2">General</font></b></i></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%" align="left">
        <font size="2"><font size="2"><font size="2">The following is a summary of some aspects of
        the current tax law applicable to companies in Israel, with special reference to its effect
        on Elbit Systems and our Israeli subsidiaries. The following also contains a discussion of
        specified Israeli tax consequences to our shareholders and government programs from which
        we and some of our Israeli subsidiaries benefit. To the extent that the discussion is based
        on tax legislation that has not been subject to judicial or administrative interpretation,
        there can be no assurance that the views expressed in the discussion will be accepted by
        the tax authorities in question.&nbsp;</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <font size="2"><font size="2"><font size="2">The Israeli Parliament approved a law enacting
        extensive changes to Israel&rsquo;s tax law (the Tax Reform Legislation) generally
        effective as of January 2003. Among the key provisions of the Tax Reform Legislation
        are:</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(i)</font></p>
                    </td>

                    <td valign="top" width="907">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">changes which may result in the imposition of taxes on
                        dividends and interest received by an Israeli company from its foreign
                        subsidiaries; and</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="49">
                    </td>

                    <td valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(ii)</font></p>
                    </td>

                    <td valign="top" width="907">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="left">
                        <font size="2">the introduction of the &ldquo;controlled foreign
                        corporation&rdquo; concept according to which an Israeli company may become
                        subject to Israeli taxes on certain income of a non-Israeli subsidiary if
                        the subsidiary&rsquo;s primary source of income is passive income (such as
                        interest, dividends, royalties, rental income or capital gains).</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%" align="left">
        <font size="2"><font size="2"><font size="2">An Israeli company that is subject to Israeli
        taxes on the income of its non-Israeli subsidiaries will receive a credit for income taxes
        paid or withheld or that will be paid or withheld by the subsidiary in its country of
        residence according to the conditions determined in the Israeli Tax
        Ordinance.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 3.84%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2"><font size="2"><font size="2">131</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">The discussion is not intended, and should not
        be construed, as legal or professional tax advice and is not exhaustive of all possible tax
        considerations.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="41%" border="0">
                <tr>
                    <td valign="top" nowrap width="77">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="327">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <i><b><font size="2">Effective Corporate Tax Rate</font></b></i></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">Elbit Systems&rsquo; income tax liability in
        Israel is based on our unconsolidated earnings and such earnings of our Israeli-based
        subsidiaries. It is determined in NIS and not in U.S. dollars. Tax liability of non-Israeli
        subsidiaries is determined according to the law of their countries of residence. As a
        result, the tax provision in Elbit Systems&rsquo; consolidated financial statements does
        not directly relate to income reported on these statements. A portion of our Israeli
        operations have been granted &ldquo;Approved Enterprise&rdquo; status, as described under
        &ldquo;Investment Law&rdquo; below. These operations are subject to taxation at reduced
        rates applicable to those types of enterprises. In addition, they are permitted special
        adjustments in computing taxable income under the Income Tax Law (Inflationary
        Adjustments), 1985.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">In 2004, the Israeli Parliament approved the
        Amendment to the Income Tax Ordinance (No. 140 and Temporary Provision) (the Amendment)
        that reduced the corporate tax rate from 36% to 35% in 2004, 34% in 2005, 32% in 2006 and
        30% in 2007. In 2005, the Israeli Parliament approved the Amendment to the Income Tax
        Ordinance (No. 147) (Amendment 147) that reduces the corporate tax in 2006 to 31%, 29% in
        2007, 27% in 2008, 26% in 2009 and 25% in 2010 and thereafter.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><i><b><font size="2">Industry
        Encouragement</font></b></i><b><font size="2">.</font></b> <font size="2">Under the Law for
        the Encouragement of Industry (Taxes), 1969, a company qualifies as an &ldquo;Industrial
        Company&rdquo; if it is resident in Israel and at least 90% of its income in a given tax
        year, with some exceptions, comes from &ldquo;Industrial Enterprises&rdquo; owned by that
        company. An Industrial Enterprise is defined as an enterprise whose primary activity in a
        particular tax year is industrial manufacturing activity. We believe Elbit Systems
        qualifies as an Industrial Company. The principal benefits of this status are amortization
        of the cost of know-how and patents, under certain interpretations, deduction of expenses
        incurred in connection with a public issuance of securities over a three-year period and an
        election under certain conditions to file a consolidated tax return with additional related
        Israeli Industrial Companies. Eligibility for the benefits under this law is not subject to
        receipt of prior approval from any governmental authority.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><i><b><font size="2">Investment
        Law</font></b></i></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">The Israeli Law for the Encouragement of
        Capital Investments, 1959 (the Investment Law) provides that a capital investment in
        eligible facilities approved by the Israel Investment Center may be designated as an
        &ldquo;Approved Enterprise.&rdquo; Each approval for an Approved Enterprise relates to a
        specific investment program. The approvals specify both the program&rsquo;s financial
        scope, including its capital resources, and its physical characteristics, such as the
        equipment to be purchased and used under the program.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">An Approved Enterprise is entitled to several
        benefits, including Israeli Government cash grants and tax benefits. The applicable tax
        benefits relate only to taxable profits attributable to the specific Approved Enterprise.
        As of December 31, 2007, Elbit Systems and some of&nbsp;our subsidiaries in Israel had
        active approved programs eligible for tax benefits. These programs will expire during the
        years 2008 to 2016</font><i><font size="2">.</font></i></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2"><font size="2"><font size="2">132</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">In 2005, the Israeli Parliament passed an
        amendment to the Investment Law, which revamps the Israeli tax incentives for future
        industrial and other investments (the 2005 Amendment). A tax holiday package can now be
        elected for up to 15 years for a &ldquo;Privileged Enterprise&rdquo; if certain conditions
        are met, without needing to obtain approval. The 2005 Amendment became effective on April
        1, 2005. Taxpayers may claim Privileged Enterprise status for new and expanded enterprises
        with a year of election of 2004 or thereafter, unless the Investment Center granted
        Approved Enterprise status by December 31, 2004. Various alternative tax-only benefit
        packages can now be elected for investments in a &ldquo;Privileged Enterprise,&rdquo; if
        certain conditions are met without needing to obtain approval. Israeli industrial companies
        can choose between the following two tax packages:</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="11%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2"><u>Tax holiday package &ndash; for a &ldquo;Privileged
                        Enterprise&rdquo;:</u></font> <font size="2">Tax exemption applies to
                        undistributed profits for 2 &ndash; 15 years depending on location and
                        foreign ownership. Low company tax rates (10% - 25%) apply to distributed
                        and subsequent profits. The total period of tax benefits is 7 &ndash; 15
                        years;</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="11%">
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><font size="2">Grant / low tax package &ndash; for an &ldquo;Approved
                        Enterprise&rdquo;</font></u><font size="2">: Fixed asset grants (10% to
                        20%) for enterprises in a &ldquo;Development Area&rdquo; and low company
                        tax rates (0% to 25%) for 7 to 15 years.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">Dividend withholding tax applies at a rate of
        4% or 15% depending on the package selected.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2"><strong><em>Capital Gains to a
        Company.</em></strong> Effective as of 2003, the real capital gains tax rate imposed on the
        sale of capital assets acquired after that date was reduced to 25%. Capital gains accrued
        from assets acquired before that date are subject to a blended tax rate based on the
        relative periods of time before and after the date that the asset was held as well as
        accumulated depreciation.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        <font size="2"><font size="2"><i><b><font size="2">Capital Gains to a
        Shareholder</font></b></i></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%" align="left">
        <font size="2"><font size="2"><font size="2">Effective as of 2003, so long as our ordinary
        shares are listed on a stock exchange the sale of these shares is subject to a blended tax
        in which the portion of the gain accrued through 2002 is exempt from Israeli capital gains
        tax, and the portion of the real gain accrued from January 1, 2003 until the date of sale
        is subject to a 15% tax. The real gain is based on the difference between the adjusted
        average value of the shares during the last three trading days before January 1, 2003 (or
        the adjusted original cost if it is higher than the adjusted average value) and the value
        of the shares at the date of sale. In the later case, the capital loss that might be set
        off is the difference between the adjusted average value and the value of the shares at the
        date of sale. Amendment 147 (see above &ldquo;Effective Corporate Tax Rate&rdquo;)
        increases the tax rate on capital gain to a non-principal shareholder (holding less than
        10% of the shares), derived from sale of shares listed on a stock exchange, to 20% on the
        total capital gain accrued from January 1, 2003, and to a principal shareholder to 25%. The
        Amendment applies to sales as from January 1, 2006.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left"></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2"><font size="2"><font size="2">133</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2"><font size="2">According to an amendment in
        the Israeli Tax Ordinance, which became effective in 2003, gains on the sale of ordinary
        shares that are traded on the TASE and on Nasdaq held by non-Israeli resident investors for
        tax purposes will generally be exempt from Israeli capital gains tax, subject to the
        provisions of the Israeli tax legislation.&nbsp;</font></font></font></font>
        <font size="2"><font size="2"><font size="2"><font size="2">However, non-Israeli
        corporations will not be entitled to such exemption if an Israeli resident (i) has a
        controlling interest of 25% or more in such non-Israeli corporation, or (ii) is the
        beneficiary or is</font></font> <font size="2">entitled to 25% or more of the revenues or
        profits of such non-Israeli corporation, whether directly or indirectly. However, dealers
        in securities in Israel and companies taxed under the Inflationary Adjustment Law are taxed
        at regular tax rates applicable to business income.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2"><font size="2"><font size="2">134</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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        <p style="PAGE-BREAK-BEFORE: always"></p>
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 8.44%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><i><b><font size="2">Inflationary
        Adjustments</font></b></i></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 8.44%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 8.44%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">The Income Tax (Inflationary Adjustments) Law,
        1985 attempts to overcome some of the problems of a tax system effected by an economy
        experiencing rapid inflation. This was the case in Israel at the time the law was enacted.
        Generally, this law provides significant tax deductions and adjustments to depreciation
        methods, finance income and expenses and tax loss carry forwards to compensate for loss of
        value resulting from an inflationary economy. Elbit Systems&rsquo; taxable income is
        determined under this law. In 2005 the inflation rate was 2.4%, negative 0.1% in 2006 and
        3.4% in 2007.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 8.44%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 8.44%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">In February 2008, the Knesset passed an
        amendment to the Income Tax (Inflationary Adjustments) Law, 1985, which limits the scope of
        the law starting in 2008 and thereafter. Starting in 2008, the results for tax purposes
        will be measured in nominal values, excluding certain adjustments for changes in the
        Consumer Price Index carried out in the period up to December 31, 2007. The amended law
        includes, inter alia, the elimination of the inflationary additions and deductions and the
        additional deduction for depreciation starting in 2008.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 8.44%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 8.44%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><i><b><font size="2">Income Tax for</font></b>
        <b><font size="2">Individual Israeli Residents</font></b></i><b><font size="2">.</font></b>
        <font size="2">Residents of Israel are subject to income tax on distributions of dividends
        other than bonus shares (stock dividends). The paying company withholds at source income
        tax at the rate of 20%. Generally, dividends distributed from taxable income accrued during
        the period of benefit of an Approved Enterprise are taxable at the rate of 15% if the
        dividend is distributed during the tax benefit period under the Investment Law or within 12
        years after that period. (This limitation does not apply if the company qualifies as a
        foreign investors&rsquo; company according to the Investment Law.) These rates are the
        final tax on dividends.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 8.44%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><i><b><font size="2">Income Tax for Non-Residents of
        Israel</font></b></i><b><font size="2">.</font></b> <font size="2">Non-residents of Israel
        are subject to a graduated income tax on income from sources in Israel. On distributions of
        dividends other than bonus shares (stock dividends), the paying company withholds at the
        source income tax at the rate of 25%, unless a lower rate is applicable under a double
        taxation treaty. Accordingly, Elbit Systems withholds income tax at the source. Generally,
        dividends distributed from taxable income accrued during the period of benefit of an
        Approved Enterprise are taxable at the rate of 15% if the dividend is distributed during
        the tax benefit period under the Investment Law or within 12 years after the period. (This
        limitation does not apply if the company qualifies as a foreign investors&rsquo; company
        according to the Investment Law.) These rates are the final tax on dividends for individual
        and corporate non-residents. Foreign residents who have Israeli derived income for which
        tax was withheld at the source are generally exempt from the duty to file tax returns in
        Israel for such income. This includes income from Israeli derived interest, dividends and
        royalties.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><i><b><font size="2">Israeli Tax on United States
        Shareholders</font></b></i></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">Dividends paid by Elbit Systems to a
        shareholder resident in the United States are generally subject to withholding tax deducted
        at source in Israel. Israel and the United States are parties to a tax treaty. Under the
        treaty, the withholding tax rate on a dividend is normally 25% (after Amendment 147 &ndash;
        20%) of the dividend amount, or 15% in connection with an Approved
        Enterprise.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">A U.S. corporation would have a reduced
        withholding rate on dividends if it were to own 10% or more of Elbit Systems&rsquo; voting
        shares under specified conditions. The reduced withholding tax rate on the dividend would
        be 12.5%. The U.S. corporation must own at least 10% of the voting shares during the
        portion of Elbit Systems&rsquo; tax year before the payment of the dividend and during the
        entire prior tax year. The reduced rate is also subject to two other conditions. First, not
        more than 25% of Elbit Systems&rsquo; gross income for the prior tax year could consist of
        interest, other than interest received from banking, financing or similar businesses or
        from certain subsidiaries. Second, the dividend cannot be derived from income during any
        period for which Elbit Systems is entitled to the reduced tax rate applicable to an
        Approved Enterprise. In this case the withholding tax rate would be
        15%.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2"><font size="2"><font size="2">135</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
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        <p style="PAGE-BREAK-BEFORE: always"></p>
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">Under the terms of the tax treaty, Israel may
        tax, subject to any exemptions under Israeli law, any capital gain realized by a
        shareholder resident in the United States on a sale of Elbit Systems&rsquo; shares if the
        shareholder owned, directly or indirectly, 10% or more of Elbit Systems&rsquo; voting
        shares at any time during the 12-month period before the sale or the above shareholder is
        an individual and was present in Israel for more than 183 days during the relevant taxable
        year. However, according to an amendment&nbsp;to the Israeli Tax Ordinance, which became
        effective in 2003, since Elbit Systems ordinary shares are traded on the TASE and on
        Nasdaq, gains on the sale of ordinary shares held by non-Israeli resident investors for tax
        purposes will generally be exempt from Israeli capital gains tax, subject to the provisions
        of the Israeli tax legislation.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">With some limitations, any Israeli tax
        withheld or paid for dividends on ordinary shares generally will be eligible for credit
        against a U.S. shareholder&rsquo;s U.S. federal income tax liability. Such limitations
        include separate computation rules limiting foreign tax credits allowable for specific
        classes of foreign source income. The tax credits are limited to the corresponding U.S.
        federal income taxes otherwise payable for each such class of income. Alternatively, a U.S.
        shareholder may elect to claim a U.S. tax deduction for such Israeli tax, but only for a
        year in which the U.S. shareholder elects to do so for all foreign income
        taxes.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">This summary of taxation is based on existing
        treaties, laws, regulations and judicial and administrative interpretations. There can be
        no assurance that any of these may not be amended or repealed, possibly with retroactive
        effect, or that a tax authority may take a contrary position. Also, this summary does not
        address the tax consequences that may be applicable to specific persons based on their
        individual circumstances. It also does not address any state, local or other foreign tax
        consequences. A shareholder should consult his or her own tax advisor as to the specific
        tax consequences of purchasing, holding or transferring shares of Elbit
        Systems.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
        <font size="2"><font size="2"><b><font size="2">Documents on
        Display</font></b></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">We are subject to the informational
        requirements of the Securities Exchange Act of 1934, as amended. In accordance with these
        requirements, we file reports and other information with the SEC. These materials,
        including this Annual Report and its exhibits, may be inspected and copied at the
        SEC&rsquo;s Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549 Copies of
        the materials may be obtained from the Public Reference Room of the SEC at 100 F Street,
        N.E., Washington, D.C. 20549 at prescribed rates. The public may obtain information on the
        operation of the Commission&rsquo;s Public Reference Room by calling the SEC in the United
        States at 1-800-SEC-0330.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 15.35%; TEXT-INDENT: -15.35%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2"><font size="2"><font size="2">136</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
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        <p style="PAGE-BREAK-BEFORE: always"></p>
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        <div align="left">
            &nbsp;
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="150">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><a name="item11"><font size="4">Item 11.</font></a></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="835">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="4">Quantitative and Qualitative Disclosure of Market
                        Risk.</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><i><b><font size="2">Exchange Rate
        Risk</font></b></i></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">While our functional currency is the U.S.
        dollar, we also have some non-U.S. dollar or non-U.S. dollar linked currency exposure from
        time to time. See above - Item 5. Operating Financial Review and Prospects &ndash;
        Management&rsquo;s Discussion and Analysis - Impact of Inflation and Exchange Rates -
        Foreign Currency Expenses.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">We take various measures to attempt to
        compensate for the effects of fluctuations in both exchange rates and interest rates as we
        may determine to be necessary. These measures may include traditional currency hedging
        transactions as well as attempts to maintain a balance between monetary assets and
        liabilities in each of our principal operating currencies, mainly the U.S. dollar, the NIS,
        the Euro and the British pound (GBP). The mix of the currencies may change from time to
        time.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><i><b><font size="2">Interest Rate
        Risk</font></b></i><b><font size="2">.</font></b> <font size="2">Our deposits are mainly in
        U.S. dollars, and our debt is mainly in bank loans in U.S. dollars at floating interest
        rates. These borrowings are usually linked to the relevant LIBOR plus a spread of 0.75% -
        1.25%. Most of our loans will mature within the next two to three
        years.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><i><b><font size="2">Market Risk Sensitive
        Investments</font></b></i><b><font size="2">.</font></b> <font size="2">Except when we view
        it necessary, we do not invest in derivative financial instruments or other market risk
        sensitive instruments. We do have investments in auction rate securities (ARS). See above
        &ndash; Item 5. Operating Financial Review and Prospects &ndash; Management&rsquo;s
        Discussion and Analysis &ndash; Liquidity and Capital Resources &ndash; Auction Rate
        Securities. Other than our investment in ARS, we do not believe that we were exposed to any
        material market risk with regard to market risk sensitive instruments, including the effect
        of debt denominated in foreign currencies and the effect of interest rates on
        debt.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="150">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><a name="item12"><font size="4">Item 12.</font></a></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="835">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="4">Description of Securities Other than Equity
                        Securities.</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
            <font size="2"><font size="2"><font size="2">Not applicable.</font></font></font></p>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="150">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><a name="item13"><font size="4">Item 13.</font></a></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="835">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="4">Defaults, Dividend Arrearages and
                        Delinquencies.</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
            <font size="2"><font size="2"><font size="2">Not applicable.</font></font></font></p>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="151">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><a name="item14"><font size="4">Item 14.</font></a></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="834">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="4">Material Modifications to the Rights of Security Holders
                        and Use of Proceeds.</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
            <font size="2"><font size="2"><font size="2">Not applicable.</font></font></font></p>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2"><font size="2"><font size="2">137</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
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        <p style="PAGE-BREAK-BEFORE: always"></p>
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        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="152">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><a name="item15"><font size="4">Item 15.</font></a></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="833">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="4">Controls and Procedures</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><i><b><font size="2">Disclosure Controls and
        Procedures</font></b></i><font size="2">. We maintain disclosure controls and procedures
        designed to ensure that information required to be disclosed in our periodic filings with
        the SEC is recorded, processed, summarized and reported within the time periods specified
        in the SEC&rsquo;s rules and forms. These controls and procedures also provide that such
        information is accumulated and communicated to our management, including our Chief
        Executive Officer (CEO) and Chief Financial Officer (CFO), as appropriate, to allow timely
        decisions regarding required disclosure. In designing and evaluating the disclosure
        controls and procedures, management recognized that any controls and procedures, no matter
        how well designed and operated, can provide only reasonable assurance of achieving the
        desired control objectives. Also, management necessarily was required to use its judgment
        in evaluating the cost to benefit relationship of possible disclosure controls and
        procedures. As of December 31, 2007, we performed an evaluation of the effectiveness of the
        design and operation of our disclosure controls and procedures. The evaluation was
        performed with the participation of senior management of major business areas and key
        corporate functions, and under the supervision of the CEO and CFO. Based on the evaluation,
        our management, including the CEO and CFO, concluded that our disclosure controls and
        procedures were effective. There have been no significant changes in our internal controls
        or in other factors that could significantly affect internal controls after the date we
        completed the evaluation.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><i><b><font size="2">Management&rsquo;s Annual Report on
        Internal Control Over Financial Reporting</font></b></i></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">Our management is responsible for establishing
        and maintaining adequate internal control over financial reporting. Internal control over
        financial reporting is defined in Rules&nbsp;13a-15(f) under the Securities Exchange Act of
        1934, as amended, as a process designed to provide reasonable assurance regarding the
        reliability of financial reporting and the preparation of financial statements for external
        purposes in accordance with generally accepted accounting principles and includes those
        policies and procedures that (1)&nbsp;pertain to the maintenance of records that in
        reasonable detail accurately and fairly reflect our transactions and dispositions of
        assets; (2)&nbsp;provide reasonable assurance that transactions are recorded as necessary
        to permit preparation of financial statements in accordance with generally accepted
        accounting principles, and that our receipts and expenditures are being made in accordance
        with authorizations of our management and directors; and (3)&nbsp;provide reasonable
        assurance regarding prevention or timely detection of unauthorized acquisition, use or
        disposition of our assets that could have a material effect on the financial
        statements.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">Because of its inherent limitations, internal
        control over financial reporting may not prevent or detect misstatements including the
        possibility of human error and the circumvention or overriding of&nbsp;sound control
        procedures. Projections of any evaluation of effectiveness to future periods are subject to
        the risks that controls may become inadequate because of changes in conditions, or that the
        degree of compliance with the policies or procedures may
        deteriorate.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">Our management, including our CEO and CFO,
        assessed the effectiveness of our internal control over financial reporting as of
        December&nbsp;31, 2007. In making this assessment, management used the criteria set forth
        by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in
        &ldquo;Internal Control&nbsp;&mdash; Integrated Framework.&rdquo; Based on this assessment,
        management believes that, as of December&nbsp;31, 2007, our internal control over financial
        reporting is effective.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%" align="left">
        <font size="2"><font size="2"><font size="2">Our management has excluded TadComm and
        Ferranti from our assessment of internal control over financial reporting as of December
        31, 2007 because we only acquired our majority ownership of TadComm and our ownership of
        Ferranti during 2007. TadComm and Ferranti were first included in the Company&rsquo;s 2007
        consolidated financial statements and constituted $560.3 million and $174.6 million of
        total and net assets, respectively, as of December 31, 2007 and $188.3 million and $5.8
        million of revenues and net income, respectively, for the year then
        ended.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: justify">
        <font size="2"><font size="2"><font size="2">Our financial statements and internal control
        over financial reporting as of December 31, 2007 have been audited by Kost Forer Gabbay
        &amp; Kasierer, an independent registered public accounting firm in Israel and a member of
        Ernst &amp; Young Global (E&amp;Y).</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2"><font size="2"><font size="2">138</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><b><font size="2">Changes in Internal Control over Financial
        Reporting</font></b><font size="2">. During the period covered by this Annual Report, there
        have not been any changes in our internal control over financial reporting (as such term is
        defined in Rules&nbsp;13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as
        amended) that have materially affected, or are reasonably likely to materially affect, our
        internal control over financial reporting.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.52%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><a name="item16"><font size="4">Item 16.</font></a></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <font size="2"><font size="2"><b><font size="3"><a name="item16a">Item 16.A</a>
        &ndash;</font></b> <i><b><font size="3">Audit Committee Financial
        Expert</font></b></i></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">Yaacov Lifshitz, a member of our Audit
        Committee, meets the criteria of an &ldquo;Audit Committee Financial Expert&rdquo; under
        the applicable rules and regulations of the SEC, and his designation as the Audit
        Committee&rsquo;s Financial Expert has been ratified by the Board. Mr.&nbsp;Lifshitz is
        &ldquo;independent,&rdquo; as that term is defined in the Nasdaq listing
        standards.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <font size="2"><font size="2"><b><font size="3"><a name="item16b">Item 16.B</a>
        &ndash;</font></b> <i><b><font size="3">Code of Ethics</font></b></i></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">We have adopted a code of business conduct and
        ethics that is applicable to all our directors, officers and employees including our
        principal executive, financial and accounting officers and persons performing similar
        functions. The code of ethics was approved by our Board and covers areas of professional
        and business conduct. It is intended to promote honest and ethical behavior, including fair
        dealing and the ethical handling of conflicts of interest. The code of ethics includes a
        &ldquo;whistleblower&rdquo; process to encourage reports of violations. Our code of ethics
        is posted on our website: www.elbitsystems.com.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <font size="2"><font size="2"><b><font size="3"><a name="item16c">Item 16.C</a>
        &ndash;</font></b> <i><b><font size="3">Principal Accountant Fees and
        Services</font></b></i></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">In the annual general shareholders meeting
        held in August 2007, our shareholders reappointed Kost Forer Gabbay &amp; Kasierer (Kost),
        an independent registered public accounting firm and member of Ernst &amp; Young Global
        (E&amp;Y), to serve as our independent auditors. Kost and other E&amp;Y affiliates billed
        the Company the following fees for professional services in each of the last two fiscal
        years:</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="50%" border="0">
                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="16%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="236">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="5">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2"><u>Year
                        Ended December 31</u></font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="16%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="236">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2"><u>2007</u></font></p>
                    </td>

                    <td valign="bottom" width="42">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2"><u>2006</u></font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="bottom" width="16%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="236">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="5">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(U.S.
                        dollars in thousands)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="16%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Audit Fees</font></p>
                    </td>

                    <td valign="bottom" width="236">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="54">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">2,922</font></p>
                    </td>

                    <td valign="bottom" width="42">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="52">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,588</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="16%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Tax Fees</font></p>
                    </td>

                    <td valign="bottom" width="236">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" align="right" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="54">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">273</font></p>
                    </td>

                    <td valign="bottom" width="42">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" align="right" width="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="52">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">592</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="16%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Total</font></p>
                    </td>

                    <td valign="bottom" width="236">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" align="right" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="54">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">3,195</font></p>
                    </td>

                    <td valign="bottom" width="42">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" align="right" width="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="52">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">2,180</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2"><font size="2"><font size="2">139</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
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        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">&ldquo;Audit Fees&rdquo; are the aggregate
        fees for the audit of our consolidated annual financial statements. This category also
        includes services generally provided by the independent auditor, such as consents and
        assistance with and review of documents filed with the SEC, as well as with documentation
        related to Sarbanes-Oxley Act implementation. It also includes fees billed for accounting
        consultations regarding the accounting treatment of matters that occur in the regular
        course of business, implications of new accounting pronouncements and other accounting
        issues that occur from time to time. &ldquo;Tax Fees&rdquo; are the aggregate fees billed
        for professional services rendered for tax compliance and tax advice, other than in
        connection with the audit. Tax compliance involves preparation of original and amended tax
        returns, tax planning and tax advice.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">Kost and other E&amp;Y affiliates did not bill
        the Company for services other than the Audit Fees and Tax Fees described above for fiscal
        year 2007 or fiscal year 2006.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">Our Audit Committee has adopted a pre-approval
        policy for the engagement of our independent accountant to perform permitted audit and
        non-audit services. Under this policy, which is designed to assure that such engagements do
        not impair the independence of our auditors, the Audit Committee pre-approves annually a
        range of specific audit and non-audit services in the categories of Audit Service,
        Audit-Related Services, Tax Services and other services that may be performed by our
        independent accountants, and the maximum pre-approved fees that may be paid as compensation
        for each pre-approved service in those categories. Any proposed services exceeding the
        pre-approved fees or which includes other scope of work requires specific pre-approval by
        the Audit Committee. Accordingly, all of the above-mentioned independent audit fees were
        pre-approved by our Audit Committee.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <font size="2"><font size="2"><b><font size="3"><a name="item16d">Items 16.D</a>
        &ndash;</font></b> <i><b><font size="3">Exemptions from the Listing Standards for Audit
        Committees</font></b></i></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2"><font size="2">None</font></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 16.58%; TEXT-INDENT: -16.58%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 16.58%; TEXT-INDENT: -16.58%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><b><font size="3"><a name="item16e">Items 16.E</a>
        &ndash;</font></b> <i><b><font size="3">Purchases of Equity Securities by the Issuer and
        Affiliated Purchasers</font></b></i></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2"><font size="2">None</font></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 15.35%; TEXT-INDENT: -15.35%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="150">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><a name="item17"><font size="4">Item 17.</font></a></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="835">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="4">Financial Statements.</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <font size="2"><font size="2"><font size="2">&nbsp;</font></font></font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
            <font size="2"><font size="2"><font size="2">Not applicable.</font></font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 16.58%; TEXT-INDENT: -16.58%; TEXT-ALIGN: left">
            &nbsp;</p>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="150">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><a name="item18"><font size="4">Item 18.</font></a></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="835">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="4">Financial Statements.</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
            <font size="2"><font size="2"><font size="2"><font size="2">See Financial Statements
            attached.</font></font></font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 15.35%; TEXT-INDENT: -15.35%; TEXT-ALIGN: left">
            &nbsp;</p>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2"><font size="2"><font size="2">140</font></font></font></p>

        <p></p>
        <!-- EEDocs PBStart-->
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        <!-- EEDocs PBEnd--><br>
        <br>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
        </p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
        </p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="right">&nbsp;</p>
        <br>
        <br>

        <p style="BORDER-RIGHT: 0.5pt solid; BORDER-TOP: 0.5pt solid; MARGIN: 0pt 2.5in 0pt 2.75in; BORDER-LEFT: 0.5pt solid; BORDER-BOTTOM: 0.5pt solid" align="center">
        <font size="1"><font size="2"><b><font style="FONT-SIZE: 14pt">ELBIT SYSTEMS LTD. AND ITS
        SUBSIDIARIES</font></b></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="1"><font size="2"><b><font size="2">CONSOLIDATED FINANCIAL
        STATEMENTS</font></b></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="1"><font size="2"><b><font size="2">as of December 31,
        2007</font></b></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="1"><font size="2"><b><font size="2">In U.S.
        dollars</font></b></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="1"><font size="2"><u><b><font size="2">C O N T E N T
        S</font></b></u></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 76.25pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="679" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="569">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="110">
                        <p style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" align="center">
                        <b><font size="2">Page</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="569">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="110">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="569">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="110">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="569">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">REPORTS OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
                        FIRM</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="110">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">142 - 148</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="569">
                    &nbsp;&nbsp;</td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="110">
                    &nbsp;&nbsp;</td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="569">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON
                        INTERNAL CONTROL OVER FINANCIAL REPORTING</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="110">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">149</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="569">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="110">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="569">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">CONSOLIDATED FINANCIAL STATEMENTS:</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="110">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="569">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="110">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="569">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6.75pt; TEXT-ALIGN: left">
                        <font size="2">Consolidated Balance Sheets</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="110">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">150&nbsp;-&nbsp;151</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="569">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="110">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="569">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6.75pt; TEXT-ALIGN: left">
                        <font size="2">Consolidated Statements of Income</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="110">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">152</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="569">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="110">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="569">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6.75pt; TEXT-ALIGN: left">
                        <font size="2">Statements of Changes in Shareholders&rsquo;
                        Equity</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="110">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">153&nbsp;-&nbsp;154</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="569">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="110">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="569">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6.75pt; TEXT-ALIGN: left">
                        <font size="2">Consolidated Statements of Cash Flows</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="110">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">155&nbsp;-&nbsp;156</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="569">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="110">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="569">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6.75pt; TEXT-ALIGN: left">
                        <font size="2">Notes to the Consolidated Financial Statements</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="110">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">157&nbsp;-&nbsp;209</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="1"><font size="2"><b><font size="2"># # # # # # #</font></b></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="1"><font size="2"><font size="2">141</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p align="center">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="392">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <br>
                        <img height="33" src="eylogo.jpg" width="224"></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="248">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 97.2%; TEXT-ALIGN: left">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -14.15pt; LINE-HEIGHT: 97.2%; TEXT-ALIGN: justify">
                        <font size="4"><b>&bull;</b></font><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font>
                        <b><font size="1">Kost Forer Gabbay &amp; Kasierer</font></b></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 14.2pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="1">3 Aminadav St.</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 14.2pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="1">Tel-Aviv 67067, Israel</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="341">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -14.15pt" align="right">
                        <font size="4"><b>&bull;</b></font><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;Phone:
                        972-3-6232525</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 14.15pt; TEXT-INDENT: 0pt" align="right">
                        <font size="1">Fax: 972-3-5622555</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <b><font size="2">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><b><font size="2">To the
        Shareholders and Board of Directors of</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><b><font size="2">Elbit
        Systems Ltd.</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font size="2">We have
        audited the accompanying consolidated balance sheets of Elbit Systems Ltd. (&ldquo;Elbit
        Systems&rdquo;) and its subsidiaries as of December 31, 2007 and 2006, and the related
        consolidated statements of income, changes in the shareholders&rsquo; equity and cash flows
        for each of the three years in the period ended December 31, 2007. Our audits also included
        the financial statement schedule listed in the index at item 19A of Part III. These
        consolidated financial statements and schedule are the responsibility of Elbit
        Systems&rsquo; management. Our responsibility is to express an opinion on these
        consolidated financial statements and schedule based on our audits. We did not audit the
        financial statements of a majority-owned subsidiary, which statements reflect total assets
        constituting 13.97% and 14.78% as of December 31, 2007 and 2006, respectively, and total
        revenues constituting 18.42% and 13.47% for the years ended December 31, 2007 and 2006,
        respectively, of the related consolidated totals. Those financial statements were audited
        by other auditors whose reports have been furnished to us, and our opinion, insofar as it
        relates to the amounts included for this subsidiary, is based solely on the reports of the
        other auditors.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font size="2">We
        conducted our audits in accordance with the standards of the Public Company Accounting
        Oversight Board (United States). Those standards require that we plan and perform the audit
        to obtain reasonable assurance about whether the financial statements are free of material
        misstatement. An audit includes examining, on a test basis, evidence supporting the amounts
        and disclosures in the financial statements. An audit also includes assessing the
        accounting principles used and significant estimates made by management, as well as
        evaluating the overall financial statement presentation. We believe that our audits and the
        reports of other auditors provide a reasonable basis for our opinion.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font size="2">In our
        opinion, based on our audits and the reports of other auditors, the consolidated financial
        statements referred to above present fairly, in all material respects, the consolidated
        financial position of Elbit Systems and its subsidiaries as of December 31, 2007 and 2006,
        and the consolidated results of their operations and their cash flows for each of the three
        years in the period ended December 31, 2007, in conformity with U.S generally accepted
        accounting principles. Also, in our opinion, the related financial statement schedule, when
        considered in relation to the basic financial statements taken as a whole, presents fairly
        in all material respects the information set forth therein.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font size="2">As
        discussed in Note 2 to the consolidated financial statements, in 2007 Elbit Systems adopted
        FASB interpretation No. 48, &ldquo;Accounting for Uncertainty in Income Taxes &ndash; An
        Interpretation of FASB No. 109&rdquo;, effective January 1, 2007. Also, as discussed in
        Note 2 to the consolidated financial statements, Elbit Systems adopted Statement of
        Financial Accounting Standards No. 123(R), &ldquo;Share-based Payment&rdquo;, as revised,
        effective January 1, 2006.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">We also
        have audited, in accordance with the standards of the Public Company Accounting Oversight
        Board (United States), the effectiveness of Elbit Systems&rsquo; internal control over
        financial reporting as of December&nbsp;31, 2007, based on criteria established in the
        Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations
        of the Treadway Commission, and our report dated March&nbsp;10, 2008 expressed, an
        unqualified opinion thereon.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="right">
        <font face="Times New Roman, Times, serif" color="#000000" size="2">/s/ Kost Forer Gabbay
        &amp; Kasierer</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><b><font size="2">Kost
        Forer Gabbay &amp; Kasierer&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right"><b><font size="2">A
        member of Ernst &amp; Young Global</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 15.38%; TEXT-INDENT: -15.38%; TEXT-ALIGN: left">
        <font size="2">Haifa, Israel</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 15.38%; TEXT-INDENT: -15.38%; TEXT-ALIGN: left">
        <font size="2">March 10, 2008</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="1"><font size="2"><font size="2">142</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center" align="center">
        <img src="img2.gif"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><br>
        </p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><b><font size="2">Report of Independent
        Registered Public Accounting Firm</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><b><font size="2">to the
        Shareholders of Elisra Electronic Systems Limited</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">We have
        audited the accompanying consolidated balance sheets of Elisra Electronic Systems Limited
        (&ldquo;the Company&rdquo;) and its subsidiaries as at December 31, 2007 and 2006 and the
        related consolidated statements of operations, changes in shareholders&rsquo; equity
        (deficit) and cash flows for each of the years in the three-years period ended December 31,
        2007. These financial statements are the responsibility of the Company&rsquo;s Board of
        Directors and of its Management. Our responsibility is to express an opinion on these
        financial statements based on our audits.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">We did
        not audit the financial statements of certain consolidated subsidiaries, whose assets
        constitute approximately 51% and 45% of the total consolidated assets as at December 31,
        2007 and 2006, respectively, and whose revenues constitute approximately 48%, 41% and 36%
        of the total consolidated revenues for the years ended December 31, 2007, 2006 and 2005,
        respectively. The financial statements of those subsidiaries were audited by other auditors
        whose reports thereon have been furnished to us, and our opinion, insofar as it relates to
        the amounts included in respect of the aforementioned consolidated subsidiaries, is based
        solely on the reports of the other auditors.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">We
        conducted our audit in accordance with auditing standards of the Public Company Accounting
        Oversight Board (United States). Those standards require that we plan and perform the audit
        to obtain reasonable assurance about whether the financial statements are free of material
        misstatement. An audit includes examining, on a test basis, evidence supporting the amounts
        and disclosures in the financial statements. An audit also includes assessing the
        accounting principles used and significant estimates made by the Company&rsquo;s Board of
        Directors and Management, as well as evaluating the overall financial statement
        presentation. We believe that our audits provide a reasonable basis for our
        opinion.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">In our
        opinion, based on our audits and the reports of other auditors, the consolidated financial
        statements referred to above present fairly, in all material respects, the consolidated
        financial position of the Company and its subsidiaries as of December 31, 2007 and 2006,
        and the results of their operations, and their cash flows for each of the years in the
        three-years period ended December 31, 2007, in conformity with generally accepted
        accounting principles in Israel.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
        <font size="2">Accounting principles generally accepted in Israel vary in certain
        significant respects from accounting principles generally accepted in the United States of
        America. Information relating to the nature and effect of such differences is provided in
        Note 23 to the consolidated financial statements.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">As
        explained in Note 2A to the consolidated financial statements, the aforementioned financial
        statements are expressed in U.S. dollars.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <font face="Times New Roman, Times, serif" color="#000000" size="2">/s/ Somekh
        Chaikin</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><b><font size="2">Somekh
        Chaikin</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <b><font size="2">Certified Public Accountants (Isr.)</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><b><font size="2">A Member
        Firm of KPMG International</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Tel &ndash;
        Aviv, Israel<br>
        March 10, 2008</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><img src="img1.gif"><br>
        </p>

        <p align="center">&nbsp;</p>

        <p align="center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center"><font size="2">143</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><img src="img4.gif"><br>
        <b><font size="2">Report of Independent Registered Public Accounting Firm To
        The</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font size="2">Shareholders of</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font size="2">Tadiran Electronic System Ltd.</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">We have
        audited the accompanying balance sheets of Tadiran Electronic System (&ldquo;the
        Company&rdquo;) as of December 31, 2007 and 2006 and the related statements of operations,
        changes in shareholders&rsquo; equity and cash flows, for each of the three years, in the
        period ended December 31, 2007. These financial statements are the responsibility of the
        Company&rsquo;s Board of Directors and of its management. Our responsibility is to express
        an opinion on these financial statements based on our audits.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">We
        conducted our audits in accordance with standards of the Public Company Accounting
        Oversight Board (United States). Those standards require that we plan and perform the audit
        to obtain reasonable assurance about whether the financial statements are free of material
        misstatement. An audit includes consideration of internal control over financial reporting
        as a basis for designing audit procedures that are appropriate in the circumstances, but
        not for the purpose of expressing an opinion on the effectiveness of the Company&rsquo;s
        internal control over financial reporting. Accordingly, we express no such opinion. An
        audit also includes examining, on a test basis, evidence supporting the amounts and
        disclosures in the financial statements, assessing the accounting principles used and
        significant estimates made by management, as well as evaluating the overall financial
        statements presentation. We believe that our audits provide a reasonable basis for our
        opinion.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">In our
        opinion, the financial statements referred to above present fairly, in all material
        respects, the financial position of the Company as of December 31, 2007 and 2006, and the
        results of its operations, changes in its shareholders&rsquo; equity and its cash flows for
        the three years, in the period ended December 31, 2007, in conformity with generally
        accepted accounting principles in Israel.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
        <font size="2">Accounting principles generally accepted in Israel vary in certain
        significant respects from accounting principles generally accepted in the United States of
        America. Information relating to the nature and effect of such differences is presented in
        Note 15 to the financial statements.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">As
        explained in Note 2A, the financial statements are presented in U.S. dollars.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">/s/
        Brightman Almagor &amp; Co.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Brightman
        Almagor &amp; Co.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Certified
        Public Accountants</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Tel Aviv,
        Israel</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">March 5,
        2008</font></p>

        <p align="center">
        <font face="Times New Roman, Times, Serif" size="2"><img src="img3.gif"></font></p>

        <p align="center">&nbsp;</p>

        <p align="center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center"><font size="2">144</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><img src="img5.gif"><br>
        <b><font size="2">Report of Independent Registered Public Accounting Firm To
        The</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font size="2">Shareholders of</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font size="2">Tadiran Spectralink Ltd.</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">We have
        audited the accompanying balance sheets of Tadiran Spectralink Ltd. (&ldquo;the
        Company&rdquo;) as of December 31, 2007 and 2006 and the related statements of operations,
        changes in shareholders&rsquo; equity and cash flows, for each of the three years, in the
        period ended December 31, 2007. These financial statements are the responsibility of the
        Company&rsquo;s Board of Directors and of its management. Our responsibility is to express
        an opinion on these financial statements based on our audits.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">We
        conducted our audits in accordance with standards of the Public Company Accounting
        Oversight Board (United States). Those standards require that we plan and perform the audit
        to obtain reasonable assurance about whether the financial statements are free of material
        misstatement. An audit includes consideration of internal control over financial reporting
        as a basis for designing audit procedures that are appropriate in the circumstances, but
        not for the purpose of expressing an opinion on the effectiveness of the Company&rsquo;s
        internal control over financial reporting. Accordingly, we express no such opinion. An
        audit also includes examining, on a test basis, evidence supporting the amounts and
        disclosures in the financial statements, assessing the accounting principles used and
        significant estimates made by management, as well as evaluating the overall financial
        statements presentation. We believe that our audits provide a reasonable basis for our
        opinion.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">In our
        opinion, the financial statements referred to above present fairly, in all material
        respects, the financial position of the Company as of December 31, 2007 and 2006, and the
        results of its operations, changes in its shareholders&rsquo; equity and its cash flows for
        the three years, in the period ended December 31, 2007, in conformity with generally
        accepted accounting principles in Israel.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
        <font size="2">Accounting principles generally accepted in Israel vary in certain
        significant respects from accounting principles generally accepted in the United States of
        America. Information relating to the nature and effect of such differences is presented in
        Note 24 to the financial statements.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">As
        explained in Note 2A, the financial statements are presented in U.S. dollars.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">/s/
        <font size="2">Brightman Almagor &amp; Co.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Brightman
        Almagor &amp; Co.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Certified
        Public Accountants</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Tel Aviv,
        Israel</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">February
        25, 2008</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1px; TEXT-ALIGN: center">
        <img src="img6.gif"><br>
        </p>

        <p align="center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center"><font size="2">145</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1px; BORDER-BOTTOM: 3pt solid; TEXT-ALIGN: center">
        <font size="2">&nbsp;<img src="img7.gif"><br>
        </font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1px; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><b><font size="2">REPORT
        OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">To the
        Stockholder and Board of Directors</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Talla-Com,
        Tallahassee Communications Industries, Inc.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">We have
        audited the accompanying consolidated balance sheets of Talla-Com, Tallahassee
        Communications Industries, Inc. and Subsidiaries as of December 31, 2007 and 2006 and April
        29, 2007, and the related consolidated statements of operations and retained earnings and
        cash flows for the years then ended, and for the period April 30, 2007 to December 31,
        2007. These consolidated financial statements are the responsibility of the Company&rsquo;s
        management. Our responsibility is to express an opinion on these consolidated financial
        statements based on our audits.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">We
        conducted our audits in accordance with the standards of the Public Company Accounting
        Oversight Board (United States). Those standards require that we plan and perform the
        audits to obtain reasonable assurance about whether the financial statements are free of
        material misstatement. An audit includes examining, on a test basis, evidence supporting
        the amounts and disclosures in the financial statements. An audit also includes assessing
        the accounting principles used and significant estimates made by management, as well as
        evaluating the overall financial statement presentation. We believe that our audits provide
        a reasonable basis for our opinion.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">In our
        opinion, the consolidated financial statements referred to above present fairly, in all
        material respects, the consolidated financial position of Talla-Com, Tallahassee
        Communications Industries, Inc. and Subsidiaries as of December 31, 2007 and 2006 and April
        29, 2007, and the results of their operations and their cash flows for the years then ended
        and the period April 30, 2007 to December 31, 2007, in conformity with accounting
        principles generally accepted in the United States of America.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
        <font size="2">Accounting principles generally accepted in the United States vary in
        certain significant respects from accounting principles generally accepted in Israel.
        Application of accounting principles generally accepted in Israel did not have any effect
        on the results of operations, shareholder&rsquo;s equity and cash flows for the years ended
        December 31, 2007 and 2006.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">/s/
        Hoberman, Miller, Goldstein &amp; Lesser, CPA&rsquo;s, P.c.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">March 6,
        2006</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">New York,
        New York</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center"><font size="2">146</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1px; BORDER-BOTTOM: 3pt solid; TEXT-ALIGN: center">
        <font size="2">&nbsp;<img src="img7.gif"><br>
        </font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1px; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><b><font size="2">REPORT
        OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">To the
        Stockholder and Board of Directors</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Microwave
        Networks Solutions, Inc.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">We have
        audited the accompanying balance sheets of Microwave Networks Solutions, Inc. as of
        December 31, 2007 and 2006, and the related statements of operations and retained earnings
        and cash flows for the years then ended. These financial statements are
        the&nbsp;responsibility of the Company&rsquo;s management. Our responsibility is to express
        an opinion on these financial statements based on our audits.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">We
        conducted our audits in accordance with the standards of the Public Company Accounting
        Oversight Board (United States). Those standards require that we plan and perform the
        audits to obtain reasonable assurance about whether the financial statements are free of
        material misstatement.&nbsp; An audit includes examining, on a test basis, evidence
        supporting the amounts and disclosures in the financial statements. An audit also includes
        assessing the accounting principles used and significant estimates made by management, as
        well as evaluating the overall financial statement presentation. We believe that our audits
        provide a reasonable basis for our opinion.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">In our
        opinion, the financial statements referred to above present fairly, in all material
        respects, the financial position of Microwave Networks Solutions, Inc. as of December 31,
        2007 and 2006, and the results of its operations and its cash flows for the years then
        ended, in conformity with accounting principles generally accepted in the United States of
        America.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">/s/
        Hoberman, Miller, Goldstein &amp; Lesser, CPA's, &nbsp;P.c.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">January 15,
        2008</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">New York,
        New York</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p align="center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center"><font size="2">147</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><img src="img8.gif"><br>
        </p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">REPORT
        OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">To the
        shareholders of</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><b><font size="2">Kinetics
        Ltd.</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">We have
        audited the accompanying consolidated balance sheet of Kinetics Ltd. (the
        &ldquo;Company&rdquo;) and its subsidiaries as of December 31, 2007 and the related
        consolidated statement of operations, changes in shareholders&rsquo; equity and cash flows
        for the year then ended. These financial statements are the responsibility of the
        Company&rsquo;s Board of Directors and management. Our responsibility is to express an
        opinion on these financial statements based on our audit.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">We
        conducted our audit in accordance with the standards of the Public Company Accounting
        Oversight Board (United States). Those standards require that we plan and perform the audit
        to obtain reasonable assurance about whether the financial statements are free of material
        misstatement. An audit includes examining, on a test basis, evidence supporting the amounts
        and disclosures in the financial statements. An audit also includes assessing the
        accounting principles used and significant estimates made by the Company&rsquo;s Board of
        Directors and management, as well as evaluating the overall financial statement
        presentation. We believe that our audit provide a reasonable basis for our
        opinion.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">In our
        opinion, the consolidated financial statements referred to above present fairly, in all
        material respects, the consolidated financial position of the Company and its subsidiaries
        as of December 31, 2007 and the consolidated results of their operations and their cash
        flows for the year then ended, in conformity with accounting principles generally accepted
        in Israel.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
        <font size="2">Accounting principles generally accepted in Israel vary in certain
        significant respects from the accounting principles generally accepted in the United States
        of America. Information relating to the nature and effect of such differences is presented
        in note 13 to the consolidated financial statements.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">/s/ Kesselman &amp; Kesselman</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                    &nbsp;&nbsp;</td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Tel-Aviv, Israel</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Kesselman &amp; Kesselman</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">March 5, 2008</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Certified Public Accountants (Isr.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">A member of PricewaterhouseCoopers International
                        Limited</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p align="center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center"><font size="2">148</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p align="center">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="392">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <br>
                        <img height="33" src="eylogo.jpg" width="224"></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="248">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 97.2%; TEXT-ALIGN: left">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -14.15pt; LINE-HEIGHT: 97.2%; TEXT-ALIGN: justify">
                        <font size="4"><b>&bull;</b></font><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font>
                        <b><font size="1">Kost Forer Gabbay &amp; Kasierer</font></b></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 14.2pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="1">3 Aminadav St.</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 14.2pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="1">Tel-Aviv 67067, Israel</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="341">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -14.15pt" align="right">
                        <font size="4"><b>&bull;</b></font><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;Phone:
                        972-3-6232525</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 14.15pt; TEXT-INDENT: 0pt" align="right">
                        <font size="1">Fax: 972-3-5622555</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2"><font size="1"><font size="2"><b><font size="2">REPORT OF INDEPENDENT
        REGISTERED PUBLIC ACCOUNTING FIRM</font></b></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2"><font size="1"><font size="2"><b><font size="2">ON INTERNAL CONTROL OVER
        FINANCIAL REPORTING</font></b></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <font size="2"><font size="1"><font size="2"><b><font size="2">To the Shareholders and
        Board of Directors of</font></b></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <font size="2"><font size="1"><font size="2"><b><font size="2">Elbit Systems
        Ltd.</font></b></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
        <font size="2"><font size="1"><font size="2"><font size="2">We have audited Elbit Systems
        Ltd.&rsquo;s (&ldquo;Elbit Systems&rdquo;) internal control over financial reporting as of
        December 31, 2007, based on criteria established in the Internal Control-Integrated
        Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission
        (the &ldquo;COSO criteria&rdquo;). Elbit Systems&rsquo; management is responsible for
        maintaining effective internal control over financial reporting and for its assessment of
        the effectiveness of internal control over financial reporting. Our responsibility is to
        express an opinion on Elbit Systems&rsquo; internal control over financial reporting based
        on our audit.</font></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
        <font size="2"><font size="1"><font size="2"><font size="2">We conducted our audit in
        accordance with the standards of the Public Company Accounting Oversight Board (United
        States). Those standards require that we plan and perform the audit to obtain reasonable
        assurance about whether effective internal control over financial reporting was maintained
        in all material respects. Our audit included obtaining an understanding of internal control
        over financial reporting, assessing the risk that a material weakness exists, testing and
        evaluating the design and operating effectiveness of internal control based on the assessed
        risk, and performing such other procedures as we considered necessary in the circumstances.
        We believe that our audit provides a reasonable basis for our
        opinion.</font></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
        <font size="2"><font size="1"><font size="2"><font size="2">A company's internal control
        over financial reporting is a process designed to provide reasonable assurance regarding
        the reliability of financial reporting and the preparation of financial statements for
        external purposes in accordance with generally accepted accounting principles. A company's
        internal control over financial reporting includes those policies and procedures that (1)
        pertain to the maintenance of records that, in reasonable detail, accurately and fairly
        reflect the transactions and dispositions of the assets of the company; (2) provide
        reasonable assurance that transactions are recorded as necessary to permit preparation of
        financial statements in accordance with generally accepted accounting principles, and that
        receipts and expenditures of the company are being made only in accordance with
        authorizations of management and directors of the company; and (3) provide reasonable
        assurance regarding prevention or timely detection of unauthorized acquisition, use or
        disposition of the company's assets that could have a material effect on the financial
        statements.</font></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
        <font size="2"><font size="1"><font size="2"><font size="2">Because of its inherent
        limitations, internal control over financial reporting may not prevent or detect
        misstatements. Also, projections of any evaluation of effectiveness to future periods are
        subject to the risk that controls may become inadequate because of changes in conditions,
        or that the degree of compliance with the policies or procedures may
        deteriorate.</font></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
        <font size="2"><font size="1"><font size="2"><font size="2">As indicated in Elbit
        Systems&rsquo; Management's Report on Internal Control Over Financial Reporting,
        management's assessment of and conclusion on the effectiveness of internal control over
        financial reporting did not include the internal controls of Tadiran Communication Ltd.
        (&ldquo;Tadiran&rdquo;) and Ferranti Technologies (Group) Limited (&ldquo;FTL&rdquo;),
        which are first included in the Company's 2007 consolidated financial statements and which
        constituted $560.3 million and $174.6 million of total and net assets, respectively, as of
        December 31, 2007 and $188.3 million and $5.8 million of revenues and net income,
        respectively, for the year then ended. Our audit of internal control over financial
        reporting of the Company also did not include an evaluation of the internal control over
        financial reporting of Tadiran and FTL.</font></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
        <font size="2"><font size="1"><font size="2"><font size="2">In our opinion, Elbit Systems
        maintained in all material respects, effective internal control over financial reporting,
        as of December 31, 2007, based on the COSO criteria.</font></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
        <font size="2"><font size="1"><font size="2"><font size="2">We also have audited, in
        accordance with the standards of the Public Company Accounting Oversight Board (United
        States), the consolidated balance sheets of Elbit Systems and its subsidiaries as of
        December 31, 2007 and 2006, and the related consolidated statements of income, changes in
        shareholders' equity and cash flows for each of the three years in the period ended
        December&nbsp;31, 2007, and our report dated March 10, 2008 expressed an unqualified
        opinion thereon.</font></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="686">
                    </td>

                    <td valign="top" nowrap width="299">
                        <p align="right"><font size="2">/s/ Kost Forer Gabbay &amp; Kasierer<br>
                        </font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" nowrap width="686">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="299">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <b><font size="2">Kost Forer Gabbay &amp; Kasierer</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="686">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="299">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <b><font size="2">A member of Ernst &amp; Young Global</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1in; TEXT-INDENT: -1in; LINE-HEIGHT: 85%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1in; TEXT-INDENT: -1in; LINE-HEIGHT: 85%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1in; TEXT-INDENT: -1in; LINE-HEIGHT: 85%; TEXT-ALIGN: left">
        <font size="2"><font size="1"><font size="2"><font size="2">Haifa,
        Israel</font></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 85%; TEXT-ALIGN: left">
        <font size="2"><font size="1"><font size="2"><font size="2">March 10,
        2008</font></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p align="center">&nbsp;</p>

        <p align="center"><font size="2">149</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
        <font size="1"><font size="2"><b><font size="3">ELBIT SYSTEMS LTD. AND ITS
        SUBSIDIARIES</font></b></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="652">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">CONSOLIDATED BALANCE SHEETS</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="652">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="64%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="59">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="20">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" colspan="7">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="1">December 31,</font></b></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="64%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <b><font size="1">Note</font></b></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="20">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="1">2007</font></b></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BORDER-TOP: black 1pt solid; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BORDER-TOP: black 1pt solid; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BORDER-TOP: black 1pt solid; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BACKGROUND-POSITION: 0% 0%; BORDER-TOP: black 1pt solid; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="1">2006</font></b></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="64%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="20">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BORDER-TOP: black 1pt solid; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BORDER-TOP: black 1pt solid; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="64%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">CURRENT ASSETS:</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="20">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="64%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Cash and cash equivalents</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="20">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">363,887</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">84,564</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="64%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Short-term bank deposits</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="20">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">10,068</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">836</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="64%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Available for sale marketable securities</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">(8<font size="2">)</font></font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="20">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">2,830</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">2,106</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="64%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Trade receivables (net of allowance for doubtful<br>
                        accounts in the amount of $3,794 and $3,390 as of<br>
                        December 31, 2007 and 2006, respectively)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">(3)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="20">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">439,370</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">384,487</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="64%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Other receivables and prepaid expenses</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">(4)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="20">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">127,333</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">78,836</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="64%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Inventories, net of customer advances</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="59">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">(5)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="20">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">480,603</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">371,962</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="64%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Total current assets</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="59">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="20">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,424,091</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">922,791</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="64%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="20">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="64%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 18.65pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">LONG-TERM INVESTMENTS AND RECEIVABLES:</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="20">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="64%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Investments in affiliated companies, partnership and
                        other</font><br>
                        <font size="2">companies</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">(6)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="20">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">66,161</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">235,723</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="64%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Compensation receivables in respect of fire damages,
                        net</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">(7)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="20">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">15,530</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">15,530</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="64%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Long-term bank deposits and trade receivables</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">(8)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="20">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">13,338</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">6,030</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="64%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Marketable securities</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">(8)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="20">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">20,885</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="64%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Deferred income taxes</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">(16)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="20">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">22,155</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">8,783</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="64%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Severance pay fund</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="59">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">(2<font size="2">P)</font></font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="20">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">238,083</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">160,620</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="64%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="59">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="20">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">376,152</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">426,686</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="64%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="20">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="64%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">PROPERTY, PLANT AND EQUIPMENT, NET</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="59">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">(9)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="20">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">350,514</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">294,628</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="64%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="20">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="64%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="20">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="64%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="20">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="64%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">INTANGIBLE ASSETS, NET:</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">(10)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="20">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="64%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Goodwill</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="20">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">331,810</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">58,401</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="64%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Other intangible assets, net</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="59">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="20">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">298,925</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">70,594</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="64%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="59">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="20">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">630,735</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">128,995</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="64%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="20">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="64%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="59">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="20">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 2.25pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 2.25pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">2,781,492</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 2.25pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 2.25pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,773,100</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="1"><font size="2"><font size="2">The accompanying notes are an integral part of
        the consolidated financial statements</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="1"><font size="2"><font size="2">150</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
        <font size="1"><font size="2"><b><font size="3">ELBIT SYSTEMS LTD. AND ITS
        SUBSIDIARIES</font></b></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="662">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">CONSOLIDATED BALANCE SHEETS</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="662">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands, except share data)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="90%" border="0">
                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="59%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="55">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="6">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" colspan="7">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="1">December 31,</font></b></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="59%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <b><font size="1">Note</font></b></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="6">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="1">2007</font></b></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BORDER-TOP: black 1pt solid; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BORDER-TOP: black 1pt solid; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BORDER-TOP: black 1pt solid; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BACKGROUND-POSITION: 0% 0%; BORDER-TOP: black 1pt solid; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="1">2006</font></b></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="6">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BORDER-TOP: black 1pt solid; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BORDER-TOP: black 1pt solid; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">CURRENT LIABILITIES:</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="6">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Short-term bank credit and loans</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">(11)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="6">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">10,418</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">17,802</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Current maturities of long-term loans</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">(14)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="6">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">18,659</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">10,199</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Trade payables</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="6">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">273,010</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">158,361</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Other payables and accrued expenses</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">(12)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="6">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">455,296</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">274,799</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; TEXT-ALIGN: left">
                        <font size="2">Customers advances in excess of costs incurred on</font><br>
                        <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;contracts in progress</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="55">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">(13)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="6">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">510,562</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">349,724</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Total current liabilities</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="55">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="6">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,267,945</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">810,885</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="6">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">LONG-TERM LIABILITIES:</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="6">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Long-term loans, net of current maturities</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">(14)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="6">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">431,312</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">125,266</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Customers advances</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">(13)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="6">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">137,296</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">126,769</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Deferred income taxes and tax obligations</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">(16)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="6">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">92,193</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">20,658</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Pension and termination indemnities</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">(15, <font size="2">2P)</font></font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="6">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">293,848</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">189,067</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Other long term liabilities</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="55">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="6">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">2,551</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="55">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="6">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">957,200</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">461,760</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="6">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">COMMITMENTS AND CONTINGENT LIABILITIES</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">(17)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="6">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="6">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">MINORITY INTERESTS</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="55">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="6">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">20,085</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">6,871</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="6">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">SHAREHOLDERS&rsquo; EQUITY:</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">(18)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="6">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Share capital:</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="6">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-BOTTOM: 0px; PADDING-BOTTOM: 0px"><font size="2">Ordinary
                        shares of New Israeli Shekels (NIS) 1 par value;<br>
                        &nbsp;&nbsp;&nbsp;&nbsp;Authorized &ndash; 80,000,000 shares as
                        of</font><br>
                        <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2007 and
                        2006;</font><br>
                        <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Issued 42,468,673 and 42,425,595
                        shares as</font><br>
                        <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;of December 31, 2007 and 2006,
                        respectively;</font><br>
                        <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Outstanding 42,059,752 and
                        42,016,674 shares</font><br>
                        <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;as of December 31, 2007 and 2006,
                        respectively</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="6">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">11,886</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">11,876</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Additional paid-in capital</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="6">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">294,862</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">289,026</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
                        <font size="2">Treasury shares - 408,921 shares as of<br>
                        &nbsp;&nbsp;&nbsp;&nbsp;December 31, 2007 and 2006</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="6">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(4,321</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(4,321</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Accumulated other comprehensive loss</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="6">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(24,367</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(16,746</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Retained earnings</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="55">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="6">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">258,202</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">213,749</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="55">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="6">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">536,262</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">493,584</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="55">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="6">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 2.25pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 2.25pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">2,781,492</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 2.25pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 2.25pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,773,100</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="1"><font size="2"><font size="2">The accompanying notes are an integral part of
        the consolidated financial statements.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="1"><font size="2"><font size="2">151</font></font></font></p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
        <font size="1"><font size="2"><b><font size="3"><b><font size="3">ELBIT SYSTEMS LTD. AND
        ITS SUBSIDIARIES</font></b></font></b></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="671">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">CONSOLIDATED STATEMENTS OF INCOME</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="671">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands, except per share
                        data)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <div align="left">
            &nbsp;
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="48">
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="11">
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%" colspan="7">
                        <p align="center"><b><font size="2">Year ended December 31,</font></b></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="48">
                    <strong><font size="2">Note</font></strong></td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="11">
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="8%">
                    <font face="Times New Roman, Times, serif" color="#000000" size="2"><strong>2007</strong></font></td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="2%">
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="1%">
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="8%">
                    <font face="Times New Roman, Times, serif" color="#000000" size="2"><strong>2006</strong></font></td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="2%">
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="1%">
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="8%">
                    <font face="Times New Roman, Times, serif" color="#000000" size="2"><strong>2005</strong></font></td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Revenues</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="48">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">(19)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,981,761</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,523,243</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,069,876</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Cost of revenues</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="48">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,454,913</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,149,768</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">786,616</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Restructuring expenses</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="48">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">(1<font size="2">D)</font></font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">10,482</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">3,488</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 44pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Gross profit</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="48">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">516,366</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">373,475</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">279,772</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="48">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 21.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Research and development expenses, net</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="48">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">(20)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">126,995</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">92,232</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">71,903</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 21.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Marketing and selling expenses</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="48">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">157,411</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">111,880</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">78,648</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 21.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">General and administrative expenses</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="48">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">107,447</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">77,505</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">54,417</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 21.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Acquired in-process research and development
                        (&ldquo;IPR&amp;D&rdquo;)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="48">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">(1<font size="2">D)</font></font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">16,560</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">7,490</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="48">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">408,413</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">281,617</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">212,458</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="48">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 41.05pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Operating income</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="48">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">107,953</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">91,858</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">67,314</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="48">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Financial expenses, net</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="48">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">(21)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(19,329</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(21,456</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(11,472</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Other income (expenses), net</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="48">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">(6<font size="2">C)</font></font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">368</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,814</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(5,326</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 41.05pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Income before taxes on income</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="48">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">88,992</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">72,216</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">50,516</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Taxes on income</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="48">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">(16)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(13,810</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        )</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(20,694</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        )</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(16,335</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        )</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="48">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">75,182</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">51,522</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">34,181</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Equity in net earnings (losses) of affiliated companies and
                        partnership (*)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="48">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">(6<font size="2">B)</font></font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">14,565</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">14,743</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(1,636</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Minority interests in losses (earnings) of
                        subsidiaries</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="48">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(13,038</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">5,977</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 1pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(58</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 41.05pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Net income</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="48">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 2.25pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 2.25pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">76,709</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 2.25pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 2.25pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">72,242</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 2.25pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 2.25pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">32,487</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="48">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Earnings per share</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="48">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">(18)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Basic earnings per share</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="48">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 2.25pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 2.25pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1.82</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 2.25pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 2.25pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1.75</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 2.25pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 2.25pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">0.80</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="48">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Diluted earnings per share</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="48">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 2.25pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 2.25pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1.81</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 2.25pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 2.25pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1.72</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 2.25pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 2.25pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">0.78</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 26.65pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Number of shares used in computation of basic</font><br>
                        <font size="2">earnings per share</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="48">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 2.25pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 2.25pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">42,041</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 2.25pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 2.25pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">41,340</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 2.25pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 2.25pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">40,750</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="48">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 26.65pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Number of shares used in computation of diluted earnings per
                        share</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="48">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 2.25pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 2.25pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">42,342</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 2.25pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 2.25pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">41,880</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 2.25pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 2.25pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font size="2">41,623</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="59%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" align="center" width="48">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="315" border="0">
                <tr>
                    <td valign="top" nowrap width="33">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(*)</font></p>
                    </td>

                    <td valign="top" nowrap width="282">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Includes cost of acquired IPR&amp;D of $8,500 in
                        2005.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            &nbsp;
        </div>

        <div align="left">
            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="1"><font size="2">The accompanying notes are an integral part of the
            consolidated financial statements</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="1"><font size="2">152</font></font></p>
            <!-- EEDocs PBStart-->
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
        <font size="1"><b><font size="3">ELBIT SYSTEMS LTD. AND ITS
        SUBSIDIARIES</font></b></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="983" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="983">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">STATEMENTS OF CHANGES IN SHAREHOLDERS&rsquo;
                        EQUITY</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="983">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands, except share data)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="left"></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="293">
                    <p style="MARGIN-TOP: 2pt; FONT-WEIGHT: bold; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                    <b><a name="Err_bTable"></a></b></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="70">
                    <p style="MARGIN-TOP: 2pt; FONT-WEIGHT: bold; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="center">
                    <b>Number of<br>
                    outstanding<br>
                    shares</b></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="56" colspan="2">
                    <p style="MARGIN-TOP: 2pt; FONT-WEIGHT: bold; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="center">
                    <b>Share<br>
                    capital</b></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" colspan="2">
                    <p style="MARGIN-TOP: 2pt; FONT-WEIGHT: bold; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="center">
                    <b>Additional<br>
                    paid-in<br>
                    capital</b></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="16">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" colspan="2">
                    <p style="MARGIN-TOP: 2pt; FONT-WEIGHT: bold; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="center">
                    <b>Accumulated<br>
                    other<br>
                    comprehensive<br>
                    loss</b></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="64" colspan="2">
                    <p style="MARGIN-TOP: 2pt; FONT-WEIGHT: bold; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="center">
                    <b>Retained<br>
                    earnings</b></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55" colspan="2">
                    <p style="MARGIN-TOP: 2pt; FONT-WEIGHT: bold; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="center">
                    <b>Treasury<br>
                    shares</b></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="76" colspan="2">
                    <p style="MARGIN-TOP: 2pt; FONT-WEIGHT: bold; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="center">
                    <b>Total<br>
                    shareholders&rsquo;<br>
                    equity</b></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" colspan="2">
                    <p style="MARGIN-TOP: 2pt; FONT-WEIGHT: bold; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="center">
                    <b>Total<br>
                    comprehensive<br>
                    income</b></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="293">&nbsp;</td>

                <td valign="bottom" width="12">&nbsp;</td>

                <td valign="bottom" width="70">&nbsp;</td>

                <td valign="bottom" width="12">&nbsp;</td>

                <td valign="bottom" width="13">&nbsp;</td>

                <td valign="bottom" width="43">&nbsp;</td>

                <td valign="bottom" width="13">&nbsp;</td>

                <td valign="bottom" width="13">&nbsp;</td>

                <td valign="bottom" width="56">&nbsp;</td>

                <td valign="bottom" width="16">&nbsp;</td>

                <td valign="bottom" width="14">&nbsp;</td>

                <td valign="bottom" width="74">&nbsp;</td>

                <td valign="bottom" width="18">&nbsp;</td>

                <td valign="bottom" width="13">&nbsp;</td>

                <td valign="bottom" width="51">&nbsp;</td>

                <td valign="bottom" width="13">&nbsp;</td>

                <td valign="bottom" width="13">&nbsp;</td>

                <td valign="bottom" width="42">&nbsp;</td>

                <td valign="bottom" width="13">&nbsp;</td>

                <td valign="bottom" width="13">&nbsp;</td>

                <td valign="bottom" width="63">&nbsp;</td>

                <td valign="bottom" width="13">&nbsp;</td>

                <td valign="bottom" width="17">&nbsp;</td>

                <td valign="bottom" width="71">&nbsp;</td>

                <td valign="bottom" width="13">&nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td valign="bottom" width="293">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    <strong>Balance as of January 1, 2005</strong></p>
                </td>

                <td valign="bottom" width="12">&nbsp;</td>

                <td valign="bottom" width="70">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    40,561,026</p>
                </td>

                <td valign="bottom" width="12">&nbsp;</td>

                <td valign="bottom" width="13">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td valign="bottom" width="43">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    11,548</p>
                </td>

                <td valign="bottom" width="13">&nbsp;</td>

                <td valign="bottom" width="13">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td valign="bottom" width="56">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    274,432</p>
                </td>

                <td valign="bottom" width="16">&nbsp;</td>

                <td valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td valign="bottom" width="74">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (4,742</p>
                </td>

                <td valign="bottom" width="18">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td valign="bottom" width="13">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    155,267</p>
                </td>

                <td valign="bottom" width="13">&nbsp;</td>

                <td valign="bottom" width="13">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td valign="bottom" width="42">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (4,321</p>
                </td>

                <td valign="bottom" width="13">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td valign="bottom" width="13">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td valign="bottom" width="63">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    432,184</p>
                </td>

                <td valign="bottom" width="13">&nbsp;</td>

                <td valign="bottom" width="17">&nbsp;</td>

                <td valign="bottom" width="71">&nbsp;</td>

                <td valign="bottom" width="13">&nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="293">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Exercise of options</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="70">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    405,598</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="43">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    88</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="56">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    3,423</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="16">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="74">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="42">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="63">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    3,511</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="17">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="71">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="293">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Tax benefit in respect of options exercised</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="70">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="43">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="56">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    652</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="16">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="74">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="42">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="63">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    652</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="17">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="71">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="293">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Stock based compensation</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="70">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="43">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="56">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    172</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="16">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="74">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="42">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="63">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    172</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="17">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="71">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="293">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Dividends paid</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="70">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="43">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="56">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="16">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="74">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (21,631</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="42">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="63">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (21,631</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="17">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="71">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="293">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Other comprehensive income (losses) net<br>
                    of tax:</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="70">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="43">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="56">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="16">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="74">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="42">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="63">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="17">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="71">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="293">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Unrealized gain on derivative instruments</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="70">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="43">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="56">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="16">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="74">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    6,412</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="42">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="63">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    6,412</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="17">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="71">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    6,412</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="293">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Foreign currency translation differences</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="70">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="43">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="56">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="16">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="74">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (924</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="42">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="63">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (924</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="17">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="71">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (924</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="293">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Minimum pension liability adjustment</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="70">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="43">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="56">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="16">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="74">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (2,086</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="42">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="63">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (2,086</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="17">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="71">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (2,086</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="293">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Net income</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="70">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="43">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="56">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="16">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="74">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="right">
                    32,487</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="42">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="63">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="right">
                    32,487</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="17">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="71">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="right">
                    32,487</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="293">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Total comprehensive income</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="70">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="43">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="56">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="16">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="74">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="42">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="63">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="17">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="71">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 2pt double" align="right">
                    35,889</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="293">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.2in; TEXT-INDENT: -18px" align="left">
                    <b>Balance as of December 31, 2005</b></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="70">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    40,966,624</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="43">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    11,636</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="56">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    278,679</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="16">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="74">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (1,340</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    166,123</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="42">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (4,321</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="63">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    450,777</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="17">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="71">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="293">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Exercise of options</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="70">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    1,050,050</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="43">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    240</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="56">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    8,008</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="16">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="74">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="42">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="63">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    8,248</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="17">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="71">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="293">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Tax benefit in respect of options exercised</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="70">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="43">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="56">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    2,144</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="16">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="74">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="42">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="63">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    2,144</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="17">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="71">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="293">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Stock based compensation</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="70">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="43">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="56">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    195</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="16">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="74">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="42">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="63">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    195</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="17">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="71">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="293">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Dividends paid</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="70">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="43">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="56">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="16">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="74">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (24,616</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="42">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="63">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (24,616</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="17">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="71">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="293">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Other comprehensive income (losses),<br>
                    net of tax:</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="70">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="43">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="56">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="16">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="74">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="42">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="63">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="17">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="71">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="293">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Unrealized loss on derivative instruments</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="70">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="43">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="56">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="16">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="74">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (15,642</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="42">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="63">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (15,642</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="17">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="71">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (15,642</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="293">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Foreign currency translation differences</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="70">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="43">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="56">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="16">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="74">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    2,034</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="42">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="63">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    2,034</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="17">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="71">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    2,034</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="293">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Decrease in additional minimum pension<br>
                    iability per FAS 87</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="70">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="43">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="56">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="16">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="74">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    2,603</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="42">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="63">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    2,603</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="17">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="71">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    2,603</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="293">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Adjustment for adoption of FAS 158 for the<br>
                    pension plans as of December 31, 2006</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="70">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="43">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="56">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="16">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="74">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (4,341</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="42">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="63">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (4,341</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="17">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="71">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="293">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Adjustment for adoption of FAS 158 for the<br>
                    post medical plan as of December 31, 2006</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="70">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="43">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="56">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="16">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="74">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (252</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="42">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="63">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (252</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="17">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="71">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="293">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Unrealized gain on available for sale<br>
                    securities</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="70">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="43">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="56">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="16">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="74">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    192</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="42">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="63">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    192</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="17">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="71">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    192</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="293">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Net income</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="70">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="43">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="56">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="16">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="74">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="right">
                    72,242</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="42">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="63">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="right">
                    72,242</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="17">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="71">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="right">
                    72,242</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="293">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Total comprehensive income</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="70">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="43">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="56">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="16">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="74">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="42">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="63">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="17">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="71">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 2pt double" align="right">
                    61,429</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="293">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    <b>Balance as of December 31, 2006</b></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="70">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 2pt double" align="right">
                    42,016,674</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="13">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="43">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 2pt double" align="right">
                    11,876</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="13">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="56">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 2pt double" align="right">
                    289,026</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="16">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="14">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="74">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 2pt double" align="right">
                    (16,746</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="18">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="13">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 2pt double" align="right">
                    213,749</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="13">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="42">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 2pt double" align="right">
                    (4,321</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="13">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="13">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="63">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 2pt double" align="right">
                    493,584</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="17">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="71">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>
            </tr>
        </table>
        <font size="1"><br>
        <br>
        <br>
        <br>
        <br>
        </font>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="1"><font size="2">The accompanying notes are an integral part of the
        consolidated financial statements</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="1"><font size="2">153</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
        <font size="1"><b><font size="3">ELBIT SYSTEMS LTD. AND ITS
        SUBSIDIARIES</font></b></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="954">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">STATEMENTS OF CHANGES IN SHAREHOLDERS&rsquo; EQUITY
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="954">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands, except share data)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="left"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="278">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="77">
                    <p style="MARGIN-TOP: 2pt; FONT-WEIGHT: bold; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.5pt solid" align="center">
                    <b><font style="FONT-SIZE: 10pt">Number of<br>
                    outstanding<br>
                    shares</font></b></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="64" colspan="2">
                    <p style="MARGIN-TOP: 2pt; FONT-WEIGHT: bold; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.5pt solid" align="center">
                    <b><font style="FONT-SIZE: 10pt">Share<br>
                    capital</font></b></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="79" colspan="2">
                    <p style="MARGIN-TOP: 2pt; FONT-WEIGHT: bold; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.5pt solid" align="center">
                    <b><font style="FONT-SIZE: 10pt">Additional<br>
                    paid-in<br>
                    capital</font></b></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="97" colspan="2">
                    <p style="MARGIN-TOP: 2pt; FONT-WEIGHT: bold; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.5pt solid" align="center">
                    <b><font style="FONT-SIZE: 10pt">Accumulated<br>
                    other<br>
                    comprehensive<br>
                    loss</font></b></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="62" colspan="2">
                    <p style="MARGIN-TOP: 2pt; FONT-WEIGHT: bold; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.5pt solid" align="center">
                    <b><font style="FONT-SIZE: 10pt">Retained<br>
                    earnings</font></b></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="62" colspan="2">
                    <p style="MARGIN-TOP: 2pt; FONT-WEIGHT: bold; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.5pt solid" align="center">
                    <b><font style="FONT-SIZE: 10pt">Treasury<br>
                    shares</font></b></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="88" colspan="2">
                    <p style="MARGIN-TOP: 2pt; FONT-WEIGHT: bold; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.5pt solid" align="center">
                    <b><font style="FONT-SIZE: 10pt">Total<br>
                    shareholders&rsquo;<br>
                    equity</font></b></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="97" colspan="2">
                    <p style="MARGIN-TOP: 2pt; FONT-WEIGHT: bold; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.5pt solid" align="center">
                    <b><font style="FONT-SIZE: 10pt">Total<br>
                    comprehensive<br>
                    income</font></b></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="278">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    <b>Balance as of January 1, 2007</b></p>
                </td>

                <td valign="bottom" width="12">&nbsp;</td>

                <td valign="bottom" width="77">
                    <p style="MARGIN-TOP: 2pt; FONT-WEIGHT: bold; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                    <b><font style="FONT-WEIGHT: normal; FONT-SIZE: 10pt">42,016,674</font></b></p>
                </td>

                <td valign="bottom" width="12">&nbsp;</td>

                <td valign="bottom" width="12">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; FONT-WEIGHT: bold; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                    <b><font style="FONT-WEIGHT: normal; FONT-SIZE: 10pt">11,876</font></b></p>
                </td>

                <td valign="bottom" width="12">&nbsp;</td>

                <td valign="bottom" width="12">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td valign="bottom" width="66">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    289,026</p>
                </td>

                <td valign="bottom" width="12">&nbsp;</td>

                <td valign="bottom" width="15">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td valign="bottom" width="82">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (16,746</p>
                </td>

                <td valign="bottom" width="12">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td valign="bottom" width="12">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td valign="bottom" width="49">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    213,749</p>
                </td>

                <td valign="bottom" width="5">&nbsp;</td>

                <td valign="bottom" width="12">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td valign="bottom" width="49">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (4,321</p>
                </td>

                <td valign="bottom" width="12">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td valign="bottom" width="13">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td valign="bottom" width="75">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    493,584</p>
                </td>

                <td valign="bottom" width="5">&nbsp;</td>

                <td valign="bottom" width="15">&nbsp;</td>

                <td valign="bottom" width="81">&nbsp;</td>

                <td valign="bottom" width="12">&nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="278">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Cumulative impact of change in accounting<br>
                    for uncertainties in income taxes (FIN 48)</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="77">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="66">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="82">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (4,846</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="75">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (4,846</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="81">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="278">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Exercise of options</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="77">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    43,078</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    10</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="66">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    417</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="82">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="75">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    427</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="81">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="278">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Tax benefit in respect of options exercised</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="77">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="66">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    46</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="82">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="75">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    46</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="81">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="278">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Stock based compensation</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="77">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="66">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    4,778</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="82">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="75">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    4,778</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="81">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="278">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Gain resulting from affiliated company&rsquo;s<br>
                    IPO</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="77">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="66">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    595</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="82">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="75">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    595</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="81">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="278">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Dividends paid</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="77">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="66">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="82">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (27,410</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="75">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (27,410</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="81">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="278">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Other comprehensive income, net of tax:</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="77">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="66">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="82">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="75">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="81">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="278">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Unrealized loss on derivative instruments</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="77">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="66">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="82">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (9,562</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="75">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (9,562</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="81">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (9,562</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="278">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Foreign currency translation differences</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="77">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="66">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="82">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    605</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="75">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    605</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="81">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    605</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="278">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Unrealized pension income</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="77">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="66">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="82">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    2,037</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="75">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    2,037</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="81">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    2,037</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="278">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Unrealized loss on available for sale<br>
                    securities</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="77">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="66">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="82">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (701</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="75">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (701</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="81">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (701</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="278">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Net income</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="77">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.5pt solid" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.5pt solid" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="66">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.5pt solid" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="82">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.5pt solid" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.5pt solid" align="right">
                    76,709</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.5pt solid" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="75">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.5pt solid" align="right">
                    76,709</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="81">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.5pt solid" align="right">
                    76,709</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="278">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Total comprehensive income</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="77">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="66">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="82">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="75">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="81">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 2pt double" align="right">
                    69,088</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="278">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    <b>Balance as of December 31, 2007</b></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="77">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 2pt double" align="right">
                    42,059,752</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 2pt double" align="right">
                    11,886</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="66">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 2pt double" align="right">
                    294,862</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="82">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 2pt double" align="right">
                    (24,367</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 2pt double" align="right">
                    258,202</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 2pt double" align="right">
                    (4,321</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="75">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 2pt double" align="right">
                    536,262</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="81">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="12">
                &nbsp;</td>
            </tr>
        </table>
        <font size="1"><br>
        <b><u><font style="FONT-SIZE: 10pt">Accumulated other comprehensive income (loss) (net of
        taxes)</font></u></b><br>
        <br>
        <br>
        </font>

        <p></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="left"></p>

        <table cellspacing="0" cellpadding="0" width="700" border="0">
            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="435">
                    <p style="MARGIN-TOP: 2pt; FONT-WEIGHT: bold; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                    </p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" colspan="12">
                    <p style="MARGIN-TOP: 2pt; FONT-WEIGHT: bold; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.5pt solid" align="center">
                    <b>Year ended December 31,</b></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                </td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="435">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 0.5pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="60" colspan="2">
                    <p style="MARGIN-TOP: 2pt; FONT-WEIGHT: bold; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                    <b>2007</b></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 0.5pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="60" colspan="2">
                    <p style="MARGIN-TOP: 2pt; FONT-WEIGHT: bold; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                    <b>2006</b></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 0.5pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" colspan="2">
                    <p style="MARGIN-TOP: 2pt; FONT-WEIGHT: bold; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                    <b>2005</b></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 0.5pt solid; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                </td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="435">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Accumulated gains (losses) on derivative instruments</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BORDER-TOP: medium none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BORDER-TOP: medium none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="52">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (19,669</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BORDER-TOP: medium none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BORDER-TOP: medium none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="52">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (10,107</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BORDER-TOP: medium none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BORDER-TOP: medium none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="56">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    5,535</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BORDER-TOP: medium none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    &nbsp;</p>
                </td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="435">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Accumulated foreign currency translation differences</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="52">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    2,505</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="52">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    1,900</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="56">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (134</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="435">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Accumulated unrealized gain (loss) on available for sale securities</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="52">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (509</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="52">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    192</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="56">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                </td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="435">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Unrealized pension losses</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="52">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 2pt double" align="right">
                    (6,694</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="52">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 2pt double" align="right">
                    (8,731</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="56">
                    <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM-STYLE: double" align="right">
                    (6,741</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="middle" width="13">
                    <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="435">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Accumulated other comprehensive loss</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 2pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 2pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="52">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (24,367</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #dfdfdf 2pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 2pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 2pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="52">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (16,746</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: #dfdfdf 2pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="5">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="1">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 2pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="7">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 2pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="56">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (1,340</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BORDER-BOTTOM: black 2pt double; BACKGROUND-REPEAT: repeat" valign="bottom" width="13">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>
            </tr>
        </table>
        <font size="1"><br>
        <br>
        <br>
        <br>
        <br>
        </font>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="1"><font size="2">The accompanying notes are an integral part of the
        consolidated financial statements.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="1"><font size="2">154</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
        <font size="1"><b><font size="3">ELBIT SYSTEMS LTD. AND ITS
        SUBSIDIARIES</font></b></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="954">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">CONSOLIDATED STATEMENT OF CASH FLOWS</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="954">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="left"></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-WEIGHT: bold; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                    </p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="33%" colspan="8">
                    <p style="MARGIN-TOP: 2pt; FONT-WEIGHT: bold; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="center">
                    <b>Year ended December 31,</b></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="9%" colspan="2">
                    <p style="MARGIN-TOP: 2pt; FONT-WEIGHT: bold; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="center">
                    <b>2007</b></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="9%" colspan="2">
                    <p style="MARGIN-TOP: 2pt; FONT-WEIGHT: bold; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="center">
                    <b>2006</b></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="9%" colspan="2">
                    <p style="MARGIN-TOP: 2pt; FONT-WEIGHT: bold; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="center">
                    <b>2005</b></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    CASH FLOWS FROM OPERATING ACTIVITIES</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Net income</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    76,709</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    72,242</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    32,487</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Adjustments to reconcile net income to net cash provided by operating
                    activities:</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Depreciation and amortization</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    99,414</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    58,500</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    57,718</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Acquired IPR&amp;D</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    16,560</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    7,490</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Marketable securities fair value adjustment</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    10,027</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Stock based compensation</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    4,778</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    195</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    172</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Deferred income taxes</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (33,138</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (4,659</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    6,551</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Accrued severance pay, net</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (3,171</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (5,197</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (6,707</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Gain on sale of property, plant, equipment and investment</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (1,120</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (2,351</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (731</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Minority interests in earnings (losses) of subsidiaries</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    13,038</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (5,977</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    58</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Equity in net losses (earnings) of affiliated companies and partnership, net
                    of</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.8in; TEXT-INDENT: -18px" align="left">
                    dividend received (*)</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (2,182</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (1,696</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    13,805</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Changes in operating assets and liabilities:</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Increase in short and long-term trade receivables, and prepaid expenses</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (69,087</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (58,793</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (43,420</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Increase in inventories, net</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (124,381</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (69,974</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (43,679</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Increase (decrease) in trade payables, other payables and accrued expenses</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    153,445</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    75,869</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (37,859</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Increase in advances received from customers</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    120,814</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    142,844</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    202,450</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Settlement of royalties with the Office of the Chief Scientist</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (1,371</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Other</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="right">
                    2</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="right">
                    (35</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Net cash provided by operating activities</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="right">
                    261,708</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="right">
                    200,968</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="right">
                    186,964</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    CASH FLOWS FROM INVESTING ACTIVITIES</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Purchase of property, plant and equipment</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (104,205</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (64,809</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (58,735</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Acquisitions of subsidiaries and a business (Schedule A)</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (353,175</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (28,331</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Investments in affiliated companies and other companies</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (916</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (31,930</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (160,861</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Proceeds from sale of property, plant and equipment</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    4,364</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    5,705</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    2,712</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Proceeds from sale of investment</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    1,431</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    5,000</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    3,100</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Investment in long-term bank deposits</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (12,216</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (880</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (1,089</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Proceeds from sale of long-term bank deposits</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    8,839</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    780</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    1,501</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Short-term deposits, net</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="right">
                    193,263</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="right">
                    (862</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="right">
                    (4</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Net cash used in investing activities</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="right">
                    (262,615</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="right">
                    (86,996</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="right">
                    (241,707</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    CASH FLOWS FROM FINANCING ACTIVITIES</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Proceeds from exercise of options</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    427</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    8,248</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    3,511</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Repayment of long-term bank loans</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (150,310</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (188,723</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (85,035</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Receipt of long-term bank loans</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    464,878</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    85,053</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    216,500</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Dividends paid</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (27,410</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (24,322</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (21,631</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Tax benefit in respect of options exercised</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    46</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    2,144</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    652</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Change in short-term bank credit and loans, net</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="right">
                    (7,401</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="right">
                    (5,695</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="right">
                    524</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Net cash provided by (used in) financing activities</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="right">
                    280,230</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="right">
                    (123,295</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="right">
                    114,521</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    279,323</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (9,323</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    59,778</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="right">
                    84,564</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="right">
                    93,887</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.3pt solid" align="right">
                    34,109</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 2pt double" align="right">
                    363,887</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 2pt double" align="right">
                    84,564</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 2pt double" align="right">
                    93,887</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    (*) Dividend received</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 2pt double" align="right">
                    12,383</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 2pt double" align="right">
                    13,047</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 2pt double" align="right">
                    12,169</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="61%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="7%">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2%">
                &nbsp;</td>
            </tr>
        </table>
        <font size="1"><br>
        <br>
        <br>
        </font>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center"><font size="1"><br>
        <font size="2">The accompanying notes are an integral part of the consolidated financial
        statements.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="1"><font size="2">155</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
        <font size="1"><b><font size="3">ELBIT SYSTEMS LTD. AND ITS
        SUBSIDIARIES</font></b></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="954">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2"><strong>CONSOLIDATED STATEMENT OF CASH FLOWS
                        (CONT.)</strong></font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="954">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="left"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="514">
                    <p style="MARGIN-TOP: 2pt; FONT-WEIGHT: bold; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                    </p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="140">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" colspan="8">
                    <p style="MARGIN-TOP: 2pt; FONT-WEIGHT: bold; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.5pt solid" align="center">
                    <b><font style="FONT-SIZE: 10pt">Year ended December 31,</font></b></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="514">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="140">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" colspan="2">
                    <p style="MARGIN-TOP: 2pt; FONT-WEIGHT: bold; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.5pt solid" align="center">
                    <b><font style="FONT-SIZE: 10pt">2007</font></b></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" colspan="2">
                    <p style="MARGIN-TOP: 2pt; FONT-WEIGHT: bold; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.5pt solid" align="center">
                    <b><font style="FONT-SIZE: 10pt">2006</font></b></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" colspan="2">
                    <p style="MARGIN-TOP: 2pt; FONT-WEIGHT: bold; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.5pt solid" align="center">
                    <b><font style="FONT-SIZE: 10pt">2005</font></b></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>
            </tr>

            <tr height="20">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="514">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="140">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="73">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="514">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    SUPPLEMENTAL CASH FLOW ACTIVITIES:</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="140">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="73">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="514">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="140">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="73">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="514">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Cash paid during the year for:</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="140">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="73">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="514">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Income taxes</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="140">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 2pt double" align="right">
                    23,282</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 2pt double" align="right">
                    15,955</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="73">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 2pt double" align="right">
                    21,475</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="514">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Interest</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="140">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 2pt double" align="right">
                    20,949</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 2pt double" align="right">
                    14,311</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="73">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 2pt double" align="right">
                    13,151</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="514">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="140">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="73">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="514">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    SCHEDULE A:</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="140">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="73">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="514">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Acquisitions of subsidiaries and a business (*)</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="140">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="73">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="514">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="140">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="73">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="514">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Estimated net fair value of assets acquired and liabilities assumed<br>
                    at the date of acquisition was as follows:</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="140">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="73">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="514">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="140">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="73">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="514">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Working capital, net (excluding cash and cash equivalents)</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="140">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    40,540</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="73">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    39,273</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="514">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Property, plant and equipment</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="140">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    25,175</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="73">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (28,875</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="514">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Other long term assets</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="140">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    63,063</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="73">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (74,363</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="514">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Goodwill and other intangible assets</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="140">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    530,536</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="73">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (53,291</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="514">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    IPR&amp;D</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="140">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    16,560</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="73">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (7,490</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="514">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Deferred income taxes</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="140">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (71,919</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="73">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    5,404</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="514">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Long-term liabilities</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="140">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    (76,910</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="73">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    82,730</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="514">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Minority interest</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="140">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="73">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                    8,281</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="514">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -18px" align="left">
                    Equity investment in Tadiran</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="140">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.5pt solid" align="right">
                    (173,870</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.5pt solid" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="73">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.5pt solid" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>
            </tr>

            <tr bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="514">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="140">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 2pt double" align="right">
                    353,175</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 2pt double" align="right">
                    &mdash;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    $</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="73">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 2pt double" align="right">
                    (28,331</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                    <p style="MARGIN-TOP: 2pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    )</p>
                </td>
            </tr>

            <tr>
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="514">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="140">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="22">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="69">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="73">
                &nbsp;</td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="15">
                &nbsp;</td>
            </tr>
        </table>
        <font size="1"><br>
        <br>
        <br>
        <br>
        <br>
        </font>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="697" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(*)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="661">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">In 2005, the assets of Israel Military Industries Ltd. and
                        the shares of Elisra Electronic Systems Ltd. (see Note 1(C))</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="661">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">In 2007, the shares of Tadiran (see Note 1(D)) and FTL (see
                        Note 1(E)).</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="1"><font size="2">The accompanying notes are an integral part of the
        consolidated financial statements.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="1"><font size="2">156</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
        <font size="1"><b><font size="3">ELBIT SYSTEMS LTD. AND ITS
        SUBSIDIARIES</font></b></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="643">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL
                        STATEMENTS</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="643">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-INDENT: -0.69in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="60">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Note 1 -</font></b></p>
                    </td>

                    <td valign="top" width="909">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">GENERAL</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.98in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">A.</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Elbit Systems Ltd. (&ldquo;Elbit Systems&rdquo;) is an
                        Israeli corporation, 45.4% owned by the Federmann Group. Elbit
                        Systems&rsquo; shares are traded on the Nasdaq National Market in the
                        United States (&ldquo;Nasdaq&rdquo;) and on the Tel Aviv Stock Exchange
                        (&ldquo;TASE&rdquo;). Elbit Systems and its subsidiaries (collectively the
                        &ldquo;Company&rdquo;) are engaged mainly in the field of defense
                        electronics, homeland security and commercial aviation. Elbit
                        Systems&rsquo; principal wholly-owned subsidiaries are the Elbit Systems of
                        America, LLC (&ldquo;ESA&rdquo;) companies, Elbit Systems Electro-Optics
                        Industries Elop Ltd. (&ldquo;Elop&rdquo;) and Tadiran (see Note 1(D)).
                        Elbit Systems also owns 70% of Elisra Electronic Systems Ltd.
                        (&ldquo;Elisra&rdquo;), see Note 1(C).</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            &nbsp;
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">B.</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">A majority of the Company&rsquo;s revenues are derived from
                        direct or indirect sales to governments or to governmental agencies. As a
                        result, a substantial portion of the Company&rsquo;s sales is subject to
                        the special risks associated with sales to governments or to governmental
                        agencies. These risks include, among others, the dependency on the
                        resources allocated by governments to defense programs, changes in
                        governmental priorities and changes in governmental approvals regarding
                        export licenses required for the Company&rsquo;s products and for its
                        suppliers. As for major customers, refer to Note 19(C).</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.98in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">C.</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">On November 30, 2005, the Company completed the purchase of
                        all of the shares of Koor Industries Ltd. (&ldquo;Koor&rdquo;) in Elisra
                        for approximately $68.8 million in cash. Following the completion of the
                        transaction, the Company owns 70% of Elisra.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.98in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Elisra is the leading airborne electronic warfare
        (&ldquo;EW&rdquo;) company in Israel with advanced technology and significant market
        presence. Elisra has significant complementary technologies and customer installment base
        to those of the Company in areas including ELINT systems, EW suites, airborne warning
        systems and data links. As such, the Company&rsquo;s management believes that
        Elisra&rsquo;s business is very synergetic with several of the Company&rsquo;s areas of
        operations as the aforementioned technologies and customer installment base will enable the
        Company to offer more comprehensive turnkey solutions to its customers and strengthen its
        competitive position. Consequently, the acquisition of Elisra resulted in goodwill
        amounting to $24,500 (see below).</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.98in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Based on a Purchase Price Allocation (&ldquo;PPA&rdquo;)
        performed by an independent advisor, the purchase price was attributed to the fair value of
        the assets acquired and liabilities assumed as follows:</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="1"><font size="2">157</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: right">
        <font size="1"><b><font size="3">ELBIT SYSTEMS LTD. AND ITS
        SUBSIDIARIES</font></b></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="633">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="633">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands, except per share
                        data)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: -0.35in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="67">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Note 1 -</font></b></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">GENERAL (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 65pt" cellspacing="0" cellpadding="0" width="612" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="213">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">Book value</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <u><font size="2">in Elisra</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="73">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">Excess</font><br>
                        <u><font size="2">cost</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <u><font size="2">Total</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="158">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <u><font size="2">Expected useful lives</font></u></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="213">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Current monetary liabilities net</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">of current monetary assets</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$ (11,500)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="73">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                        -</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$ (11,500)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="158">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">-</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="213">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Pre-acquisition contingency</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">15,530&nbsp;</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="73">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">-</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">15,530</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="158">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="213">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 8.75pt; TEXT-INDENT: -7.1pt; TEXT-ALIGN: justify">
                        <font size="2">Other long-term investments</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 8.75pt; TEXT-INDENT: -1.1pt; TEXT-ALIGN: justify">
                        <font size="2">and receivables</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">59,270&nbsp;</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="73">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">-</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">59,270</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="158">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">-</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="213">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Long-term liabilities</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(100,700)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="73">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">-</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(100,700)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="158">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">-</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="213">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Minority interest</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(8,300)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="73">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">-</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(8,300)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="158">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">-</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="213">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">IPR&amp;D</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">-&nbsp;</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="73">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">7,500</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">7,500</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="158">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Immediate write-off</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="213">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Inventory</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">31,200&nbsp;</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="73">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,200</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">32,400</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="158">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Up to 2 quarters</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="213">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Property, plant and equipment</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">23,100&nbsp;</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="73">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">5,700</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">28,800</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="158">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">20 years</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="213">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Customers base and backlog</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">-&nbsp;</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="73">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">11,800</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">11,800</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="158">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">10 years</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="213">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Technology</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">-&nbsp;</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="73">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">9,500</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">9,500</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="158">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">10 years</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="213">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Goodwill</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">-&nbsp;</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="73">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">24,500</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">24,500</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="158">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Indefinite &ndash; subject to</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="213">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double" valign="top" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 9.1pt; TEXT-INDENT: -9.1pt; TEXT-ALIGN: right">
                        <font size="2">$ 8,600&nbsp;</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double" valign="top" width="73">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 6.05pt; TEXT-INDENT: -6.05pt; TEXT-ALIGN: right">
                        <font size="2">$ 60,200</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double" valign="top" width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$ 68,800</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="158">
                        <p style="MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">annual impairment test</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">The pre-acquisition contingency, which amount to $15,530, are
        related to the compensation receivables in respect of the fire damage in Elisra (see Note 7
        below).</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">The results of Elisra&rsquo;s operations have been included
        in the consolidated financial statements from the date of acquisition.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Following the acquisition of Elisra&rsquo;s shares in the
        fourth quarter of 2005, the Company identified and wrote-off in 2005 duplicated inventories
        and equipment in the amount of $3,488 which was recorded as restructuring costs in the cost
        of revenues.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">D.</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">On April 26, 2007, Elbit Systems completed its Cash Tender
                        Offer (the &ldquo;Offer&rdquo;) for the balance of the ordinary shares of
                        Tadiran, which prior to the completion of the Offer was a publicly traded
                        company in Israel, held 42% by Elbit Systems and accounted for using the
                        equity method.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            &nbsp;
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: -0.01in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">As a result of the Offer, Tadiran became a private,
        wholly-owned subsidiary of Elbit Systems. The total amount paid by Elbit Systems for the
        Tadiran shares relating to the Offer was approximately $383,000. The results of Tadiran are
        consolidated in Elbit Systems&rsquo; financial statements commencing May 1,
        2007.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: -0.01in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Tadiran is a leading company active mainly in the defense
        communications area. The Company is active in the command, control, communications,
        computers, intelligence, surveillance and reconnaissance (&ldquo;C<sup>4</sup>ISR&rdquo;)
        area, and is using integrated communication equipment in its systems. The Company foresees
        synergies between its systems operations and Tadiran, by providing advanced integrated
        network and communication solutions to its customers.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: -0.01in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">The table below summarizes the PPA, based on a PPA performed
        by an independent advisor, for the aggregate assets acquired, and liabilities assumed, in
        connection with the acquisition of the Tadiran shares as follows:</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="1"><font size="2">158</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: right">
        <font size="1"><b><font size="3">ELBIT SYSTEMS LTD. AND ITS
        SUBSIDIARIES</font></b></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="633">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="633">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands, except per share
                        data)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: -0.35in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="67">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Note 1 -</font></b></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">GENERAL (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 65pt" cellspacing="0" cellpadding="0" width="647" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="231">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 81%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="109">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 81%; TEXT-ALIGN: center">
                        <font size="2">Acquired share of book value</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 81%; TEXT-ALIGN: center">
                        <u><font size="2">in Tadiran</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="71">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 13.55pt; TEXT-INDENT: -11.9pt; LINE-HEIGHT: 81%; TEXT-ALIGN: center">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 13.55pt; TEXT-INDENT: -11.9pt; LINE-HEIGHT: 81%; TEXT-ALIGN: center">
                        <font size="2">Excess</font></p>

                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 13.55pt; TEXT-INDENT: -11.9pt; LINE-HEIGHT: 81%; TEXT-ALIGN: center">
                        <u><font size="2">cost</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="75">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 81%; TEXT-ALIGN: center">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 81%; TEXT-ALIGN: center">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 9.5pt; LINE-HEIGHT: 81%; TEXT-ALIGN: center">
                        <u><font size="2">Total</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="161">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 81%; TEXT-ALIGN: center">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 81%; TEXT-ALIGN: center">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 81%; TEXT-ALIGN: center">
                        <u><font size="2">Expected useful lives</font></u></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="left" width="231">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">Working capital</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="109">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$ 67,600</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="71">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(17,400)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="75">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$ 50,200</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="161">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="left" width="231">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">Long-term assets and investments</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="109">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">34,800</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="71">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">-</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="75">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">34,800</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="161">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="left" width="231">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">Property, plant and equipment</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="109">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">9,300</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="71">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,100</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="75">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">10,400</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="161">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">20 years</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="left" width="231">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">Long-term liabilities</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="109">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(53,000)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="71">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">800</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="75">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(52,200)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="161">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="left" width="231">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">Brand name</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="109">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">5,700</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="71">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">18,200</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="75">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">23,900</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="161">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">15 years</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="left" width="231">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">Customer relationships and backlog</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="109">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">-</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="71">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">96,800</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="75">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">96,800</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="161">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">2-10 years</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="left" width="231">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">Technology</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="109">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">2,700</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="71">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">40,800</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="75">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">43,500</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="161">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">10 years</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="left" width="231">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">IPR&amp;D</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="109">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">-</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="71">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">16,600</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="75">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">16,600</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="161">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Immediate write-off</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="left" width="231">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">Deferred taxes</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="109">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">-</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="71">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(35,100)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="75">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(35,100)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="161">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="left" width="231">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">Goodwill</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="109">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <u><font size="2">32,800</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="71">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <u><font size="2">161,300</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="75">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <u><font size="2">194,100</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="161">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 97.2%; TEXT-ALIGN: left">
                        <font size="2">Indefinite &ndash; subject to</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 97.2%; TEXT-ALIGN: left">
                        <font size="2">annual impairment test</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="left" width="231">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="109">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 9.1pt; TEXT-INDENT: -9.1pt; BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">
                        <font size="2">$ 99,900</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="71">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 6.05pt; TEXT-INDENT: -6.05pt; BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">
                        <font size="2">$ 283,100</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="75">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 8.45pt; TEXT-INDENT: -8.45pt; BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">
                        <font size="2">$ 383,000</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="161">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">The assets and liabilities recorded in connection with the
        PPA for the Tadiran acquisition are based upon preliminary estimates of fair values for
        contracts in process, inventories, estimated costs in excess of estimated contract value to
        complete contracts in process in a loss position, contingent assets and liabilities,
        identifiable intangibles, goodwill, property, plant and equipment and deferred income
        taxes. Actual adjustment will be based on the final appraisals and other analysis of fair
        values, which are in process. Elbit Systems expects to complete the PPA by the end of the
        first quarter of 2008. The Company does not expect the difference between the preliminary
        and final PPA for this business acquisition to have a material impact on its results of
        operations or financial position.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Following the acquisition of the Tadiran shares in the second
        quarter of 2007, Elbit Systems identified and wrote-off duplicated inventories and
        equipment and accrued termination costs in a total amount of $10,482, which was recorded as
        restructuring costs in the cost of revenues.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">The following unaudited proforma data is based on historical
        financial statements of Elbit Systems and Tadiran and is provided for comparative purposes
        only. The proforma information does not purport to be indicative of the results that
        actually would have occurred had the purchase of the shares been consummated prior to the
        beginning of the reported periods.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">The proforma information reflects the results of the
        Company's operations assuming that Tadiran&rsquo;s results, instead of the 42% previously
        owned, were included in the Company&rsquo;s consolidated results prior to each of the
        reported periods and under the following assumptions:</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="113">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(1)</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Intangible assets (customer relationships, backlog, brand
                        name and technology) arising from the acquisition of the Tadiran shares of
                        approximately $228,000, net of related deferred taxes of approximately
                        $57,000, is amortized over a period of 2-15 years.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="113">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(2)</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Excess of cost over equity purchased allocated to real
                        estate assets of approximately $1,800, net of related deferred taxes of
                        approximately $450, is amortized over a period of 20 years.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="113">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(3)</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">The cost attributed to purchased IPR&amp;D projects, in the
                        amount of approximately $16,560, was immediately charged to operations
                        immediately as a non-recurring item and is not included in the proforma
                        consolidated results.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="1"><font size="2">159</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: right">
        <font size="1"><b><font size="3">ELBIT SYSTEMS LTD. AND ITS
        SUBSIDIARIES</font></b></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="633">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="633">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands, except per share
                        data)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.48in; TEXT-INDENT: -0.3in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="67">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Note 1 -</font></b></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">GENERAL (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="113">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        <font size="2">(4)</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: justify">
                        <font size="2">Intercompany balances and transactions, if any, have been
                        eliminated.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            &nbsp;
        </div>

        <div align="center">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="450" border="0">
                <tr style="HEIGHT: 28.3pt">
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 28.3pt" valign="top" width="269">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 81%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 28.3pt" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Year ended</font></b></p>

                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="2">December 31,</font></b></p>
                        </div>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="269">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="111">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <u><b><font size="2">2007</font></b></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="105">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <u><b><font size="2">2006</font></b></u></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="269">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Proforma sales</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="111">
                        <p align="right"><font size="2">$&nbsp;&nbsp;&nbsp; 2,067,805</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="105">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">
                        <font size="2">$ 1,775,247</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="269">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Proforma net income</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="111">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                        97,575</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="105">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85,890</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="269">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Proforma earnings per share</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="111">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 151.2%">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="105">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 151.2%">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="269">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 11.25pt; TEXT-ALIGN: left">
                        <font size="2">Basic</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="111">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                        &nbsp;&nbsp;&nbsp; 2.32</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="105">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;
                        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="269">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 11.25pt; TEXT-ALIGN: left">
                        <font size="2">Diluted</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="111">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                        &nbsp;&nbsp;&nbsp;&nbsp;2.30</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="105">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;
                        2.05</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: -0.01in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Subsequent to Tadiran's acquisition, the Company has
        integrated Tadiran's operations in the Land systems and C<sup>4</sup>ISR area of
        operations. Restructuring activities were done in order to better utilize such integration.
        As such Tadiran&rsquo;s financial performance is no longer relevant on a stand-alone basis
        and as such is not reviewed separately.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">In November 2007, the Company announced that Elbit Systems'
        Board of Directors approved a plan to merge Tadiran into Elbit Systems and for Tadiran's
        Israeli operations to be combined with Elbit Systems Land and C4I Division under a new
        wholly-owned subsidiary Elbit Systems Land &amp; C4I - Tadiran Ltd. The merger plan is
        subject to completion of certain approvals which are currently pending.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">E.</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">On July 27, 2007,</font> <font size="2">Elbit Systems
                        acquired the entire share capital of the U.K. company Ferranti Technologies
                        (Group) Limited (&ldquo;FTL&rdquo;) for &pound;15 million (approximately
                        $31,000).</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: -0.01in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">FTL is a design and manufacturing company providing
        engineering, manufacturing and logistic support to the aerospace and defense industries.
        The Company&rsquo;s management believes that FTL will enable the Company to offer its
        products and solutions to FTL customers in the U.K.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: -0.01in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Based on a PPA performed by an independent advisor, the
        purchase price was attributed to the fair value of the assets acquired and liabilities
        assumed as follows:</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 65pt" cellspacing="0" cellpadding="0" width="647" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="248">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 81%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="92">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 81%; TEXT-ALIGN: center">
                        <font size="2">Acquired share of book value</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 81%; TEXT-ALIGN: center">
                        <u><font size="2">in FTL</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="71">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 13.55pt; TEXT-INDENT: -11.9pt; LINE-HEIGHT: 81%; TEXT-ALIGN: center">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 13.55pt; TEXT-INDENT: -11.9pt; LINE-HEIGHT: 81%; TEXT-ALIGN: center">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 13.55pt; TEXT-INDENT: -11.9pt; LINE-HEIGHT: 81%; TEXT-ALIGN: center">
                        <font size="2">Excess</font></p>

                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 13.55pt; TEXT-INDENT: -11.9pt; LINE-HEIGHT: 81%; TEXT-ALIGN: center">
                        <u><font size="2">cost</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="75">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 81%; TEXT-ALIGN: center">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 81%; TEXT-ALIGN: center">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 81%; TEXT-ALIGN: center">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 9.5pt; LINE-HEIGHT: 81%; TEXT-ALIGN: center">
                        <u><font size="2">Total</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="161">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 81%; TEXT-ALIGN: center">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 81%; TEXT-ALIGN: center">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 81%; TEXT-ALIGN: center">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 81%; TEXT-ALIGN: center">
                        <u><font size="2">Expected useful lives</font></u></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 13.15pt">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 13.15pt" valign="top" colspan="5">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 227.25pt; TEXT-ALIGN: left">
                        <font size="2">(in thousands of U.S. dollars)</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="248">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Working capital</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="92">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$ 3,873</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="71">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$ 582</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="75">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$ 4,455</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="161">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="248">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Long-term assets and investments</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="92">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">3,845</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="71">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">3,376</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="75">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">7,221</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="161">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">20 years</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="248">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Non-compete</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="92">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">-</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="71">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">436</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="75">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">436</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="161">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">2 years</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="248">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Brand name</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="92">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">-</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="71">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,119</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="75">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,119</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="161">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">15 years</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="248">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Customer relationships and backlog</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="92">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">-</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="71">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">8,933</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="75">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">8,933</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="161">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">4-15 years</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="248">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Technology</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="92">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">-</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="71">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">750</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="75">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">750</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="161">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">15 years</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="248">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Deferred taxes</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="92">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">-</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="71">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(4,559)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="75">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(4,559)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="161">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="248">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Goodwill</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="92">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
                        <font size="2">-</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="71">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
                        <font size="2">12,055</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="75">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
                        <font size="2">12,055</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="161">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Indefinite &ndash; subject to</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">annual impairment test</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="248">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="92">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; BORDER-BOTTOM: black 1.5pt double; TEXT-ALIGN: right">
                            <font size="2">$ 7,718</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="71">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 9.1pt; TEXT-INDENT: -9.1pt; BORDER-BOTTOM: black 1.5pt double; TEXT-ALIGN: right">
                            <font size="2">$ 22,692</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="75">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: 3.4pt; PADDING-TOP: 0in">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 9.1pt; TEXT-INDENT: -9.1pt; BORDER-BOTTOM: black 1.5pt double; TEXT-ALIGN: right">
                            <font size="2">$ 30,410</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="161">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: -0.01in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Proforma information has not been provided, since the effect
        of FTL was not material to the revenues and net income of the Company.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="1"><font size="2">160</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
        <font size="1"><b><font size="3">ELBIT SYSTEMS LTD. AND ITS
        SUBSIDIARIES</font></b></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="633">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="633">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-INDENT: -0.69in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="60">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Note 2 -</font></b></p>
                    </td>

                    <td valign="top" width="909">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">SIGNIFICANT ACCOUNTING POLICIES</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">The consolidated financial statements have been prepared in
        accordance with generally accepted accounting principles in the United States (&ldquo;U.S.
        GAAP&rdquo;). As applicable to the consolidated financial statements of the Company, such
        principles are substantially identical to accounting principles generally accepted in
        Israel.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="80">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="33">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">A.</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">USE OF ESTIMATES</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">The preparation of financial statements requires the use of
        estimates and assumptions, based on complex judgments that are considered reasonable, that
        affect the reported amounts of assets and liabilities and disclosure of contingent assets
        and contingent liabilities at the date of the financial statements and the reported amounts
        of revenues and expenses during the reporting period. The most significant assumptions are
        employed in estimates used in determining values of intangible assets, sales and return
        accruals, legal contingencies, tax assets and tax liabilities, stock-based compensation
        costs, retirement and post-retirement benefits (including the actuarial assumptions),
        financial instruments with no observable market quotes, as well as in estimates used in
        applying the revenue recognition policy. Actual results may differ from estimated
        results.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="80">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="33">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">B.</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">FINANCIAL STATEMENTS IN U.S. DOLLARS</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">The Company&rsquo;s revenues are generated mainly in U.S.
        dollars. In addition, most of the Company&rsquo;s costs are incurred in U.S. dollars. Elbit
        Systems&rsquo; management believes that the U.S. dollar is the primary currency of the
        economic environment in which the Company operates. Thus, the functional and reporting
        currency of Elbit Systems is the U.S. dollar.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Transactions and balances originally denominated in U.S.
        dollars are presented at their original amounts. Transaction and balances in other
        currencies have been remeasured into U.S. dollars in accordance with principles set forth
        in SFAS No. 52 &ldquo;Foreign Currency Translation.&rdquo; All exchange gains and losses
        from the remeasurement mentioned above are reflected in the statement of income in
        financial income or expenses.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">For those foreign subsidiaries whose functional currency has
        been determined to be other than the U.S. dollar, assets and liabilities are translated at
        year-end exchange rates and statement of income items are translated at average exchange
        rates prevailing during the year. Resulting translation differences are recorded as a
        separate component of accumulated other comprehensive income in shareholders&rsquo;
        equity.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">C.</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">PRINCIPLES OF CONSOLIDATION</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">The consolidated financial statements include the accounts of
        Elbit Systems and its wholly and majority-owned subsidiaries.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">The consolidated subsidiaries include Elop, ESA, Elisra,
        Tadiran and other Israeli and non-Israeli subsidiaries.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Intercompany transactions and balances, including profit from
        intercompany sales not yet realized outside the Company, have been eliminated upon
        consolidation.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.39in; TEXT-INDENT: 0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="1"><font size="2">161</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
        <font size="1"><b><font size="3">ELBIT SYSTEMS LTD. AND ITS
        SUBSIDIARIES</font></b></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="633">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="633">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="456" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="61">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 2 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="379">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">SIGNIFICANT ACCOUNTING POLICIES (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="280" border="0">
                <tr>
                    <td valign="top" nowrap width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="39">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">D.</font></p>
                    </td>

                    <td valign="top" nowrap width="165">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">CASH EQUIVALENTS</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Cash equivalents, are short-term highly liquid investments
        that are readily convertible to cash with maturities of three months or less at the date of
        acquisition.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="347" border="0">
                <tr>
                    <td valign="top" nowrap width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="39">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">E.</font></p>
                    </td>

                    <td valign="top" nowrap width="232">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">SHORT-TERM BANK DEPOSITS</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Short-term bank deposits are deposits with maturities of more
        than three months but less than one year. The short&ndash;term bank deposits are presented
        at their cost, which approximate fair value.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="483" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="76">
                        <p>&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="39">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">F.</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="368">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">AVAILABLE FOR SALE MARKETABLE SECURITIES</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Elbit Systems accounts for marketable securities in
        accordance with SFAS No.&nbsp;115, &ldquo;Accounting for Certain Investments in Debt and
        Equity Securities.&rdquo; Elbit Systems determined the appropriate classification of all
        marketable securities was &ldquo;available-for-sale&rdquo; at the time of purchase or at
        the time marketable securities were first consolidated as a result of Tadiran&rsquo;s
        acquisition. As such, at December&nbsp;31, 2007 and 2006, all of the Company&rsquo;s
        investments in marketable securities were reported at fair value. Fair value is determined
        based on observable market value quotes or in case market value is not available using
        valuation models including assessments of counterparty credit worthiness, credit default
        risk, underlying security type of collaterals risk premium and overall capital market
        liquidity conditions. Declines in fair value that are considered other-than-temporary are
        charged to earnings and those that are considered temporary are reported, net of tax, as a
        component of accumulated other comprehensive income (&ldquo;OCI&rdquo;) in
        stockholders&rsquo; equity. The Company uses the average cost method of determining the
        cost basis in computing realized gains and losses on the sale of its available-for-sale
        securities. Realized gains and losses are included in financial income
        (expense).</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="232" border="0">
                <tr>
                    <td valign="top" nowrap width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="39">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">G.</font></p>
                    </td>

                    <td valign="top" nowrap width="117">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">INVENTORIES</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Inventories are stated at the lower of cost or net realizable
        value. Inventory write-offs are provided for slow-moving items or technological
        obsolescence for which recoverability is not probable.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.71in; TEXT-INDENT: 0.47in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Cost is determined as follows:</font></font></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="113">
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Raw materials using the average cost method.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="113">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Costs incurred on long-term contracts in progress include
                        direct labor, material, subcontractors, other direct costs and an
                        allocation of overheads, which represent recoverable costs incurred for
                        production, allocable operating overhead cost and, where appropriate,
                        research and development costs (refer to Note 2(T)).</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="113">
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Labor overhead is generally included on a basis of updated
                        hourly rates and is allocated to each project according to the amount of
                        hours expended. Material overhead is allocated to each project based on the
                        value of direct material that is charged to the project.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Advances from customers are allocated to the applicable
        contract inventories and are presented as net amounts. Advances in excess of related
        inventories are classified as liabilities.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="1"><font size="2">162</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
        <font size="1"><b><font size="3">ELBIT SYSTEMS LTD. AND ITS
        SUBSIDIARIES</font></b></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="633">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="633">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="456" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="64">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 2 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="376">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">SIGNIFICANT ACCOUNTING POLICIES (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="80">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="32">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">H.</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">INVESTMENT IN AFFILIATED COMPANIES, PARTNERSHIP AND OTHER
                        COMPANIES</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Investments in non-marketable shares of companies in which
        the Company holds less than 20% and the Company does not have the ability to exercise
        significant influence over operating and financial policies of the companies are recorded
        at cost.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Investments in companies and partnerships over which the
        Company can exercise significant influence (generally, entities in which the Company holds
        between 20% and 50% of voting rights) are presented using the equity method of accounting.
        Profits on intercompany sales, not realized outside the Company, are eliminated. The
        Company discontinues applying the equity method when its investment (including advances and
        loans) is reduced to zero and it has not guaranteed obligations of the affiliate or
        otherwise committed to provide further financial support to the
        affiliate.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Investments in preferred shares, which are non in substance
        common stock, are recorded on a cost basis according to EITF 02-14, &ldquo;Whether an
        Investor Should Apply the Equity Method of Accounting to Investments Other Than Common
        Stock.&rdquo;</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">A change in the Company&rsquo;s proportionate share of a
        subsidiary's or investee's equity, resulting from issuance of common or in substance common
        shares by the subsidiary or investee to third parties, is recorded as a gain or loss in the
        consolidated income statements. If the realization is not assured, such as when the issuing
        company is a development stage company, the gain from issuance is accounted for as an
        equity transaction pursuant to SEC Staff Accounting Bulletin 51 &ldquo;Accounting Sales of
        Stock by a Subsidiary.&rdquo;</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Management evaluates investments in affiliates and other
        companies for evidence of other-than- temporary declines in value. When relevant factors
        indicate a decline in value that is other-than-temporary the Company records a provision
        for the decline in value. A judgmental aspect of accounting for investments involves
        determining whether an other-than-temporary decline in value of the investment has been
        sustained. Such evaluation is dependent on the specific facts and circumstances.
        Accordingly, management evaluates financial information (e.g. budgets, business plans,
        financial statements, etc.) in determining whether an other-than-temporary decline in value
        exists. Factors indicative of an other-than-temporary decline include recurring operating
        losses, credit defaults and subsequent rounds of financings at an amount below the cost
        basis of the investment. This list is not all inclusive and management weighs all
        quantitative and qualitative factors in determining if an other-than-temporary decline in
        value of an investment has occurred. The results of 2005 include an impairment loss related
        to the investment in ISI (see Note 6(C)1)).</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">I.</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">LONG-TERM RECEIVABLES</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Long-term trade and other receivables, from extended payment
        agreements, are recorded at their estimated present values (determined based on the
        original market rates of interest).</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="339" border="0">
                <tr>
                    <td valign="top" nowrap width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="39">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">J.</font></p>
                    </td>

                    <td valign="top" nowrap width="224">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">LONG-TERM BANK DEPOSITS</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Long-term bank deposits are deposits with maturities of more
        than one year. These deposits are presented at cost. Accumulated interest is recorded as
        current assets, the deposits and accumulated interest approximate fair
        value.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="1"><font size="2">163</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
        <font size="1"><b><font size="3">ELBIT SYSTEMS LTD. AND ITS
        SUBSIDIARIES</font></b></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="633">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="633">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="456" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="59">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 2 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="381">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">SIGNIFICANT ACCOUNTING POLICIES (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="388" border="0">
                <tr>
                    <td valign="top" nowrap width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">K.</font></p>
                    </td>

                    <td valign="top" nowrap width="276">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">PROPERTY, PLANT AND EQUIPMENT</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Property, plant and equipment are stated at cost, net of
        accumulated depreciation and investment grants. For equipment produced for the
        Company&rsquo;s own use, cost includes materials, labor and overhead, but not in excess of
        the fair value of the equipment.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Depreciation is calculated by the straight-line method over
        the estimated useful life of the assets at the following annual rates:</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 89.35pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="446" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="255">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="94">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" align="center">
                        <b><font size="2">%</font></b></p>
                    </td>

                    <td width="88">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="HEIGHT: 14.25pt" bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 14.25pt" valign="top" width="255">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Buildings</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 14.25pt" valign="top" width="94">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt" align="center">
                        <font size="2">2-6.6</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 14.25pt" valign="top" width="88">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="HEIGHT: 14.25pt">
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 14.25pt" valign="top" width="255">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Instruments, machinery and equipment</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 14.25pt" valign="top" width="94">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt" align="center">
                        <font size="2">6-33</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 14.25pt" valign="top" width="88">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="HEIGHT: 14.25pt" bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 14.25pt" valign="top" width="255">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Office furniture and other</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 14.25pt" valign="top" width="94">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt" align="center">
                        <font size="2">6-33</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 14.25pt" valign="top" width="88">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="HEIGHT: 14.25pt">
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 14.25pt" valign="top" width="255">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Motor vehicles</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 14.25pt" valign="top" width="94">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt" align="center">
                        <font size="2">12-20</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 14.25pt" valign="top" width="88">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.75pt; TEXT-ALIGN: justify">
                        <font size="2">(Mainly 15%)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            &nbsp;
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; LINE-HEIGHT: 50%; TEXT-ALIGN: justify">
        </p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Prepayment operating land rights and leasehold improvements
        &ndash; generally over the term of the lease or the useful life of the assets, which ever
        is shorter.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="291" border="0">
                <tr>
                    <td valign="top" nowrap width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">L.</font></p>
                    </td>

                    <td valign="top" nowrap width="177">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">INVESTMENT GRANTS</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">As a governmental incentive for industrial companies in
        Israel, the &ldquo;Investment Center,&rdquo; which is a branch of the Israel Ministry of
        Industry and Trade, permits industrial companies to submit a request to qualify as an
        &ldquo;Approved Enterprise.&rdquo; An Approved Enterprise is entitled to certain benefits
        in respect of capital investments. The benefits may be in the form of reduced tax rates and
        of capital grants received as a percentage of the investments of the Approved Enterprise.
        The amount of a capital grant is determined as a percentage of the Approved Enterprise
        investment in property, plant and equipment. As a condition to the granting of these
        benefits, the Approved Enterprise is obligated to perform the applicable industrial plan as
        detailed in the request to the Investment Center (see Note 16(A)(3) and 17(J)). These
        capital grants are non-royalty bearing and are not conditioned on the results of
        operations. As the capital grants are a direct participation in the cost of the acquisition
        of property, plant and equipment, they are offset against the cost of property, plant and
        equipment.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">M.</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">INTANGIBLE ASSETS</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Intangible assets are stated at cost net of accumulated
        amortization. Intangible assets are amortized over their useful life using the
        straight-line method, or the accelerated method, which ever reflect best use of cash flow
        utilization.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">N.</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">IMPAIRMENT OF LONG-LIVED ASSETS</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">The Company&rsquo;s long-lived assets and identifiable
        intangible assets are reviewed for impairment in accordance with SFAS No. 144
        &ldquo;Accounting for the Impairment or Disposal of Long-Lived Assets&rdquo; whenever
        events or changes in circumstances indicate that the carrying amount of an asset may not be
        recoverable. Recoverability of assets to be held and used is measured by a comparison of
        the carrying amount of an asset to the future undiscounted cash flows expected to be
        generated by the asset. If an asset is determined to be impaired, the impairment to
        be</font> <font size="2">recognized is measured by the amount by which the carrying amount
        of the asset exceeds its fair value. For each of three years in the period ended December
        31, 2007, no impairment has been identified.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="1"><font size="2">164</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
        <font size="1"><b><font size="3">ELBIT SYSTEMS LTD. AND ITS
        SUBSIDIARIES</font></b></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="652">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="652">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="456" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="61">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 2 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="379">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">SIGNIFICANT ACCOUNTING POLICIES (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">O.</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">GOODWILL</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Goodwill represents the excess of the cost of acquired
        businesses over the net fair values of the assets acquired and liabilities assumed.
        Goodwill is no longer amortized, but is instead tested for impairment at least annually (or
        more frequently if impairment indicators arise).</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">SFAS 142 prescribes a two phase process for impairment
        testing of goodwill. The first phase screens for impairment, while the second phase (if
        necessary) measures impairment.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">In the first phase of impairment testing, goodwill
        attributable to each of the reporting units is tested for impairment by comparing the fair
        value of each reporting unit with its carrying value. If the carrying value of the
        reporting unit exceeds its fair value, the second phase is then performed. The second phase
        of the goodwill impairment test compares the implied fair value of the reporting unit's
        goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting
        unit's goodwill exceeds the implied fair value of that goodwill, an impairment loss is
        recognized in an amount equal to that excess.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Fair value of a reporting unit is determined using the
        discounted future cash flows method. Significant estimates used in the methodology include
        estimates of future cash flows, future short-term and long-term growth rates and weighted
        average cost of capital for each of the reporting units.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">The Company identified several reporting unites based on the
        guidance of SFAS 142, &ldquo;Goodwill and Other Intangible Assets.&rdquo;</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">For each of the three years in the period ended December 31,
        2007, no impairment losses have been identified.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.38in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="251" border="0">
                <tr>
                    <td valign="top" nowrap width="80">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="32">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">P.</font></p>
                    </td>

                    <td valign="top" nowrap width="139">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">SEVERANCE PAY</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Under Israeli law and employment agreements, the
        Company&rsquo;s entities in Israel are required to make severance payments and, in certain
        situations, pay pensions to terminated employees. The benefit is calculated based on the
        employee&rsquo;s latest salary and the period of his/her employment.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">The Company&rsquo;s entities in Israel record a liability for
        the amount that would have to be paid to the employees as severance payment in the event of
        the companies&rsquo; shut down.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">The entities&rsquo; obligation for severance pay and pension
        is funded by monthly deposits with insurance companies, pension funds and by an accrual.
        The value of severance pay funds is presented in the balance sheet and includes profits
        accumulated to balance sheet date. The amounts deposited may be withdrawn only after
        fulfillment of the obligations pursuant to Israeli severance pay law or labor agreements.
        The values of the deposited funds are based on the cash surrendered value of these funds
        and include profits.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Severance pay expenses for the years ended December 31, 2007,
        2006 and 2005 amounted to approximately $19,553, $19,161 and $17,500,
        respectively.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="1"><font size="2">165</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
        <font size="1"><b><font size="3">ELBIT SYSTEMS LTD. AND ITS
        SUBSIDIARIES</font></b></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="652">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="652">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="456" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="67">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 2 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="373">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">SIGNIFICANT ACCOUNTING POLICIES (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="80">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="32">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Q.</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">REVENUE RECOGNITION</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">The Company generates revenues mainly from long-term
        contracts involving the design, development, manufacture and integration of defense systems
        and products. In addition, to a minor extent, the Company provides support and services for
        such systems and products.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Revenues from long-term contracts are recognized based on
        Statement of Position 81-1 &ldquo;Accounting for Performance of Construction-Type and
        Certain Production-Type Contracts&rdquo; (&ldquo;SOP 81-1&rdquo;) according to which
        revenues are recognized on the percentage-of-completion basis.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Sales under long-term fixed-price contracts which provide for
        a substantial level of development efforts in relation to total contract efforts are
        recorded using the cost-to-cost method of accounting as the basis to measure progress
        toward completing the contract and recognizing revenues. According to this method, sales
        and profits are recorded based on the ratio of costs incurred to estimated total costs at
        completion. In certain circumstances, when measuring progress toward completion, the
        Company considers other factors, such as achievement of performance
        milestones.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.16in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Sales and anticipated profit under long-term fixed-price
        production type contracts are recorded on a percentage-of-completion basis, using the
        units-of-delivery as the basis to measure progress toward completing the contract and
        recognizing revenues. In certain circumstances, which involve long-term fixed-price
        production type contracts for non-homogenous or small quantity of units, revenue is
        recognized based on the achievement of performance milestones, which provide a more
        reliable, and objective measure to the extent of progress toward
        completion.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Sales and anticipated profit under long-term fixed-price
        contracts that involve both development and production are recorded using the cost-to-cost
        method and units-of-delivery method as applicable to each phase of the contract, as the
        basis to measure progress toward completion. In addition, when measuring progress toward
        completion under the development portion of the contract, the Company considers other
        factors, such as achievement of performance milestones.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.16in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">The percentage-of-completion method of accounting requires
        management to estimate the cost and gross profit margin for each individual contract.
        Estimated gross profit or loss from long-term contracts may change due to changes in
        estimates resulting from differences between actual performance and original estimated
        forecasts. Such changes in estimated gross profit are recorded in results of operations
        when they are reasonably determinable by management, on a cumulative catch-up basis.
        Anticipated losses on contracts are charged to earnings when determined to be
        probable.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Sales under cost-reimbursement-type contracts are recorded as
        costs are incurred. Applicable estimated profits are included in earnings in the proportion
        that incurred costs bear to total estimated costs.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="1"><font size="2">166</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
        <font size="1"><b><font size="3">ELBIT SYSTEMS LTD. AND ITS
        SUBSIDIARIES</font></b></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="652">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="652">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="456" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="63">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 2 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="377">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">SIGNIFICANT ACCOUNTING POLICIES (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.77in; TEXT-INDENT: 0.12in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="80">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="32">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Q.</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">REVENUE RECOGNITION (Cont.)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.77in; TEXT-INDENT: 0.12in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: 0.01in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Amounts representing contract change orders, claims or other
        items are included in sales only when they can be reliably estimated and realization is
        probable. Penalties and awards applicable to performance on contracts are considered in
        estimating sales and profit rates and are recorded when there is sufficient information to
        assess anticipated contract performance.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.77in; TEXT-INDENT: 0.12in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">The Company believes that the use of the
        percentage-of-completion method is appropriate as the Company has the ability to make
        reasonably dependable estimates of the extent of progress towards completion, contract
        revenues and contract costs. In addition, contracts executed include provisions that
        clearly specify the enforceable rights regarding services to be provided and received by
        the parties to the contracts, the consideration to be exchanged and the manner and terms of
        settlement. In all cases the Company expects to perform its contractual obligations, and
        its customers are expected to satisfy their obligations under the
        contract.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.77in; TEXT-INDENT: 0.12in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">In certain circumstances, sales under short-term fixed-price
        production type contracts or sale of products are accounted for in accordance with SAB No.
        104, &ldquo;Revenue Recognition in Financial Statements&rdquo; (&ldquo;SAB 104&rdquo;), and
        recognized when all the following criteria are met: persuasive evidence of an arrangement
        exists, delivery has occurred, the seller's price to the buyer is fixed or determinable, no
        further obligation exists and collectability is reasonably assured.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.77in; TEXT-INDENT: 0.12in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">In cases where the contract involves the delivery of products
        and performance of services, the Company follows the guidelines specified in EITF 00-21,
        &ldquo;Revenue Arrangements with Multiple Deliverables&rdquo; in order to allocate the
        contract revenues between the products accounted for under SOP 81-1, SAB 104 and the
        services.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.77in; TEXT-INDENT: 0.12in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Management reviews periodically the estimates of progress
        towards completion and project costs. These estimates are determined based on engineering
        estimates and past experience, by personnel having the appropriate authority and expertise
        to make reasonable estimates of the related costs. Such engineering estimates are reviewed
        periodically for each specific contract by professional personnel from various disciplines
        within the organization. These estimates take into consideration the probability of
        achievement of certain milestones, as well as other factors that might impact the
        contract&rsquo;s completion.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.77in; TEXT-INDENT: 0.12in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">A number of internal and external factors affect our cost
        estimates, including labor rates, estimated future material prices, revised estimates of
        uncompleted work, efficiency variances, linkage to indices and exchange rates, customer
        specifications and testing requirement changes. If any of the above factors were to change,
        or if different assumptions were used in estimating progress cost and measuring progress
        towards completion, it is likely that materially different amounts would be reported in the
        Company&rsquo;s consolidated financial statements.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.77in; TEXT-INDENT: 0.12in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">As for research and development costs accounted for as
        contract costs refer to Note 2(T).</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.77in; TEXT-INDENT: 0.12in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="295" border="0">
                <tr>
                    <td valign="top" nowrap width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">R.</font></p>
                    </td>

                    <td valign="top" nowrap width="181">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">PRE-CONTRACT COSTS</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Pre-contract costs are deferred and included in inventory,
        only when such costs can be directly associated with a specific anticipated contract and if
        their recoverability from the specific contract is probable according to the guidelines of
        SOP 81-1.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="1"><font size="2">167</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
        <font size="1"><b><font size="3">ELBIT SYSTEMS LTD. AND ITS
        SUBSIDIARIES</font></b></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="652">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="652">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="456" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="67">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 2 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="373">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">SIGNIFICANT ACCOUNTING POLICIES (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.77in; TEXT-INDENT: 0.12in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="27">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">S.</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">WARRANTY</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.16in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">The Company estimates the costs that may be incurred under
        its basic warranty and records a liability in the amount of such costs at the time revenue
        is recognized. The specific terms and conditions of those warranties vary depending upon
        the product sold and the country in which the Company does business. Factors that affect
        the Company&rsquo;s warranty liability include the number of delivered products,
        engineering estimates and anticipated rates of warranty claims. The Company periodically
        assesses the adequacy of its recorded warranty liability and adjusts the amount as
        necessary. Specific warranty reserves are recorded in the period defect or potential
        products failures are identified and recorded based on estimates made by management. The
        estimates are evaluated on a periodic basis.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: -0.04in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Changes in the Company&rsquo;s provision for warranty, which
        is included in Elbit Systems&rsquo; balance sheet, during the respective years, are as
        follows:</font></font></p>

        <div align="left">
            <table style="MARGIN-LEFT: 90.45pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="565" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="367">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        </p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt" align="center">
                        <u><b><font size="2">2007</font></b></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt" align="center">
                        <u><b><font size="2">2006</font></b></u></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="367">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Balance, at January 1</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 44,417</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 31,797</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="367">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Warranties issued during the year</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 15pt">
                        <font size="2">27,403</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 15pt">
                        <font size="2">27,733</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="367">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Warranties related to the acquisition of Tadiran and
                        FTL</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 15pt">
                        <font size="2">18,720</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 36.5pt">
                        <font size="2">-</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="367">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Warranties forfeited or exercised during the year</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 11.25pt">
                        <font size="2">(18,181)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 11.25pt">
                        <font size="2">(15,113)</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="367">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Balance, at December 31</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp; 72,359</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;44,417</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.16in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="80">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="32">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">T.</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">RESEARCH AND DEVELOPMENT COSTS</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.16in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Research and development costs, net of participations, are
        charged to operations as incurred. Company sponsored research and development costs
        primarily include independent research and development and bid and proposal
        efforts.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.16in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Under certain arrangements in which a customer participates
        in product development costs, the Company&rsquo;s portion of such unreimbursed costs is
        expensed as incurred. Customer-sponsored research and development costs incurred pursuant
        to contracts are accounted for as part of the contract costs.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.16in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Certain Company entities in Israel receive grants (mainly
        royalty-bearing) from the Government of Israel and from other sources for the purpose of
        funding approved research and development projects. The grants are not to be repaid, but
        instead the Company entities will be sometimes obliged to pay royalties as a percentage of
        future sales if and when sales are generated from the funded projects. These grants are
        recognized as a deduction from research and development costs at the time the applicable
        entity is entitled to such grants on the basis of the research and development costs
        incurred, since the payment of royalties is not probable when the grants are received. The
        Company estimates the costs of royalties it would be obligated to pay for each individual
        contract and records a liability in the amount of such costs, when the related revenues are
        recognized.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="1"><font size="2">168</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2.36in; TEXT-ALIGN: right">
        <font size="1"><b><font size="3">ELBIT SYSTEMS LTD. AND ITS
        SUBSIDIARIES</font></b></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="652">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="652">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="456" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="63">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 2 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="377">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">SIGNIFICANT ACCOUNTING POLICIES (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="80">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="32">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U.</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">INCOME TAXES</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">The Company accounts for income taxes in accordance with SFAS
        No. 109, &ldquo;Accounting for Income Taxes.&rdquo; This Statement prescribes the use of
        the liability method whereby deferred tax asset and liability account balances are
        determined based on differences between financial reporting and tax bases of assets and
        liabilities and are measured using the enacted tax rates and laws that will be in effect
        when the differences are expected to reverse. The Company provides a valuation allowance,
        if necessary, to reduce deferred tax assets to amounts that are more likely than not to be
        realized.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Effective January&nbsp;1, 2007, Elbit Systems adopted the
        provisions of FASB Interpretation No.&nbsp;48, &ldquo;Accounting for Uncertainty in Income
        Taxes - an interpretation of FASB Statement No.&nbsp;109&rdquo; (&ldquo;FIN 48&rdquo;). FIN
        48 clarifies the accounting for uncertainties in income taxes by establishing minimum
        standards for the recognition and measurement of tax positions taken or expected to be
        taken in a tax return. Under the requirements of FIN 48, Elbit Systems must review all of
        its tax positions and make a determination as to whether its position is
        more-likely-than-not to be sustained upon examination by regulatory authorities. If a tax
        position meets the more-likely&ndash;than-not standard, then the related tax benefit is
        measured based on a cumulative probability analysis of the amount that is
        more-likely-than-not to be realized upon ultimate settlement or disposition of the
        underlying issue. The impact on the Company&rsquo;s consolidated financial position and
        results of operations as a result of the adoption of the provisions of FIN 48 was $4,846,
        which was recognized as an adjustment to opening retained earnings.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">The Company recorded interest related to its unrecognized tax
        benefit as income tax expense. Our January 1, 2007 unrecognized tax benefit included $
        2,450 of interest ($1,404 and $806- interest exposure related to 2006 and 2005,
        respectively).</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="80">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="32">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">V.</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">CONCENTRATION OF CREDIT RISKS</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Financial instruments that potentially subject the Company to
        concentrations of credit risk consist principally of cash and cash equivalents, short and
        long-term deposits, marketable securities and trade receivables.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">The majority of the Company&rsquo;s cash and cash equivalents
        and deposits are invested in dollar instruments with major banks in Israel and in the
        United States. Management believes that the financial institutions that hold the Company
        investments are financially sound, and accordingly, minimal credit risk exists with respect
        to these investments.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">The Company&rsquo;s trade receivables are derived primarily
        from sales to large and stable customers and governments located mainly in Israel, the
        United States and Europe. The Company performs ongoing credit evaluations of its customers
        and to date, has not experienced in recent years any unexpected material losses. An
        allowance for doubtful accounts is determined with respect to those amounts that the
        Company has determined to be doubtful of collection.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: -0.39in; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: -0.39in; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="1"><font size="2">169</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
        <font size="1"><b><font size="3">ELBIT SYSTEMS LTD. AND ITS
        SUBSIDIARIES</font></b></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="643">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="643">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands, except share and per share
                        data)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="456" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="59">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 2 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="381">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">SIGNIFICANT ACCOUNTING POLICIES (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2.36in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">W.</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">DERIVATIVE FINANCIAL INSTRUMENTS</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Statement of Financial Accounting Standards No. 133,
        &ldquo;Accounting for Derivative Instruments and Hedging Activities&rdquo; (&ldquo;SFAS No.
        133&rdquo;), requires companies to recognize all derivative instruments as either assets or
        liabilities in the statement of financial position at fair value. The accounting for
        changes in the fair value (i.e. gains or losses) of a derivative instrument depends on
        whether it has been designated and qualifies as part of a hedging relationship and further,
        on the type of hedging relationship. For those derivative instruments that are designated
        and qualify as hedging instruments, a company must designate the hedging instrument, based
        upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net
        investment in a foreign operation.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">For derivative instruments that are designated and qualify as
        a fair value hedge (i.e., hedging the exposure to changes in the fair value of an asset or
        a liability or an identified portion thereof that is attributable to a particular risk),
        the effective portion of the gain and loss on thederivative instrument as well as the
        offsetting loss or gain on the hedged item attributable to the hedged risk are recognized
        in the same line item associated with the hedged item in current earnings during the period
        of the change in fair value. The remaining gain or loss on the derivative instrument in
        excess of the cumulative change in the fair value of the asset or liability hedge, if any,
        is recognized as financial expense in current earnings during the period of change. For
        derivative instruments that are designated and qualify as a cash flow hedge (i.e. hedging
        the exposure to variability in expected future cash flow that is attributable to a
        particular risk), the effective portion of the gain or loss on the derivative instrument is
        reported as a component of other comprehensive income and reclassified into earnings in the
        same line item associated with the forecasted transaction in the same period or periods
        during which the hedged transaction affects earnings. The remaining gain or loss on the
        derivative instrument in excess of the cumulative change in the present value of future
        cash flows of the hedged item, if any, is recognized as a financial expense in current
        earnings during the period of change. The Company records any ineffectiveness of the
        hedging instruments, which was immaterial during 2007, 2006 and 2005 in financial income
        (expense) on its Consolidated Statements of Income. Cash flows from such hedges are
        classified as operating activities.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: -0.39in; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">For derivative instruments not designated as hedging
        instruments, the gain or loss is recognized as a financial expense in current earnings
        during the period of change.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">As part of its hedging strategy, the Company enters into
        forward exchange contracts in order to protect the Company from the risk that the eventual
        dollar cash flows from the sale of products to international customers will be adversely
        affected by changes in the exchange rates.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">As of December 31, 2007, the Company had forward contracts
        with a notional amount of approximately $354,200 to purchase and sell foreign currencies
        ($176,000 in Euro, $170,400 in Great Britain Pounds (&ldquo;GBP&rdquo;) and $7,500 in other
        currencies). These foreign exchange forward contracts have maturities between one and five
        years ($120,000 in 2008).</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">The fair value of the foreign exchange contracts and the
        options as of December 31, 2007 is a liability of approximately $15,100.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="1"><font size="2">170</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: right">
        <font size="1"><b><font size="3">ELBIT SYSTEMS LTD. AND ITS
        SUBSIDIARIES</font></b></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="652">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="652">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: 0.01in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="456" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="63">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 2 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="377">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">SIGNIFICANT ACCOUNTING POLICIES (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="80">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="32">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">X.</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">STOCK-BASED COMPENSATION</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Effective January 1, 2006, Elbit Systems adopted the
        provision of Statement No. 123 (revised 2004), &ldquo;Share-Based Payment&rdquo;
        (&ldquo;Statement 123(R)&rdquo;) using the modified prospective method. The adoption of
        Statement 123(R) had an immaterial effect on the Company&rsquo;s financial position and
        results of operations.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">The fair value of options is estimated using a Black-Scholes
        option pricing model for the options granted in 2005 and the bionomic model for options
        granted in 2007 with the following weighted average assumptions:</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 90.45pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="491" border="0">
                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="left" width="172">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="17">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 16.5pt; TEXT-ALIGN: left">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="104">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2006</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2005</font></b></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="left" width="172">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 1.7pt; TEXT-INDENT: 0pt">
                        <font size="2">Divided yield</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="17">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.25in; TEXT-ALIGN: left">
                        <font size="2">2.20%</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="104">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 47.25pt; TEXT-ALIGN: left">
                        <font size="2">-</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt; TEXT-ALIGN: left">
                        <font size="2">2.25%</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="left" width="172">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 1.7pt; TEXT-INDENT: 0pt">
                        <font size="2">Expected volatility</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="17">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 12.75pt; TEXT-ALIGN: left">
                        <font size="2">28.50%</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="104">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 47.25pt; TEXT-ALIGN: left">
                        <font size="2">-</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 19.5pt; TEXT-ALIGN: left">
                        <font size="2">25.60%</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="left" width="172">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 1.7pt; TEXT-INDENT: 0pt">
                        <font size="2">Risk-free interest rate</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="17">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.25in; TEXT-ALIGN: left">
                        <font size="2">4.70%</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="104">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 47.25pt; TEXT-ALIGN: left">
                        <font size="2">-</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt; TEXT-ALIGN: left">
                        <font size="2">4.50%</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="left" width="172">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 1.7pt; TEXT-INDENT: 0pt">
                        <font size="2">Expected life</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="17">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.25in; TEXT-ALIGN: left">
                        <font size="2">4 years</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="104">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 47.25pt; TEXT-ALIGN: left">
                        <font size="2">-</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt; TEXT-ALIGN: left">
                        <font size="2">4 years</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="left" width="172">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 1.7pt; TEXT-INDENT: 0pt">
                        <font size="2">Forfeiture rate</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="17">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.25in; TEXT-ALIGN: left">
                        <font size="2">0.56%</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="104">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 47.25pt; TEXT-ALIGN: left">
                        <font size="2">-</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 26.25pt; TEXT-ALIGN: left">
                        <font size="2">-</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="left" width="172">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 1.7pt; TEXT-INDENT: 0pt">
                        <font size="2">Suboptimal factor</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="17">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.25in; TEXT-ALIGN: left">
                        <font size="2">2.67</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="104">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 47.25pt; TEXT-ALIGN: left">
                        <font size="2">-</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 26.25pt; TEXT-ALIGN: left">
                        <font size="2">-</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="431" border="0">
                <tr>
                    <td valign="top" nowrap width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Y.</font></p>
                    </td>

                    <td valign="top" nowrap width="317">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">FAIR VALUE OF FINANCIAL INSTRUMENTS</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">The carrying amount reported in the balance sheet for cash
        and cash equivalents, short-term bank deposits, trade receivables, short-term bank credit
        and loans and trade payables approximate their fair values due to the short-term maturities
        of such instruments.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Fair value of investment in marketable securities with quoted
        market prices is based on quoted market prices. For marketable securities not actively
        traded, fair values are estimated using values obtained from the Company&rsquo;s asset
        managers. To estimate the value of these investments the asset managers employ various
        models that take into consideration such factors, among others, as the credit rating of the
        issuer, effective maturity of the security, yields on comparably rated publicly traded
        securities, availability of insurance and risk-free yield curves. The actual value at which
        such securities could actually be sold or settled with a willing buyer or seller may differ
        from such estimated fair values depending on a number of factors including, but not limited
        to, current and future economic conditions, the quantity sold or settled, the presence of
        an active market and the availability of a willing buyer or seller.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">The carrying amount of the available for sale securities is
        recorded according to its fair market value, as determined by quoted market prices on the
        stock exchange.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">The fair value of long-term loans is estimated by discounting
        the future cash flows using current interest rates for loans of similar terms and
        maturities. The carrying amount of the long-term loans approximates their fair
        value.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">The fair value of foreign currency contracts (used for
        hedging purposes) is estimated by obtaining current quotes from investment
        bankers.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="1"><font size="2">171</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: right">
        <font size="1"><b><font size="3">ELBIT SYSTEMS LTD. AND ITS
        SUBSIDIARIES</font></b></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="652">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="652">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: 0.01in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="456" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="60">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 2 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="380">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">SIGNIFICANT ACCOUNTING POLICIES (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: 0.01in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="477" border="0">
                <tr>
                    <td valign="top" nowrap width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Y.</font></p>
                    </td>

                    <td valign="top" nowrap width="364">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">FAIR VALUE OF FINANCIAL INSTRUMENTS (Cont.)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: 0.02in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">It was not practicable to estimate the fair value of the
        Company&rsquo;s investments in shares of non-public companies that are accounted for under
        the cost method because of the lack of a quoted market price and the inability to obtain
        valuation of each company without incurring excessive costs. The carrying amounts of these
        companies as of December 31, 2007 and 2006 were $14,259 and $13,892, respectively, and
        represent the original cost of acquisition. As noted in Note 2(H) above, management
        continually monitors such investments for other-than-temporary decline in
        value.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: 0.01in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="80">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="32">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Z.</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">BASIC AND DILUTED NET EARNINGS PER SHARE</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: 0.02in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: 0.01in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Basic earnings per share are computed based on the weighted
        average number of ordinary shares outstanding during each year. Diluted earnings per share
        is computed based on the weighted average number of ordinary shares outstanding during each
        year, plus dilutive potential ordinary shares considered outstanding during the year.
        Outstanding stock options are excluded from the calculation of the diluted earnings per
        ordinary share when their effect is anti-dilutive. In all the years presented no stock
        options were excluded.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: right">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="80">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="32">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">AA.</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">VARIABLE INTEREST ENTITIES</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: 0.02in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">FASB Interpretation No. 46, &ldquo;Consolidation of Variable
        Interest Entities, an Interpretation of Accounting Research Bulletin No. 51&rdquo;
        (&ldquo;FIN 46&rdquo;) provides a framework for identifying Variable Interest Entities
        (&ldquo;VIEs&rdquo;) and determining when a company should include the assets, liabilities,
        non-controlling interests and results of activities of a VIE in its consolidated financial
        statements.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: 0.02in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">In general, a VIE is an entity that either (1) has an
        insufficient amount of equity to carry out its principal activities, without additional
        subordinated financial support, (2) has a group of equity owners that are unable to make
        significant decisions about the entity&rsquo;s activities, or (3) has a group of equity
        owners that do not have the obligation to absorb the entity&rsquo;s losses or the right to
        receive returns generated by its operations. FIN 46 requires the consolidation of a VIE by
        its primary beneficiary. The primary beneficiary is the entity that absorbs a majority of
        the entity&rsquo;s expected losses, receives a majority of the entity&rsquo;s expected
        residual returns, or both, as a result of ownership, contractual or other financial
        interests in the entity.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">UAV Tactical Systems Ltd. (&ldquo;U-TacS&rdquo;), in the U.K.
        is considered to be a variable interest entity. As Elbit Systems is the primary
        beneficiary, U-TacS is consolidated in Elbit Systems&rsquo; financial
        statements.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: 0.02in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="1"><font size="2">172</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: right">
        <font size="1"><b><font size="3">ELBIT SYSTEMS LTD. AND ITS
        SUBSIDIARIES</font></b></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="652">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="652">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: 0.01in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="456" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="63">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 2 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="377">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">SIGNIFICANT ACCOUNTING POLICIES (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.56in; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="80">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="32">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">AB.</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">New pronouncements issued but not effective as of December
        31, 2007 are not expected to have a significant effect on the Company&rsquo;s consolidated
        financial position or results of operations, with the possible exception of the following,
        which are currently being evaluated by management:</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            &nbsp;
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="113">
                    </td>

                    <td valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">1)</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">In September 2006, the FASB issued SFAS&nbsp;No.&nbsp;157,
                        &ldquo;Fair Value Measurements&rdquo;
                        (&ldquo;SFAS&nbsp;No.&nbsp;157&rdquo;). SFAS&nbsp;No.&nbsp;157 defines fair
                        value, establishes a framework for measuring fair value, and enhances fair
                        value measurement disclosure. In February 2008, the FASB issued FASB Staff
                        Position (FSP) 157-1, &ldquo;Application of FASB Statement No.&nbsp;157 to
                        FASB Statement No. 13 and Other Accounting Pronouncements That Address Fair
                        Value Measurements for Purposes of Lease Classification or Measurement
                        under Statement 13&rdquo; (&ldquo;FSP 157-1&rdquo;) and FSP 157-2,
                        &ldquo;Effective Date of FASB Statement No.&nbsp;157&rdquo;
                        (&ldquo;FSP&nbsp;157-2&rdquo;). FSP 157-1 amends SFAS No. 157 to remove
                        certain leasing transactions from its scope. FSP&nbsp;157-2 delays the
                        effective date of SFAS&nbsp;No.&nbsp;157 for all non-financial assets and
                        non-financial liabilities, except for items that are recognized or
                        disclosed at fair value in the financial statements on a recurring basis
                        (at least annually), until the beginning of the first quarter of fiscal
                        2009. The measurement and disclosure requirements related to financial
                        assets and financial liabilities are effective for the Company beginning in
                        the first quarter of 2008.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="113">
                    </td>

                    <td valign="top" width="29">
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="113">
                    </td>

                    <td valign="top" width="29">
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">The resulting fair values calculated under
                        SFAS&nbsp;No.&nbsp;157 after adoption may be different from the fair values
                        that would have been calculated under previous guidance. The Company is
                        currently evaluating the impact that SFAS&nbsp;No.&nbsp;157 will have on
                        its consolidated financial statements when it is applied to non-financial
                        assets and non-financial liabilities beginning in the first quarter of
                        2009.</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="113">
                    </td>

                    <td valign="top" width="29">
                    </td>

                    <td valign="top">
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="113">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">2)</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">In February 2007, the FASB issued SFAS&nbsp;No.&nbsp;159,
                        &ldquo;The Fair Value Option for Financial Assets and Financial
                        Liabilities&rdquo; (&ldquo;SFAS&nbsp;No.&nbsp;159&rdquo;).
                        SFAS&nbsp;No.&nbsp;159 permits companies to choose to measure certain
                        financial instruments and other items at fair value. The standard requires
                        that unrealized gains and losses are reported in earnings for items
                        measured using the fair value option. SFAS&nbsp;No.&nbsp;159 is effective
                        for the Company beginning in the first quarter of 2008. The adoption of
                        SFAS&nbsp;No.&nbsp;159 will not have a significant impact on the
                        Company&rsquo;s consolidated financial statements.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.28in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="113">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">3)</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">In June 2007, the FASB ratified EITF&nbsp;07-3,
                        &ldquo;Accounting for Non-Refundable Advance Payments for Goods or Services
                        Received for Use in Future Research and Development Activities&rdquo;
                        (&ldquo;EITF&nbsp;07-3&rdquo;). EITF&nbsp;07-3 requires that nonrefundable
                        advance payments for goods or services that will be used or rendered for
                        future research and development activities be deferred, capitalized and
                        recognized as an expense as the goods are delivered or the related services
                        are performed. EITF&nbsp;07-3 is effective, on a prospective basis, for
                        fiscal years beginning after December&nbsp;15, 2007. The Company does not
                        expect any material impact on its consolidated results of operations and
                        financial condition from the adoption of EITF 07-3.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="1"><font size="2">173</font></font></p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: right">
        <font size="1"><b><font size="3">ELBIT SYSTEMS LTD. AND ITS
        SUBSIDIARIES</font></b></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="652">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="652">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: 0.01in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="456" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="64">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 2 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="376">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">SIGNIFICANT ACCOUNTING POLICIES (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.56in; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="80">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="32">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">AB.</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS
                        (Cont.)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="113">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">4)</font></p>
                    </td>

                    <td valign="top" width="843">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">In December 2007, the FASB issued SFAS&nbsp;No.&nbsp;141
                        (revised 2007), &ldquo;Business Combinations&rdquo;
                        (&ldquo;SFAS&nbsp;No.&nbsp;141(R)&rdquo;). Under SFAS&nbsp;No.&nbsp;141(R),
                        an entity is required to recognize the assets acquired, liabilities
                        assumed, contractual contingencies, and contingent consideration at their
                        fair value on the acquisition date. It further requires that
                        acquisition-related costs be recognized separately from the acquisition and
                        expensed as incurred, restructuring costs generally be expensed in periods
                        subsequent to the acquisition date, and changes in accounting for deferred
                        tax asset valuation allowances and acquired income tax uncertainties after
                        the measurement period impact income tax expense. In addition, acquired
                        IPR&amp;D is capitalized as an intangible asset and amortized over its
                        estimated useful life. The adoption of SFAS&nbsp;No.&nbsp;141(R) will
                        change the Company&rsquo;s accounting treatment for future business
                        combinations consummated beginning in the first quarter of 2009. No early
                        adoption is permitted.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="113">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="30">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">5)</font></p>
                    </td>

                    <td valign="top" width="842">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">In December 2007, the FASB issued FAS&nbsp;No.&nbsp;160,
                        Noncontrolling Interests in Consolidated Financial Statements&nbsp;&mdash;
                        an amendment of Accounting Research Bulletin&nbsp;No.&nbsp;51
                        (&ldquo;FAS&nbsp;160&rdquo;). FAS&nbsp;160 addresses the accounting and
                        reporting standards for ownership interests in subsidiaries held by parties
                        other than the parent, the amount of consolidated net income attributable
                        to the parent and to the noncontrolling interest, changes in a
                        parent&rsquo;s ownership interest, and the valuation of retained
                        noncontrolling equity investments when a subsidiary is deconsolidated.
                        FAS&nbsp;160 also establishes disclosure requirements that clearly identify
                        and distinguish between the interests of the parent and the interests of
                        the noncontrolling owners. FAS&nbsp;160 is effective for fiscal years
                        beginning after December&nbsp;15, 2008, and will be adopted by the Company
                        in 2009. No early adoption is permitted. The Company is currently assessing
                        the impact of this standard on its future consolidated results of
                        operations and financial condition.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.39in; TEXT-INDENT: 0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="279" border="0">
                <tr>
                    <td valign="top" nowrap width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">AC.</font></p>
                    </td>

                    <td valign="top" nowrap width="165">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">RECLASSIFICATIONS</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.38in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">Certain financial statement data for prior years has been
        reclassified to conform to current year financial statement presentation.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.38in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="311" border="0">
                <tr>
                    <td valign="top" nowrap width="21">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="55">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 3 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="235">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">TRADE RECEIVABLES, NET</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 62.1pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="559" border="0">
                <tr>
                    <td valign="top" width="270">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="63">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" colspan="3">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">December 31,</font></b></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="270">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="63">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="95">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="43">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="88">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2006</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="270">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Open accounts (*)</font></p>
                    </td>

                    <td valign="top" width="63">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="95">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7.5pt">
                        <font size="2">$&nbsp;&nbsp; 341,408&nbsp;</font></p>
                    </td>

                    <td valign="top" width="43">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="88">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7.5pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp; 315,254&nbsp;</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="270">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Unbilled receivables</font></p>
                    </td>

                    <td valign="top" width="63">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="95">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 18.75pt">
                        <font size="2">101,756&nbsp;</font></p>
                    </td>

                    <td valign="top" width="43">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;&nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="88">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt">
                        <font size="2">72,623&nbsp;</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="270">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Less &ndash; allowance for doubtful accounts</font></p>
                    </td>

                    <td valign="top" width="63">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="95">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.25pt">
                        <font size="2">(3,794)</font></p>
                    </td>

                    <td valign="top" width="43">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="88">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.25pt">
                        <font size="2">(3,390)</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="270">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="63">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="95">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7.5pt">
                        <font size="2">$&nbsp;&nbsp; 439,370&nbsp;</font></p>
                    </td>

                    <td valign="top" width="43">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="88">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7.5pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp; 384,487&nbsp;</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="270">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: left">
                        <font size="2">(*)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Includes affiliated
                        companies</font></p>
                    </td>

                    <td valign="top" width="63">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="95">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7.5pt">
                        <font size="2">$&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 9,914&nbsp;</font></p>
                    </td>

                    <td valign="top" width="43">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="88">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7.5pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                        9,673&nbsp;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="1"><font size="2">174</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
        <font size="1"><b><font size="3">ELBIT SYSTEMS LTD. AND ITS
        SUBSIDIARIES</font></b></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="643">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="643">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.1in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="488" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="60">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 4 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="412">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">OTHER RECEIVABLES AND PREPAID EXPENSES</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 62.1pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="559" border="0">
                <tr>
                    <td valign="top" width="378">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" colspan="3">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">December 31,</font></b></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="378">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2006</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="378">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Deferred income taxes</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7.5pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp; 21,677&nbsp;</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7.5pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp; 11,972&nbsp;</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="378">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Prepaid expenses</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt">
                        <font size="2">54,185&nbsp;</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt">
                        <font size="2">31,385&nbsp;</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="378">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Government institutions</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt">
                        <font size="2">37,606&nbsp;</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt">
                        <font size="2">21,681&nbsp;</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="378">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Employees</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 30pt">
                        <font size="2">1,681&nbsp;</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 36.25pt">
                        <font size="2">787&nbsp;</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="378">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Others</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt">
                        <font size="2">12,184&nbsp;</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt">
                        <font size="2">13,011&nbsp;</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="378">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7.5pt">
                        <font size="2">$&nbsp; 127,333&nbsp;</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7.5pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp; 78,836&nbsp;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="480" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="60">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 5 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="404">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">INVENTORIES, NET OF CUSTOMER ADVANCES</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 62.1pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="559" border="0">
                <tr>
                    <td valign="top" width="378">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" colspan="3">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">December 31,</font></b></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="378">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2006</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="378">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Cost incurred on long-term contracts in progress</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7.5pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;508,273</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7.5pt">
                        <font size="2">$&nbsp;&nbsp; &nbsp;373,045</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="378">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Raw materials</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 18.75pt">
                        <font size="2">123,466</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt">
                        <font size="2">90,075</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="378">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Advances to suppliers and subcontractors</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 22.75pt">
                        <font size="2">65,597</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt">
                        <font size="2">41,037</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="378">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 18.75pt">
                        <font size="2">697,336</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 18.75pt">
                        <font size="2">504,157</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="378">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Less -</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="378">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Cost incurred on contracts in progress deducted</font></p>

                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -3.1pt; TEXT-ALIGN: left">
                        <font size="2">from customer advances (see Note 13)(*)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt">
                        <font size="2">69,199</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt">
                        <font size="2">49,455</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="378">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -7.6pt; TEXT-ALIGN: left">
                        <font size="2">Advances received from customers (*)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 19.75pt">
                        <font size="2">131,177</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt">
                        <font size="2">77,246</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="378">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -7.6pt; TEXT-ALIGN: left">
                        <font size="2">Provision for losses on long-term contracts</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt">
                        <font size="2">16,357</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 30pt">
                        <font size="2">5,494</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="378">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7.5pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp; 480,603</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7.5pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp; 371,962</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">The Company has transferred legal title of inventories to
        certain customers as collateral for advances received.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        <font size="1"><font size="2">(*)</font> <font size="2">Advances are allocated to the
        relevant inventories on a per-project basis. In cases (projects) where the advances are in
        excess of the inventories, the net amount is presented in customer advances. In cases where
        the inventories are in excess of advances received, the net amount is included in
        inventories.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-INDENT: -0.69in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="60">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Note 6 -</font></b></p>
                    </td>

                    <td valign="top" width="909">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">INVESTMENTS IN AFFILIATED COMPANIES, PARTNERSHIP AND
                        OTHER <b><font size="2">COMPANIES</font></b></font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">A.</font></b></p>
                    </td>

                    <td valign="top" width="872">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Investments in affiliated companies:</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 78pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="538" border="0">
                <tr>
                    <td valign="top" width="357">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" colspan="3">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">December 31,</font></b></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="357">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="86">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 3.95pt; TEXT-INDENT: -3.95pt; TEXT-ALIGN: center">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="13">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="83">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 8.15pt; TEXT-INDENT: -8.15pt; TEXT-ALIGN: center">
                        <b><font size="2">2006</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="357">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Companies accounted for under the equity method</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="86">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 15.75pt">
                        <font size="2">$&nbsp; 51,902</font></p>
                    </td>

                    <td valign="top" width="13">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 10.5pt">
                        <font size="2">$&nbsp;&nbsp; 221,831</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="357">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Companies accounted for on a cost basis</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="86">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt">
                        <font size="2">14,259</font></p>
                    </td>

                    <td valign="top" width="13">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt">
                        <font size="2">13,892</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="357">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="86">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 15.75pt">
                        <font size="2">$&nbsp; 66,161</font></p>
                    </td>

                    <td valign="top" width="13">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 10.5pt">
                        <font size="2">$&nbsp;&nbsp; 235,723</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">175</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><b><font size="3">ELBIT
        SYSTEMS LTD. AND ITS SUBSIDIARIES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="643">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="643">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-INDENT: -0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="60">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Note 6 -</font></b></p>
                    </td>

                    <td valign="top" width="909">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">INVESTMENTS IN AFFILIATED COMPANIES, PARTNERSHIP AND
                        OTHER <b><font size="2">COMPANIES (Cont.)</font></b></font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            &nbsp;
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">B.</font></b></p>
                    </td>

                    <td valign="top" width="872">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Investments in companies accounted for under the equity
                        method:</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 78pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="538" border="0">
                <tr>
                    <td valign="top" width="357">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" colspan="3">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">December 31,</font></b></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="357">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="83">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 3.95pt; TEXT-INDENT: -3.95pt; TEXT-ALIGN: center">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="83">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 8.15pt; TEXT-INDENT: -8.15pt; TEXT-ALIGN: center">
                        <b><font size="2">2006</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="357">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Tadiran (1)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 11.25pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                        -</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 10.5pt">
                        <font size="2">$ &nbsp; 176,374</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="357">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">SCD (2)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt">
                        <font size="2">36,594</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt">
                        <font size="2">30,804</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="357">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">VSI (3)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 30pt">
                        <font size="2">4,671</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 30pt">
                        <font size="2">5,398</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="357">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Opgal (4)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 30pt">
                        <font size="2">5,992</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 30pt">
                        <font size="2">4,705</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="357">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Chip PC (5)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 30pt">
                        <font size="2">1,853</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 30pt">
                        <font size="2">2,189</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="357">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Others (6) (7)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 30pt">
                        <font size="2">2,792</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 30pt">
                        <font size="2">2,361</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="357">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 15.75pt">
                        <font size="2">$&nbsp;&nbsp;51,902</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 10.5pt">
                        <font size="2">$&nbsp;&nbsp; 221,831</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            &nbsp;
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="114">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(1)</font></p>
                    </td>

                    <td valign="top" width="833">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Tadiran &ndash; until the Offer, Tadiran was a
                        publicly-traded 42%-owned investee registered in Israel. Tadiran is
                        involved in the worldwide market for military communications systems and
                        equipment and is also active in the civilian communications
                        market.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.38in; TEXT-ALIGN: justify">
        <font size="2">The summarized financial information regarding Tadiran (see Note 1(D)) is as
        follows:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: 0.2in; TEXT-ALIGN: justify">
        <font size="2">Balance Sheet Information:</font></p>

        <div align="left">
            <table style="MARGIN-LEFT: 97.35pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="406" border="0">
                <tr>
                    <td valign="top" width="274">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="22">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="110">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; TEXT-ALIGN: left">
                        <b><font size="2">December 31,</font></b></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="274">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="22">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="110">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 30.75pt; TEXT-ALIGN: left">
                        <b><font size="2">2006</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="274">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Current assets</font></p>
                    </td>

                    <td valign="top" width="22">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="110">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 12pt">
                        <font size="2">$ &nbsp;&nbsp;&nbsp;&nbsp; 340,204</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="274">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Non-current assets</font></p>
                    </td>

                    <td valign="top" width="22">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="110">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 28.5pt">
                        <font size="2">103,343</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="274">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Total assets</font></p>
                    </td>

                    <td valign="top" width="22">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="110">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 12pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 443,547</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="274">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="22">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="110">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="274">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Current liabilities</font></p>
                    </td>

                    <td valign="top" width="22">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="110">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 12pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238,294</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="274">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Non-current liabilities</font></p>
                    </td>

                    <td valign="top" width="22">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="110">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 34.5pt">
                        <font size="2">36,548</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="274">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Shareholders&rsquo; equity</font></p>
                    </td>

                    <td valign="top" width="22">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="110">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 28.5pt">
                        <font size="2">168,705</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="274">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="22">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="110">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 12pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 443,547</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: 0.2in; TEXT-ALIGN: justify">
        <font size="2">Income Statement Information:</font></p>

        <div align="left">
            <table style="MARGIN-LEFT: 97.35pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="521" border="0">
                <tr>
                    <td valign="top" width="273">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">December 31,</font></b></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="273">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="119">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 33.75pt; TEXT-ALIGN: left">
                        <b><font size="2">2006</font></b></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="129">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 33.75pt; TEXT-ALIGN: left">
                        <b><font size="2">2005</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="273">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Revenues</font></p>
                    </td>

                    <td valign="top" align="right" width="119">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 15.05pt">
                        <font size="2">$&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                        258,608</font></p>
                    </td>

                    <td valign="top" align="right" width="129">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 15.05pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                        271,424</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="273">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Gross profit</font></p>
                    </td>

                    <td valign="top" align="right" width="119">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 15.05pt">
                        <font size="2">$&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                        105,567</font></p>
                    </td>

                    <td valign="top" align="right" width="129">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 15.05pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                        120,510</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="273">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Net income</font></p>
                    </td>

                    <td valign="top" align="right" width="119">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 15.05pt">
                        <font size="2">$&nbsp;
                        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42,117</font></p>
                    </td>

                    <td valign="top" align="right" width="129">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 15.05pt">
                        <font size="2">$
                        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                        29,879</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.38in; TEXT-INDENT: -0.01in; TEXT-ALIGN: justify">
        <font size="2">As of December 31, 2006, the fair market value of Tadiran&rsquo;s shares
        held by Elbit Systems was $207,128. The results of Tadiran are consolidated in Elbit
        Systems&rsquo; financial statements commencing May 1, 2007.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">176</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.38in; TEXT-INDENT: -0.59in; TEXT-ALIGN: right">
        <b><font size="3">ELBIT SYSTEMS LTD. AND ITS SUBSIDIARIES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="643">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="643">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.58in; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="61">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Note 6 -</font></b></p>
                    </td>

                    <td valign="top" width="908">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">INVESTMENTS IN AFFILIATED COMPANIES, PARTNERSHIP AND
                        OTHER COMPANIES (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.58in; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">B.</font></b></p>
                    </td>

                    <td valign="top" width="871">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Investments in companies accounted for under the equity
                        method (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.38in; TEXT-INDENT: -0.2in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="114">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="39">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(2)</font></p>
                    </td>

                    <td valign="top" width="832">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Semi Conductor Devices (&ldquo;SCD&rdquo;) is an Israeli
                        partnership, held 50% by the Company and 50% by Rafael Armaments
                        Development Authority Ltd. (&ldquo;Rafael&rdquo;). SCD is engaged in the
                        development and production of various thermal detectors and laser diodes.
                        SCD is jointly controlled and therefore is not consolidated in the
                        Company&rsquo;s financial statements.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.58in; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="114">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="39">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(3)</font></p>
                    </td>

                    <td valign="top" width="832">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Vision Systems International LLC (&ldquo;VSI&rdquo;) based
                        in San Jose, is a California limited liability company that is held 50% by
                        ESA and 50% by a subsidiary of Rockwell Collins Inc. VSI operates in the
                        area of helmet mounted display systems for fixed-wing military aircraft.
                        VSI is jointly controlled and therefore is not consolidated in the
                        Company&rsquo;s financial statements.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.58in; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="114">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="40">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(4)</font></p>
                    </td>

                    <td valign="top" width="831">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Opgal Optronics Industries Ltd. (&ldquo;Opgal&rdquo;) is an
                        Israeli company owned 50.1% by the Company and 49.9% by a subsidiary of
                        Rafael. Opgal focuses mainly on commercial applications of thermal imaging
                        and electro-optic technologies. The Company jointly controls Opgal with
                        Rafael, and therefore Opgal is not consolidated in the Company&rsquo;s
                        financial statements.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.58in; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="115">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(5)</font></p>
                    </td>

                    <td valign="top" width="832">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Chip PC Ltd. (&ldquo;Chip PC&rdquo;) is an Israeli company,
                        of which approximately 19% is held by the Company. Chip PC develops and
                        manufactures &ldquo;Post PC&rdquo; solutions, focused on enabling
                        server-based-computing technologies to replace traditional PCs and deploy
                        and control large numbers of workstations. On July 2007, Chip PC completed
                        an initial public offering (&ldquo;IPO&rdquo;) on the TASE. Following the
                        offer, Chip PC became a publicly-traded company registered in Israel, in
                        which the Company holds approximately 19% of its shares (16.3% on a fully
                        diluted basis). In addition, the Company holds an option to purchase up to
                        an additional 5% of Chip PC&rsquo;s ordinary shares as stipulated in the
                        agreement signed with Chip PC, As a result of the IPO, the Company
                        recognized an immaterial loss.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.58in; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="115">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="39">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(6)</font></p>
                    </td>

                    <td valign="top" width="831">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Mediguide Inc. (&ldquo;Mediguide&rdquo;) and its Israeli
                        subsidiary, Mediguide Ltd., were established in 2000 as a spin-off from the
                        Company. The share capital of Mediguide, consists of Common shares and
                        Preferred A, B, C and D shares. The Common shares and the Preferred shares,
                        both have voting rights. The Company holds all of the Common shares of
                        Mediguide which constitute approximately 55% (41% on a fully diluted basis)
                        of the voting rights of Mediguide. During 2001 - 2004, Mediguide issued
                        Preferred shares to other investors in consideration for approximately
                        $34,355. The Preferred shares issued entitle the other investors to
                        preference rights senior to all other classes of shares previously issued
                        by Mediguide in a liquidation or a deemed liquidation event. Therefore, the
                        Company did not record any gain as a result of the above transaction. In
                        addition, the Preferred shares entitle their holders to certain
                        participating rights. Accordingly, based on the guidance in EITF 96-16, the
                        Company does not consolidate Mediguide. The carrying value of the
                        investment in Mediguide is zero.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">177</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><b><font size="3">ELBIT
        SYSTEMS LTD. AND ITS SUBSIDIARIES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="643">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="643">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-INDENT: -0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="60">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Note 6 -</font></b></p>
                    </td>

                    <td valign="top" width="909">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">INVESTMENTS IN AFFILIATED COMPANIES, PARTNERSHIP AND
                        OTHER COMPANIES (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.58in; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="39">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">B.</font></b></p>
                    </td>

                    <td valign="top" width="870">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Investments in companies accounted for under the equity
                        method (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.58in; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="115">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="39">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(7)</font></p>
                    </td>

                    <td valign="top" width="831">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Starling Advanced Communications Ltd.
                        (&ldquo;Starling&rdquo;) develops products in the area of internet
                        communications through satellite transmissions and broad band information
                        transfer for commercial aircraft. On May 2007, Starling completed an IPO on
                        the TASE. Following the offering, Starling became a publicly-traded company
                        registered in Israel, and the Company&rsquo;s share ownership in Starling
                        was diluted from approximately 21% to approximately 16% (or 10% on a fully
                        diluted basis). In addition, the Company holds 52,358 options of debenture
                        convertible into shares notes issued by Starling. As a result of
                        Starling&rsquo;s IPO, the Company recorded a gain in the amount of
                        approximately $595 recorded as an increase to the shareholders equity,
                        since Starling is a development stage company.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.58in; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="115">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="40">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(8)</font></p>
                    </td>

                    <td valign="top" width="830">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Equity in net earnings (losses) of affiliated companies is
                        as follows:</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            &nbsp;
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 120pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="493" border="0">
                <tr>
                    <td valign="top" width="217">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" colspan="5">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Year ended December 31,</font></b></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="217">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt" align="center">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="9">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="81">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2006</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2005</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="217">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Tadiran (*)</font></p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 11.25pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716&nbsp;</font></p>
                    </td>

                    <td valign="top" width="9">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="81">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 11.25pt">
                        <font size="2">$ &nbsp;&nbsp;&nbsp;&nbsp;3,988&nbsp;</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 9.75pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;(11,121)</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="217">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">SCD</font></p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 25.5pt">
                        <font size="2">7,922&nbsp;</font></p>
                    </td>

                    <td valign="top" width="9">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="81">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 25.5pt">
                        <font size="2">5,466&nbsp;</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 30pt">
                        <font size="2">5,115&nbsp;</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="217">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">VSI</font></p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 25.5pt">
                        <font size="2">4,590&nbsp;</font></p>
                    </td>

                    <td valign="top" width="9">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="81">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 25.5pt">
                        <font size="2">5,354&nbsp;</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 30pt">
                        <font size="2">4,641&nbsp;</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="217">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Others</font></p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 25.5pt">
                        <font size="2">1,337&nbsp;</font></p>
                    </td>

                    <td valign="top" width="9">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="81">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 35.25pt">
                        <font size="2">(65)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 34.5pt">
                        <font size="2">(271)</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="217">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 11.25pt">
                        <font size="2">$&nbsp; 14,565&nbsp;</font></p>
                    </td>

                    <td valign="top" width="9">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="81">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 11.25pt">
                        <font size="2">$&nbsp;&nbsp; 14,743&nbsp;</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 9.75pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; (1,636)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.58in; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.67in; TEXT-INDENT: -0.3in; TEXT-ALIGN: justify">
        <font size="2">(*)&nbsp;&nbsp;&nbsp;&nbsp;The Company&rsquo;s share in Tadiran&rsquo;s 2006
        results included a loss of $2,400 as a result of exercise of options in Tadiran. Until the
        date of the Offer, Tadiran results were included under the equity method.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.58in; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="115">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="41">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(9)</font></p>
                    </td>

                    <td valign="top" width="829">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">The summarized aggregate financial information of companies
                        accounted for under the equity method, excluding Tadiran (see Note
                        6(B)(1)), is as follows:</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.58in; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: 0.2in; TEXT-ALIGN: justify">
        <font size="2">Balance Sheet Information:</font></p>

        <div align="left">
            <table style="MARGIN-LEFT: 114pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="600" border="0">
                <tr>
                    <td valign="top" width="245">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="60">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" colspan="3">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">December 31,</font></b></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="245">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="60">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="138">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="43">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="114">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2006</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="245">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Current assets</font></p>
                    </td>

                    <td valign="top" width="60">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="138">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp; 188,923</font></p>
                    </td>

                    <td valign="top" width="43">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="114">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp; 165,411</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="245">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Non-current assets</font></p>
                    </td>

                    <td valign="top" width="60">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="138">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 34.5pt">
                        <font size="2">30,812</font></p>
                    </td>

                    <td valign="top" width="43">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="114">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 34.5pt">
                        <font size="2">27,896</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="245">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Total assets</font></p>
                    </td>

                    <td valign="top" width="60">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="138">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp; 219,735</font></p>
                    </td>

                    <td valign="top" width="43">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="114">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp; 193,307</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="245">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; LINE-HEIGHT: 54%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="60">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 54%; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="138">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 54%">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="43">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 54%; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="114">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 54%">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="245">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Current liabilities</font></p>
                    </td>

                    <td valign="top" width="60">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="138">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95,692</font></p>
                    </td>

                    <td valign="top" width="43">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="114">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">$ &nbsp;&nbsp;&nbsp;&nbsp; 85,576</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="245">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Non-current liabilities</font></p>
                    </td>

                    <td valign="top" width="60">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="138">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 34.5pt">
                        <font size="2">23,787</font></p>
                    </td>

                    <td valign="top" width="43">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="114">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 39.75pt">
                        <font size="2">7,929</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="245">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Shareholders&rsquo; equity</font></p>
                    </td>

                    <td valign="top" width="60">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="138">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 28.5pt">
                        <font size="2">100,256</font></p>
                    </td>

                    <td valign="top" width="43">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="114">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 34.5pt">
                        <font size="2">99,802</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="245">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="60">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="138">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">$ &nbsp;&nbsp; 219,735</font></p>
                    </td>

                    <td valign="top" width="43">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="114">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp; 193,307</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.58in; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: 0.2in; TEXT-ALIGN: justify">
        <font size="2">Income Statement Information:</font></p>

        <div align="left">
            <table style="MARGIN-LEFT: 107pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="510" border="0">
                <tr>
                    <td valign="top" width="198">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" colspan="5">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Year ended December 31,</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="198">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="95">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt" align="center">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="9">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="104">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt" align="center">
                        <b><font size="2">2006</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="9">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="94">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt" align="center">
                        <b><font size="2">2005</font></b></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="198">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Revenues</font></p>
                    </td>

                    <td valign="top" align="right" width="95">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">$ 331,971</font></p>
                    </td>

                    <td valign="top" width="9">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="104">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 5.25pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp; 298,499</font></p>
                    </td>

                    <td valign="top" width="9">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="94">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7.1pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 266,841</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="198">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Gross profit</font></p>
                    </td>

                    <td valign="top" align="right" width="95">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">$&nbsp;&nbsp; 89,960</font></p>
                    </td>

                    <td valign="top" width="9">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="104">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 5.25pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 79,309</font></p>
                    </td>

                    <td valign="top" width="9">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="94">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7.1pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63,938</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="198">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Net income</font></p>
                    </td>

                    <td valign="top" align="right" width="95">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">$&nbsp;&nbsp; 12,830</font></p>
                    </td>

                    <td valign="top" width="9">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="104">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 5.25pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 18,902</font></p>
                    </td>

                    <td valign="top" width="9">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="94">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7.1pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,345</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.38in; TEXT-INDENT: -0.39in; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="115">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="41">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        <font size="2">(10)</font></p>
                    </td>

                    <td valign="top" width="829">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        <font size="2">See Note 17(E) for guarantees.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">178</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><b><font size="3">ELBIT
        SYSTEMS LTD. AND ITS SUBSIDIARIES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="643">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="643">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-INDENT: -0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="61">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Note 6 -</font></b></p>
                    </td>

                    <td valign="top" width="908">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">INVESTMENTS IN AFFILIATED COMPANIES, PARTNERSHIP AND
                        OTHER COMPANIES (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.28in; TEXT-INDENT: -0.31in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="39">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">C.</font></b></p>
                    </td>

                    <td valign="top" width="870">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Investments in companies accounted for on a cost
                        basis</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 78pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="538" border="0">
                <tr>
                    <td valign="top" width="357">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" colspan="3">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">December 31,</font></b></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="357">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2006</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="357">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">ISI (1)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 11.25pt">
                        <font size="2">$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,830</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 8.25pt">
                        <font size="2">$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,830</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="357">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">AAI (2)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 47.25pt">
                        <font size="2">-</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 30pt">
                        <font size="2">1,000</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="357">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Sandel (3)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt">
                        <font size="2">12,414</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt">
                        <font size="2">11,047</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="357">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Others</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 41.5pt">
                        <font size="2">15</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 40.5pt">
                        <font size="2">15</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="357">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 11.25pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,259</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 8.25pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 13,892</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.06in; TEXT-INDENT: -0.31in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="116">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="40">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(1)</font></p>
                    </td>

                    <td valign="top" width="829">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">ImageSat International N.V. (&ldquo;ISI&rdquo;), held 14%
                        (10% on a fully diluted basis), is engaged in the operation of satellite
                        photography formations and commercial delivery of satellite photography for
                        civil purposes. During the fourth quarter of 2005, the fair value of ISI
                        decreased as a result of a decrease in ISI&rsquo;s backlog and estimated
                        future cash flows. Based on a valuation performed by an independent
                        appraiser, the Company wrote-off approximately $5,400 of its investment in
                        ISI in 2005. As of December 31, 2007, no impairment loss has been
                        identified.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.06in; TEXT-INDENT: -0.31in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="117">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="39">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(2)</font></p>
                    </td>

                    <td valign="top" width="829">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">AeroAstro Inc. (&ldquo;AAI&rdquo;), previously held 8.33%
                        (on a fully diluted basis), is a Delaware corporation engaged in innovative
                        micro and nanospacecraft applications. AAI manufactures low-cost satellite
                        systems and components, used in its own spacecraft and for spacecraft
                        development in and outside the U.S. In the fourth quarter of 2007, the
                        Company sold its shares in AAI for $1,400, which was received in 2008. As a
                        result, the Company recorded a gain in the amount of $400.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.06in; TEXT-INDENT: -0.31in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="117">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="39">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(3)</font></p>
                    </td>

                    <td valign="top" width="829">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Sandel Avionics, Inc. (&ldquo;Sandel&rdquo;) based in Vista,
                        California, produces specialized integrated display systems and other
                        products for the commercial aviation market. In 2006, ESA subsidiary
                        Kollsman Inc. (&ldquo;Kollsman&rdquo;) acquired Preferred B Shares of
                        Sandel, which constitute a 20% interest in Sandel on a fully diluted and as
                        converted basis. The investment in Sandel is accounted on a cost basis in
                        accordance with EITF 02-14.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.58in; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="637" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="61">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 7 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="561">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">COMPENSATION RECEIVABLES IN RESPECT OF FIRE DAMAGE,
                        NET</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 106.35pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="519" border="0">
                <tr>
                    <td valign="top" width="278">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" colspan="3">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">December 31,</font></b></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="278">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="111">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td valign="top" width="33">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="97">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2006</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="278">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Receivables from insurance company (A)</font></p>
                    </td>

                    <td valign="top" align="right" width="111">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 23.25pt">
                        <font size="2">$ &nbsp;&nbsp;&nbsp;25,884</font></p>
                    </td>

                    <td valign="top" width="33">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="97">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 23.25pt">
                        <font size="2">$ &nbsp;&nbsp; 25,884</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="278">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Net of contingent payment to Koor (B)</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" align="right" width="111">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 34.5pt">
                        <font size="2">10,354</font></p>
                    </td>

                    <td valign="bottom" width="33">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" align="right" width="97">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 34.5pt">
                        <font size="2">10,354</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="278">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" align="right" width="111">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 23.25pt">
                        <font size="2">$ &nbsp;&nbsp; 15,530</font></p>
                    </td>

                    <td valign="bottom" width="33">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" align="right" width="97">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 23.25pt">
                        <font size="2">$ &nbsp;&nbsp; 15,530</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">A.</font></b></p>
                    </td>

                    <td valign="top" width="873">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">On March 17, 2001, a fire broke out in the manufacturing
                        plants in two of Elisra&rsquo;s subsidiaries (&ldquo;the companies&rdquo;).
                        The fire caused damage to equipment, building, inventory and work in
                        progress. Up to December 31, 2006 and 2007, advances were received from the
                        insurance company in the aggregate amount of approximately $10
                        million.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        <font size="2">Upon the acquisition of Elisra in 2005, as part of the assets purchased in
        the business combination, Elbit Systems recorded the receivables from the insurance company
        at their estimated value of approximately $26 million considering the advances previously
        received from the insurance companies in years prior to the acquisition.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">179</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.42in; TEXT-ALIGN: right">
        <b><font size="3">ELBIT SYSTEMS LTD. AND ITS SUBSIDIARIES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="643">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="643">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="690" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="61">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 7 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="614">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">COMPENSATION RECEIVABLES IN RESPECT OF FIRE DAMAGE, NET
                        (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">A.</font></b></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Cont</font></b><font size="2">.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        <font size="2">The claim submitted by the companies to the insurance company, and which is
        based on the terms of the insurance policy, also includes a demand for consequential
        damages along with other damages that the companies believe are covered by the insurance
        policy. Therefore, the total amount of the claim is much higher than the book value of the
        damage and the cost of repairing the building.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        <font size="2">The companies are taking legal action in order to receive the insurance
        claim, and they have submitted a claim to the District Court of Tel-Aviv against the
        insurance company and its assessors, in the aggregate amount of $96 million. In light of
        the duration of the proceedings, the managements of the companies decided to classify the
        balance of the compensation receivable from the insurance company as a long-term
        receivable.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        <font size="2">In April 2004, the companies filed a request with the Court, for issuance of
        a partial judgment, in the amount of $33 million (in excess of the advances already paid by
        the insurance company) based on the admission made by the insurance company and its
        representatives of an obligation deriving from the insurance event, while the dispute
        remains regarding the amount of the damages.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        <font size="2">In December 2004, a hearing was held in the Court wherein the force of a
        judgment was given to an agreement of the parties pursuant to which a separate bank account
        was opened, in which the insurance company deposited $15 million. Every withdrawal from
        such account requires approval of the Court until the proceedings on the claim are
        concluded. In accordance with the aforesaid agreement, the claim was transferred for
        mediation. A number of meetings took place during 2005 and 2006, including a visit of the
        reinsurance representatives with the Company, however the mediation did not result in an
        agreement between the parties.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        <font size="2">In light of the failure of the mediation proceeding, on September 19, 2006
        the mediator notified the Court of discontinuance of the proceeding.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        <font size="2">On September 21, 2006, the Company requested from the Court to renew the
        legal proceedings and requested that a ruling be made on the request for a partial ruling
        that had been filed on April 21, 2004 as described above. In accordance with the decision
        of the District Court in a pre-trial hearing held in March 1, 2007, the parties were
        ordered to conclude the preliminary proceedings by the setting of a new schedule for a
        hearing. The hearing took place in December 1, 2007. The next hearing is scheduled to April
        1, 2008.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        <font size="2">In the opinion of the companies, based on, among other things, the opinion
        of their legal advisors regarding this matter, it is difficult to estimate the chances that
        the companies will receive the full amount of the claim, even though it is considered to be
        well founded. Nonetheless, the managements of the companies estimate, based on the opinion
        of their legal advisors that the chances are good of receiving indemnification from the
        insurance company, in an amount at least equal to the balance of the receivable which they
        recorded as an asset in the financial statements.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.42in; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">180</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.42in; TEXT-ALIGN: right">
        <b><font size="3">ELBIT SYSTEMS LTD. AND ITS SUBSIDIARIES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="643">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="643">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="690" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="61">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 7 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="614">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">COMPENSATION RECEIVABLES IN RESPECT OF FIRE DAMAGE, NET
                        (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">B.</font></b></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">In the agreement Elbit Systems signed with Koor, for the
                        purchase of Elisra&rsquo;s shares, it was agreed that Elbit Systems will
                        pay Koor 40% of the consideration received from the insurance company, up
                        to $30 million and 25%-27.5% of additional consideration
                        received.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">C.</font></b></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">The receivables in respect of the fire damages and related
                        payable to Koor represent pre-acquisition contingencies that were
                        recognized in connection with the acquisition of Elisra in 2005, as part of
                        the PPA.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.42in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="424" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="60">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 8 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="348">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">LONG-TERM DEPOSITS AND SECURITIES</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">A.</font></b></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2"><strong>Long&ndash;term bank deposits and trade
                        receivables</strong></font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.42in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 78pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="538" border="0">
                <tr>
                    <td valign="top" width="357">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" colspan="3">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 37.5pt; TEXT-ALIGN: left">
                        <b><font size="2">December 31,</font></b></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="357">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 21.75pt; TEXT-ALIGN: left">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 21.75pt; TEXT-ALIGN: left">
                        <b><font size="2">2006</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="357">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Deposits with banks for loans granted to employees</font>
                        <font size="2"><sup>(*)</sup></font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 11.25pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,999</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,287</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="357">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Long-term trade and other receivables</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 30pt">
                        <font size="2">1,345</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 30pt">
                        <font size="2">4,701</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="357">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Other deposits with banks</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 30pt">
                        <font size="2">9,994</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt">
                        <font size="2">42</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="357">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 11.25pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;13,338</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,030</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.06in; TEXT-INDENT: -0.31in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.08in; TEXT-ALIGN: justify">
        <font size="2">(*)</font> <font size="2">The deposits are linked to the Israeli CPI, bear
        annual interest of 4% and are presented net of current maturities of $665 (2006 -
        $429).</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.08in; LINE-HEIGHT: 50%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.08in; LINE-HEIGHT: 50%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">B.</font></b></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2"><strong>Marketable securities</strong></font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 78pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="538" border="0">
                <tr>
                    <td valign="top" width="357">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" colspan="3">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 37.5pt; TEXT-ALIGN: left">
                        <b><font size="2">December 31,</font></b></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="357">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 21.75pt; TEXT-ALIGN: left">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 21.75pt; TEXT-ALIGN: left">
                        <b><font size="2">2006</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="357">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Short-term available for sale marketable
                        securities</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 11.25pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;2,830</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,106</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="357">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Long-term marketable securities <sup>(*)</sup></font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt">
                        <font size="2">20,885</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 50.25pt">
                        <font size="2">-</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="357">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 11.25pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp; 23,715</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,106</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            &nbsp;
        </div>

        <div align="left">
            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="121">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="35">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2"><sup>(*)</sup></font></p>
                        </td>

                        <td valign="top" width="829">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <font size="2">Auction Rate Securities (&ldquo;ARS&rdquo;) held by the
                            Company as a result of the acquisition of Tadiran are private placement
                            securities with long-term nominal maturities for which the interest
                            rates are reset through a &ldquo;dutch&rdquo; auction each month. The
                            monthly auctions historically have provided a liquid market for these
                            securities. The Company's investments in ARS represent interests in
                            collateralized debt obligations supported by pools of residential and
                            commercial mortgages or credit cards, insurance securitizations and
                            other structured credits, including corporate bonds. Some of the
                            underlying collateral for the ARS held by the Company consists of
                            sub-prime mortgages.</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" width="121">&nbsp;</td>

                        <td valign="top" width="35">&nbsp;</td>

                        <td valign="top" width="829">&nbsp;</td>
                    </tr>

                    <tr>
                        <td valign="top" width="121">
                        </td>

                        <td valign="top" width="35">
                        </td>

                        <td valign="top" width="829">
                            <p align="justify"><font size="2">ARS investments held by Tadiran at
                            the date of the acquisition all had AAA/Aaa credit ratings at the time
                            of purchase. With the liquidity issues experienced in global credit and
                            capital markets, the ARS held by the Company at December 31, 2007 have
                            experienced multiple failed auctions as the amount of securities
                            submitted for sale has exceeded the amount of purchase
                            orders.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.06in; TEXT-INDENT: -0.31in; TEXT-ALIGN: justify">
            &nbsp;</p>

            <div align="left">
                &nbsp;&nbsp;&nbsp;
            </div>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.38in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.42in; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.42in; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">181</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.42in; TEXT-ALIGN: right">
        <b><font size="3">ELBIT SYSTEMS LTD. AND ITS SUBSIDIARIES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="643">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="643">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.38in; TEXT-INDENT: -0.3in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="608" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="61">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 8 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="531">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">LONG&ndash;TERM BANK DEPOSITS AND TRADE RECEIVABLES
                        (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.08in; TEXT-ALIGN: justify">
        <font size="2">The estimated market value of the Company's ARS holdings at December 31,
        2007 was $20.9 million, which reflects a $10.9 million adjustment to the principal value of
        $31.8 million. Although the ARS continue to pay interest according to their stated terms,
        based on fair value indications received and valuation models applied by the investment
        banks and an analysis of other-than-temporary impairment factors, the Company has recorded
        an impairment charge of approximately $10 million in the fourth quarter of 2007, reflecting
        the portion of ARS holdings that the Company has concluded have an other-than-temporary
        decline in value, the cost was included in Finance Expenses net. In addition, the Company
        recorded an unrealized pre-tax loss of approximately $900 in other comprehensive income,
        reflecting an adjustment to ARS holdings that the Company concluded to have a temporary
        decline in value.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.08in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.08in; TEXT-ALIGN: justify">
        <font size="2">Historically, given the liquidity created by the auctions, ARS were
        presented as current assets under marketable securities on the Company&rsquo;s balance
        sheet. As a result of the failed auctions, in recent periods the Company's ARS are illiquid
        until there is a successful auction for them. Accordingly, the entire amount of such
        remaining ARS has been reclassified from current to non-current assets on the
        Company&rsquo;s balance sheet.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.08in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="434" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="62">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 9 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="357">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">PROPERTY, PLANT AND EQUIPMENT, NET</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 56.7pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="567" border="0">
                <tr>
                    <td valign="top" width="385">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="27">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" colspan="3">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
                        <b><font size="2">December 31,</font></b></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="385">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="27">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 19.5pt; TEXT-ALIGN: left">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="19">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="106">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 19.5pt; TEXT-ALIGN: left">
                        <b><font size="2">2006</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="385">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Cost (1):</font></p>
                    </td>

                    <td valign="top" width="27">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="106">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="385">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Land, buildings and leasehold improvements (2)</font></p>
                    </td>

                    <td valign="top" width="27">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt" valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt">
                        <font size="2">$&nbsp;&nbsp; 210,566</font></p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt" valign="top" align="right" width="106">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3.75pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;185,408</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="385">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Instruments, machinery and equipment (3)</font></p>
                    </td>

                    <td valign="top" width="27">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">453,988&nbsp;</font></p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt" valign="top" align="right" width="106">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">355,365</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="385">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Office furniture and other</font></p>
                    </td>

                    <td valign="top" width="27">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 23.25pt">
                        <font size="2">55,571&nbsp;</font></p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt" valign="top" align="right" width="106">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 22.25pt">
                        <font size="2">44,042</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="385">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Motor vehicles</font></p>
                    </td>

                    <td valign="top" width="27">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 23.25pt">
                        <font size="2">58,766&nbsp;</font></p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="106">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 22.25pt">
                        <font size="2">53,955</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="385">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="27">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">778,891&nbsp;</font></p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt" valign="bottom" align="right" width="106">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">638,770</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="385">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Accumulated depreciation</font></p>
                    </td>

                    <td valign="top" width="27">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 13.5pt">
                        <font size="2">(428,377)</font></p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 2.5pt; BORDER-BOTTOM: black 1pt solid" valign="bottom" align="right" width="106">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 13.5pt">
                        <font size="2">(344,142)</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="385">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Depreciated cost</font></p>
                    </td>

                    <td valign="top" width="27">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt">
                        <font size="2">$&nbsp; 350,514&nbsp;</font></p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 2.5pt; BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="106">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3.75pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp; 294,628&nbsp;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        <font size="2">Depreciation expenses for the years ended December 31, 2007, 2006 and 2005
        amounted to $69,523, $50,323 and $44,576, respectively.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="34">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(1)</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Net of investment grants received (mainly for instruments,
                        machinery and equipment) in the amounts of $22,678 and $33,409 as of
                        December 31, 2007 and 2006, respectively.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="81">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="31">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(2)</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Includes rights in approximately 9,180 square meters of land
                        in Tirat Hacarmel, Israel. The land is held under a prepayment operating
                        lease from the Israel Land Administration until the years 2014 to 2024 with
                        a renewal option for additional periods of up to 49 years. The
                        Company&rsquo;s rights in the land have not yet been registered on its
                        name.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="2">Includes rights in approximately 10,633 square meters of land in Rehovot,
        Israel. The land is held under a prepayment operating lease from the Israel Land
        Administration until the year of 2043 with a renewal option for additional periods of up to
        49 years. The Company&rsquo;s rights in the land have not yet been registered on its
        name.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">182</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.42in; TEXT-ALIGN: right">
        <b><font size="3">ELBIT SYSTEMS LTD. AND ITS SUBSIDIARIES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="643">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="643">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.08in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="486" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="59">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 9 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="412">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">PROPERTY, PLANT AND EQUIPMENT, NET (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        <font size="2">Includes rights in approximately 10,386 square meters of land in Bnei Brak,
        Israel. The land is held under a prepayment operating lease from the Israel Land
        Administration (through the years 2010-2017) with a renewal option for additional periods
        of up to 49 years. The Company&rsquo;s rights in the land have not yet been registered in
        its name.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="80">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="33">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(3)</font></p>
                    </td>

                    <td valign="top" width="872">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Includes equipment produced by the Company for its own use
                        in the aggregate amount of $107,107 and $96,131 as of December 31, 2007 and
                        2006, respectively.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="443" border="0">
                <tr>
                    <td valign="top" nowrap width="80">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">(4)</font></p>
                    </td>

                    <td valign="top" nowrap width="326">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">As for pledges of assets &ndash; see Notes 17(E) and
                        17(I).</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="309" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="60">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Note 10 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="234">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">INTANGIBLE ASSETS, NET</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            &nbsp;
        </div>

        <div align="left">
            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="77">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="37">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">A.</font></b></p>
                        </td>

                        <td valign="top" width="871">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <font size="2"><strong>Composition:</strong></font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.42in; TEXT-ALIGN: justify">
            &nbsp;</p>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="646" border="0">
                <tr>
                    <td colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="39">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="111">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="center">
                        <b><font size="2">Weighted average number</font></b></p>
                    </td>

                    <td valign="top" nowrap width="59">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="78">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="27">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap colspan="2">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="39">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" nowrap width="111">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="center">
                        <b><font size="2">of years of amortization</font></b></p>
                    </td>

                    <td valign="top" nowrap width="59">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" nowrap colspan="3">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="center">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="center">
                        <b><font size="2">December 31,</font></b></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap colspan="2">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="39">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="111">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="59">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" nowrap width="78">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="center">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" nowrap width="27">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" nowrap width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="center">
                        <b><font size="2">2006</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Original cost:</font></p>
                    </td>

                    <td valign="top" nowrap width="39">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="111">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="59">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="78">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="27">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Technology</font> <font size="2"><sup>(1)</sup></font></p>
                    </td>

                    <td valign="top" nowrap width="39">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="111">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">12</font></p>
                    </td>

                    <td valign="top" nowrap width="59">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap align="left" width="78">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right">
                        <font size="2">$ 167,478</font></p>
                    </td>

                    <td valign="top" nowrap width="27">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap align="right" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">$ 96,456</font></p>
                    </td>
                </tr>

                <tr>
                    <td colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Customer relations</font>
                        <font size="2"><sup>(2)</sup></font></p>
                    </td>

                    <td valign="top" nowrap width="39">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="111">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">5</font></p>
                    </td>

                    <td valign="top" nowrap width="59">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap align="left" width="78">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right">
                        <font size="2">164,658</font></p>
                    </td>

                    <td valign="top" nowrap width="27">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap align="right" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">12,330</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap colspan="2">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Trade marks</font> <font size="2"><sup>(3)</sup></font></p>
                    </td>

                    <td valign="top" nowrap width="39">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="111">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">15</font></p>
                    </td>

                    <td valign="top" nowrap width="59">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap align="left" width="78">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right">
                        <font size="2">42,872</font></p>
                    </td>

                    <td valign="top" nowrap width="27">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap align="right" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">8,000</font></p>
                    </td>
                </tr>

                <tr>
                    <td colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap colspan="2">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="39">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="111">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="59">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" nowrap align="left" width="78">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right">
                        <font size="2">375,008</font></p>
                    </td>

                    <td valign="top" nowrap width="27">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" nowrap align="right" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">116,786</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Accumulated amortization:</font></p>
                    </td>

                    <td valign="top" nowrap width="39">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="111">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="59">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap align="left" width="78">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="27">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap align="right" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Technology</font></p>
                    </td>

                    <td valign="top" nowrap width="39">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="111">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="59">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap align="left" width="78">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right">
                        <font size="2">47,110</font></p>
                    </td>

                    <td valign="top" nowrap width="27">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap align="right" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">33,899</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Customer relations</font></p>
                    </td>

                    <td valign="top" nowrap width="39">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="111">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="59">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap align="left" width="78">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right">
                        <font size="2">24,318</font></p>
                    </td>

                    <td valign="top" nowrap width="27">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap align="right" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">9,693</font></p>
                    </td>
                </tr>

                <tr>
                    <td colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Trade marks</font></p>
                    </td>

                    <td valign="top" nowrap width="39">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="111">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="59">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap align="left" width="78">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" align="right">
                        <font size="2">4,655</font></p>
                    </td>

                    <td valign="top" nowrap width="27">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap align="right" width="76">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" align="right">
                        <font size="2">2,600</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="39">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="111">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="59">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap align="left" width="78">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" align="right">
                        <font size="2">76,083</font></p>
                    </td>

                    <td valign="top" nowrap width="27">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap align="right" width="76">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" align="right">
                        <font size="2">46,192</font></p>
                    </td>
                </tr>

                <tr>
                    <td colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Amortized cost</font></p>
                    </td>

                    <td valign="top" nowrap width="39">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="111">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="59">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap align="right" width="78">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double" align="right">
                        <font size="2">$ 298,925</font></p>
                    </td>

                    <td valign="top" nowrap width="27">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap align="right" width="76">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double" align="right">
                        <font size="2">$ 70,594</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Goodwill</font> <font size="2"><sup>(4)</sup></font></p>
                    </td>

                    <td valign="top" nowrap width="39">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="111">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="59">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="78">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double" align="right">
                        <font size="2">$ 331,810</font></p>
                    </td>

                    <td valign="top" nowrap width="27">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap align="right" width="76">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double" align="right">
                        <font size="2">$ 58,401</font></p>
                    </td>
                </tr>

                <tr>
                    <td width="76">
                    </td>

                    <td width="7">
                    </td>

                    <td width="117">
                    </td>

                    <td width="55">
                    </td>

                    <td width="39">
                    </td>

                    <td width="111">
                    </td>

                    <td width="59">
                    </td>

                    <td width="78">
                    </td>

                    <td width="27">
                    </td>

                    <td width="76">
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="114">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="39">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(1)</font></p>
                    </td>

                    <td valign="top" width="832">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">The technology acquired consists of five major items as
                        follows:</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.6in; TEXT-ALIGN: justify">
        <font size="2">In 2000, Elbit Systems completed a merger with Elop. A portion of the
        purchase price was allocated to technology ($45,000), based on an independent appraisal.
        The technology acquired in the merger with Elop comprises various technologies relating to
        diode pumped, detectors for thermal imaging devices, line-of-sight command, control and
        stabilization systems employing computerized digital controllers, sophisticated image and
        signal processing, utilizing modern equipment and software, high precision mechanical and
        optical component design and manufacturing and aviation instruments.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.6in; TEXT-ALIGN: justify">
        <font size="2">In 2000, ESA&rsquo;s subsidiary EFW Inc. (&ldquo;EFW&rdquo;) acquired from
        Honeywell Inc. (&ldquo;Honeywell&rdquo;), Honeywell&rsquo;s business relating to head-up
        displays and tracking systems for pilot helmets. An amount of $9,300 was allocated to the
        acquired technology based on its estimated fair value as prepared by the
        Company.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">183</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><b><font size="3">ELBIT
        SYSTEMS LTD. AND ITS SUBSIDIARIES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="643">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="643">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="360" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="67">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Note 10 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="277">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">INTANGIBLE ASSETS, NET (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            &nbsp;
        </div>

        <div align="left">
            <div align="left">
                <div align="left">
                    <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                        <tr>
                            <td valign="top" width="76">
                                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                                &nbsp;</p>
                            </td>

                            <td valign="top" width="37">
                                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                                <b><font size="2">A.</font></b></p>
                            </td>

                            <td valign="top">
                                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                                <font size="2"><strong>Composition (Cont.)</strong></font></p>
                            </td>
                        </tr>
                    </table>
                </div>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.42in; TEXT-ALIGN: justify">
                &nbsp;</p>
            </div>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.6in; TEXT-ALIGN: justify">
        <font size="2">In 2001 and 2002, the Company acquired a Brazilian company which serves as a
        center for the production and logistic support of defense electronics programs in Brazil.
        An amount of $5,500 was allocated to technology related to the maintenance and support of
        avionic equipment.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.38in; TEXT-INDENT: -0.37in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.6in; TEXT-ALIGN: justify">
        <font size="2">In 2002, Elbit Systems acquired the business of the Defense Systems Division
        of Elron Telesoft in consideration for $5,700. An amount of $5,100 was allocated to the
        technology related to the government information technology control systems software
        developed by Elron Telesoft.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.38in; TEXT-INDENT: -0.37in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.6in; TEXT-ALIGN: justify">
        <font size="2">In 2005, the Elbit Systems acquired 70% of Elisra&rsquo;s shares as detailed
        in Note 1(C) above, in consideration for $68,800. An amount of $21,300 was allocated to the
        technology related to EW systems, command communication (C<sup>2</sup>) systems and data
        link
        products.</font><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.38in; TEXT-INDENT: -0.37in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.6in; TEXT-INDENT: -0.01in; TEXT-ALIGN: justify">
        <font size="2">In 2007, Elbit Systems acquired 58% of Tadiran&rsquo;s shares, as detailed
        in Note 1(D) above. An additional amount of $70,300 was allocated in 2007 to technology
        related to communication equipment and C<sup>4</sup>ISR, resulting from the consolidation
        of Tadiran.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.38in; TEXT-INDENT: -0.37in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="114">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="40">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(2)</font></p>
                    </td>

                    <td valign="top" width="831">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Includes mainly customer relations resulting from the
                        acquisition of Tadiran ($143,000) and FTL ($9,000).</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.38in; TEXT-INDENT: -0.37in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="114">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="41">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(3)</font></p>
                    </td>

                    <td valign="top" width="830">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Includes trade marks in the amount of $8,000 acquired in the
                        merger with Elop in 2000, and an amount of $34,900 that was allocated to
                        trade marks resulting mainly from the acquisition of Tadiran in
                        2007.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.38in; TEXT-INDENT: -0.37in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="114">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="40">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(4)</font></p>
                    </td>

                    <td valign="top" width="831">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Includes mainly goodwill resulting from the merger with Elop
                        ($18,700) in 2000, goodwill acquired from Honeywell ($2,090) in 2000,
                        goodwill resulting from the acquisition of International Enterprises, Inc.
                        (&ldquo;IEI&rdquo;), an ESA subsidiary ($3,300) in 2001, goodwill resulting
                        from the acquisition of Elisra ($24,300) in 2005, and goodwill resulting
                        from the acquisition of Tadiran ($261,300) and FTL ($12,100) in
                        2007.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.38in; TEXT-INDENT: -0.37in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.5in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        <font size="2">Changes in goodwill, during the years, are as follows:</font></p>

        <div align="left">
            <table style="MARGIN-LEFT: 99.25pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="510" border="0">
                <tr>
                    <td valign="top" width="328">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 3pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 19.5pt; TEXT-ALIGN: left">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 19.5pt; TEXT-ALIGN: left">
                        <b><font size="2">2006</font></b></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="328">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Balance, at January 1</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 8.25pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 58,401</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 11.25pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;58,401</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="328">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <u><font size="2">Goodwill acquired during the
                        year</font></u><font size="2">:</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="328">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Tadiran (*)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.25in">
                        <font size="2">261,354</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 38.75pt">
                        <font size="2">-</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="328">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">FTL</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 23.25pt">
                        <font size="2">12,055</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 38.75pt">
                        <font size="2">-</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="328">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Balance, at December 31</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6.75pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;331,810</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 9.75pt">
                        <font size="2">$&nbsp;&nbsp; 58,401</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.5in; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        <font size="2">(*) Including goodwill as a result of prior years acquisitions of Tadiran
        shares.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">184</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><b><font size="3">ELBIT
        SYSTEMS LTD. AND ITS SUBSIDIARIES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="643">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="643">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.38in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="360" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="61">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Note 10 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="283">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">INTANGIBLE ASSETS, NET (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.38in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">B.</font></b></p>
                    </td>

                    <td valign="top" width="872">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Amortization expenses amounted to $29,891, $8,176 and $7,742
                        for the years ended December 31, 2007, 2006 and 2005,
                        respectively.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">C.</font></b></p>
                    </td>

                    <td valign="top" width="872">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">The annual amortization expense relating to intangible
                        assets other than goodwill existing as of December 31, 2007 is estimated to
                        be as follows:</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            &nbsp;
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 100.1pt" cellspacing="0" cellpadding="0" width="300" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="357">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">2008</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="4">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$ 37,566</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="357">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">2009</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="4">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">33,293</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="357">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">2010</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="4">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.75pt; TEXT-ALIGN: right">
                        <font size="2">32,270</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="357">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">2011</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="4">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">32,216</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="357">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">2012</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="4">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">31,775</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="357">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Thereafter</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="4">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="108">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: 1.65pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">131,805</font></p>
                        </div>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="357">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Total</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="4">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="108">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: 1.65pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">$ 298,925</font></p>
                        </div>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="425" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="60">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Note 11 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="350">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">SHORT-TERM BANK CREDIT AND LOANS</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 62.1pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="559" border="0">
                <tr>
                    <td valign="top" width="193">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="21">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" colspan="7">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 90.75pt; TEXT-ALIGN: left">
                        <b><font size="2">December 31,</font></b></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="193">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="21">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="74">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 16.5pt; TEXT-ALIGN: left">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="82">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 16.5pt; TEXT-ALIGN: left">
                        <b><font size="2">2006</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="82">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 19.5pt; TEXT-ALIGN: left">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="82">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 19.5pt; TEXT-ALIGN: left">
                        <b><font size="2">2006</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="193">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Short-term bank loans:</font></p>
                    </td>

                    <td valign="top" width="21">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" colspan="3">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; TEXT-ALIGN: left">
                        <b><font size="2">Interest Rate</font></b></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="82">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="82">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="193">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left">
                        <font size="2">In U.S. dollars</font></p>
                    </td>

                    <td valign="top" width="21">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="center" width="74">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">7.0-7.01%</font></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="82">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="center">
                        <font size="2">4.75-7.86%</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="82">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 14.25pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 7,915</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="82">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 14.25pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp; 6,660</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="193">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 6pt; TEXT-ALIGN: left">
                        <font size="2">In Euro and GBP</font></p>
                    </td>

                    <td valign="top" width="21">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 54%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="center" width="74">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt">
                        <font size="2">6.7-7.14%</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 10.85pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="82">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in" align="center">
                        <font size="2">-</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" align="right" width="82">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.5in">
                        <font size="2">757</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" align="right" width="82">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt">
                        <font size="2">-</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="193">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="21">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="74">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="82">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" align="right" width="82">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 27.75pt">
                        <font size="2">8,672</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" align="right" width="82">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 27.75pt">
                        <font size="2">6,660</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="193">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Short-term bank credit:</font></p>
                    </td>

                    <td valign="top" width="21">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="74">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3.75pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="82">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 10.85pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="82">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="82">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="193">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left">
                        <font size="2">In NIS unlinked</font></p>
                    </td>

                    <td valign="top" width="21">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="74">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt" align="center">
                        <font size="2">-</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="82">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt" align="center">
                        <font size="2">7.25%</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="82">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 41.25pt">
                        <font size="2">19</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="82">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 27.75pt">
                        <font size="2">2,929</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="193">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 6pt; TEXT-ALIGN: left">
                        <font size="2">In U.S. dollars</font></p>
                    </td>

                    <td valign="top" width="21">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="74">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in" align="center">
                        <font size="2">5.8%</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="82">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt" align="center">
                        <font size="2">6.68-8.25%</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" align="right" width="82">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 27.75pt">
                        <font size="2">1,727</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" align="right" width="82">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 27.75pt">
                        <font size="2">8,213</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="193">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="21">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="74">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="82">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" align="right" width="82">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 27.75pt">
                        <font size="2">1,746</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" align="right" width="82">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 22.5pt">
                        <font size="2">11,142</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="193">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="21">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="74">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="82">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" align="right" width="82">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 11.25pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp; 10,418</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" align="right" width="82">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 11.25pt">
                        <font size="2">$&nbsp;&nbsp; 17,802</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="193">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Weighted Average Interest Rate</font></p>
                    </td>

                    <td valign="top" width="21">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="74">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt" align="center">
                        <font size="2">6.77%</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="82">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt" align="center">
                        <font size="2">6.74%</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="82">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="82">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="457" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="60">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Note 12 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="382">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">OTHER PAYABLES AND ACCRUED EXPENSES</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 56.7pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="567" border="0">
                <tr>
                    <td valign="top" width="385">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" colspan="3">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 35.25pt; TEXT-ALIGN: left">
                        <b><font size="2">December 31,</font></b></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="385">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 21.75pt; TEXT-ALIGN: left">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 19.5pt; TEXT-ALIGN: left">
                        <b><font size="2">2006</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="385">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Payroll and related expenses</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6.75pt">
                        <font size="2">$&nbsp; 116,019</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 12pt">
                        <font size="2">$ 78,514</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="385">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Provision for vacation pay</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 20.25pt">
                        <font size="2">58,882</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 20.25pt">
                        <font size="2">39,841</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="385">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Provision for income taxes, net of advance paid</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 20.25pt">
                        <font size="2">25,599</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 20.25pt">
                        <font size="2">21,096</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="385">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Deferred taxes</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 25.5pt">
                        <font size="2">2,183</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 42.75pt">
                        <font size="2">-</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="385">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Value added tax (VAT) payable</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 25.5pt">
                        <font size="2">7,128</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 25.5pt">
                        <font size="2">9,044</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="385">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Provisions for royalties</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 20.25pt">
                        <font size="2">30,024</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 20.25pt">
                        <font size="2">23,344</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="385">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Provision for warranty</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 20.25pt">
                        <font size="2">72,359</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 20.25pt">
                        <font size="2">44,417</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="385">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Liability in respect of hedge transactions</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 20.25pt">
                        <font size="2">15,943</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 20.25pt">
                        <font size="2">13,442</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="385">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Provision for losses on long-term contracts</font></p>
                    </td>

                    <td valign="top" width="8">
                    </td>

                    <td valign="bottom" align="right" width="83">
                    <font face="Times New Roman, Times, serif" color="#000000" size="2">35,029</font></td>

                    <td valign="top" width="8">
                    </td>

                    <td valign="bottom" align="right" width="83">
                    <font face="Times New Roman, Times, serif" color="#000000" size="2">4,314</font></td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="385">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Others (*)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 15pt">
                        <font size="2">92,130</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 20.25pt">
                        <font size="2">40,787</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="385">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6.75pt">
                        <font size="2">$&nbsp; 455,296</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6.75pt">
                        <font size="2">$&nbsp; 274,799</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.78in; TEXT-INDENT: -0.78in; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        <font size="2">(*)</font> <font size="2">Others, primarily includes provisions for
        estimated future costs in respect of (1) provision for losses, penalties and the probable
        loss from claims (legal or unasserted) in the ordinary course of business (e.g. damages
        caused by the items sold and claims as to the specific products ordered), and (2) unbilled
        services of service providers.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">185</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><b><font size="3">ELBIT
        SYSTEMS LTD. AND ITS SUBSIDIARIES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="643">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="643">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.78in; TEXT-INDENT: -0.68in; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="60">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Note 13 -</font></b></p>
                    </td>

                    <td valign="top" width="909">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">CUSTOMERS ADVANCES IN EXCESS OF COSTS INCURRED ON
                        CONTRACTS IN PROGRESS</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 56.7pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="567" border="0">
                <tr>
                    <td valign="top" width="385">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" colspan="3">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 33.75pt; TEXT-ALIGN: left">
                        <b><font size="2">December 31,</font></b></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="385">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 22.5pt; TEXT-ALIGN: left">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 22.5pt; TEXT-ALIGN: left">
                        <b><font size="2">2006</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="385">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Advances received</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.75pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848,234</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.75pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603,194</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="385">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Less -</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="385">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -5.35pt; TEXT-ALIGN: left">
                        <font size="2">Advances presented under long-term liabilities</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">137,296</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">126,769</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="385">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -5.35pt; TEXT-ALIGN: left">
                        <font size="2">Advances deducted from inventories</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">131,177</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 23.25pt">
                        <font size="2">77,246</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="385">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">579,761</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">399,179</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="385">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Less -</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="385">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -5.35pt; TEXT-ALIGN: left">
                        <font size="2">Costs incurred on contracts in progress (see Note
                        5)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 23.25pt">
                        <font size="2">69,199</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 23.25pt">
                        <font size="2">49,455</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="385">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp; 510,562</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 349,724</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.89in; TEXT-ALIGN: left">
        <font size="2">As for guarantees and liens, see Notes 17(E) and (F).</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="261" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="60">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 14 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="186">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">LONG-TERM LOANS</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 62.1pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="700" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="218">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="117">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: left">
                        <b><font size="2">Interest</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="80">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: left">
                        <b><font size="2">Years of</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" colspan="2">
                        <div style="MARGIN-LEFT: 0in; MARGIN-RIGHT: -35.45pt; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: left">
                            <b><font size="2">December 31,</font></b></p>
                        </div>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="218">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="117">
                        <div style="MARGIN-LEFT: 0in; MARGIN-RIGHT: -35.45pt; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 14.25pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: left">
                            <b><font size="2">Currency</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="98">
                        <div style="MARGIN-LEFT: 0in; MARGIN-RIGHT: -35.45pt; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 30.75pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: left">
                            <b><font size="2">%</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="80">
                        <div style="MARGIN-LEFT: 0in; MARGIN-RIGHT: -35.45pt; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 12pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: left">
                            <b><font size="2">maturity</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="72">
                        <div style="MARGIN-LEFT: 0in; MARGIN-RIGHT: -35.45pt; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 8.25pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: left">
                            <b><font size="2">2007</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="67">
                        <div style="MARGIN-LEFT: 0in; MARGIN-RIGHT: -35.45pt; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 11.25pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: left">
                            <b><font size="2">2006</font></b></p>
                        </div>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="218">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: justify">
                        <font size="2">Banks</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="117">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: left">
                        <font size="2">U.S. dollars</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Libor +<br>
                        0.75-1.</font>25%</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="80">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt" align="center">
                        <font size="2">mainly<br>
                        2-3</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="72">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 35.6pt; LINE-HEIGHT: 129.6%">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7.1pt">
                        <font size="2">$ 412,040</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="67">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 35.4pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: left">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 5.4pt" align="right">
                        <font size="2">$ 135,355</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="218">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="117">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: left">
                        <font size="2">GBP</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Libor +<br>
                        1-1.25%</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="80">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt" align="center">
                        <font size="2">mainly<br>
                        2-3</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="72">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 16.1pt; LINE-HEIGHT: 129.6%">
                        <font size="2">37,931</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="67">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt" align="right">
                        <font size="2">-</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="218">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="117">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: left">
                        <font size="2">Other</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 8.8pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="80">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 15.85pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="72">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -35.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 35.6pt; LINE-HEIGHT: 129.6%">
                            <font size="2">-</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="67">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" align="right">
                        <font size="2">110</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="218">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="117">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="80">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="72">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 10.1pt; LINE-HEIGHT: 129.6%">
                        <font size="2">449,971</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="67">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt" align="right">
                        <font size="2">135,465</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: left">
                        <font size="2">Less-current maturities</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="80">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="72">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 16.1pt; LINE-HEIGHT: 129.6%; BORDER-BOTTOM: black 1pt solid" align="right">
                        <font size="2">18,659</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="67">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.2in; LINE-HEIGHT: 129.6%; BORDER-BOTTOM: black 1pt solid" align="right">
                        <font size="2">10,199</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="218">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="117">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="80">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="72">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 1.7pt; LINE-HEIGHT: 129.6%; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double" align="right">
                        <font size="2">$ 431,312</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="67">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double" align="right">
                        <font size="2">$ 125,266</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.81in; TEXT-ALIGN: justify">
        <font size="2">The Libor rate as of December 31, 2007 was 4.2%.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-INDENT: -0.02in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.81in; TEXT-ALIGN: justify">
        <font size="2">The maturities of these loans after December 31, 2007 are as
        follows:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.81in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 0.85in; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="323" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="219">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="219">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: justify">
                        <font size="2">2008&ndash; current maturities</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7.5pt; LINE-HEIGHT: 129.6%">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 18,659</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="219">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: justify">
                        <font size="2">2009</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 15.75pt; LINE-HEIGHT: 129.6%">
                        <font size="2">&nbsp;398,708</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="219">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: justify">
                        <font size="2">2010</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 21.75pt; LINE-HEIGHT: 129.6%">
                        <font size="2">30,247</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="219">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: justify">
                        <font size="2">2011</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 33.25pt; LINE-HEIGHT: 129.6%">
                        <font size="2">180</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="219">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: justify">
                        <font size="2">2012</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 33.25pt; LINE-HEIGHT: 129.6%">
                        <font size="2">185</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="219">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: justify">
                        <font size="2">2013 and thereafter</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 129.6%; BORDER-BOTTOM: black 1pt solid" align="right">
                        <font size="2">1,992</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="219">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="85">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double" align="right">
                        <font size="2">$&nbsp;&nbsp; 449,971</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.81in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-INDENT: -0.02in; TEXT-ALIGN: justify">
        <font size="2">See Note 17(F) for covenants.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-INDENT: -0.02in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        <font size="2">In order to secure liabilities to banks as well as guarantees to customers
        and performance guarantees, a subsidiary granted first priority liens and/or floating liens
        on all of its property and assets with no limitation as to amount, and specific liens on
        its short-term investments (see Notes 17(F) and 17(G)).</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">186</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><b><font size="3">ELBIT
        SYSTEMS LTD. AND ITS SUBSIDIARIES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="643">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="643">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="60">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Note 15 -</font></b></p>
                    </td>

                    <td valign="top" width="909">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">BENEFIT PLANS AND OBLIGATIONS FOR TERMINATIONAL
                        INDEMNITY</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        <font size="2">The Company&rsquo;s subsidiaries ESA, Telefunken and a European subsidiary
        sponsored benefit plans for their employees in the U.S., Germany and Belgium, respectively,
        as follows:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        <b><font size="2">Defined Benefit Retirement Plan based on Employer&rsquo;s
        Contributions</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-INDENT: -0.2in; TEXT-ALIGN: justify">
        <font size="2">a)&nbsp; ESA has three defined benefit pension plans (the
        &ldquo;Plans&rdquo;) which cover the employees of EFW and Kollsman. Monthly benefits are
        based on years of benefit service and annual compensation. Annual contributions to the
        Plans are determined using the unit credit actuarial cost method and are equal to or exceed
        the minimum required by law. Pension fund assets of the Plans are invested primarily in
        stock, bonds and cash through a financial institution, as the investment manager of the
        Plans&rsquo; assets. Pension expense is allocated between cost of sales and general and
        administrative expenses, depending on the responsibilities of the employee. The measurement
        date for the EFW and Kollsman benefit obligation is December 31, 2007.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-INDENT: -0.2in; TEXT-ALIGN: justify">
        <font size="2">b)&nbsp; Telefunken Radio Communication Systems GmbH &amp; Co.
        (&ldquo;Telefunken&rdquo;), a wholly-owned German subsidiary, has mainly one defined
        benefit pension plan (the &ldquo;P3-plan&rdquo;) which covers all employees. The P3-plan
        provides for yearly cash balance credits equal to a percentage of participant&rsquo;s
        compensation which accumulate together with the respective interest credits on the
        employee&rsquo;s cash balance accounts. In case of an insured event (retirement, death,
        disability) the benefits can be paid as a lump sum, in installments or as a life-long
        annuity. The P3-plan is an unfunded plan.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        <font size="2">Under the P3-plan, employees are eligible to contribute salary deductions in
        order to increase their pension benefits. The plan provisions are similar to those for
        employer&rsquo;s contributions. No funding takes place for those benefits.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        <font size="2">In addition, Telefunken sponsored an early retirement program &ndash;
        Altersteilzeit Plan (the &ldquo;ATZ-plan&rdquo;) that allows employees within a certain age
        group, to transition from (full or part-time) employment into retirement before the legal
        retirement age. The ATZ-plan benefits are granted for a period between 24 and 60 months to
        all eligible employees, who signed an individual ATZ-plan contract. The employee is
        required to work regular work hours during a working phase (active period), which is
        followed by a non-working phase of the same length (inactive period). The total benefits
        are comprised of:</font></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">1)</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">the ordinary 50% salary for the ATZ-plan &ndash; paid during
                        the active and inactive period,</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">2)</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">an annual salary bonus (&ldquo;Aufstockungsbetrag&rdquo;)
                        and additional contributions into the German government pension scheme
                        &ndash; paid during the active and inactive period, and</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">3)</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">a compensation payment &ndash; paid at the end of the
                        ATZ-plan period.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        <font size="2">The German government provides a subsidy (reimbursement) to an employer for
        the bonuses paid to the employee and the additional contributions paid into the German
        government pension scheme. To receive this subsidy, an employer must meet certain criteria
        (typically, an employer must hire replacement employees from currently registered
        unemployed persons or former trainees).</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        <font size="2">Member contributions are not required. The ATZ-plan is an unfunded
        plan.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-INDENT: -0.2in; TEXT-ALIGN: justify">
        <font size="2">c)&nbsp;&nbsp; A wholly-owned European subsidiary in Belgium has a defined
        benefit pension plan, which is divided into two categories:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">187</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><b><font size="3">ELBIT
        SYSTEMS LTD. AND ITS SUBSIDIARIES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="643">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="643">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="640" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="60">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 15 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="564">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">BENEFIT PLANS AND ACCRUED TERMINATIONAL LIABILITY
                        (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">1)</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Normal retirement benefit plan, with eligibility at age 65.
                        The lump sum is based on the employee contributions of 2% of the final
                        pensionable salary up to certain breakpoint, plus 6% exceeding the
                        breakpoint at a maximum of 5% of pensionable salary, and the employer
                        contributions, with a maximum of 40 years. The vested benefit is equal to
                        retirement benefit calculated with the pensionable salary and pensionable
                        service observed at the date of leaving service.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">2)</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Pre retirement death benefit to employees.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="389" border="0">
                <tr>
                    <td valign="top" nowrap width="101">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="288">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">The plan is funded and includes profit sharing.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        <font size="2">The following table sets forth the Plans&rsquo; funded status and amounts
        recognized in the consolidated financial statements for the years ended December 31, 2007
        and 2006:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 0.8in" cellspacing="0" cellpadding="0" width="650" border="0">
                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="401">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" colspan="7">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">December 31,</font></b></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="401">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="18">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" colspan="7">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        </p>
                        <hr width="100%" color="gray" noshade size="1">
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        </p>
                        <hr width="100%" color="gray" noshade size="1">
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="401">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><font size="2">Changes in benefit obligation:</font></u></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" colspan="2">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 11.25pt; TEXT-ALIGN: center">
                            <b><font size="2">2007</font></b></p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" colspan="2">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 11.25pt; TEXT-ALIGN: center">
                            <b><font size="2">2006</font></b></p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </div>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="401">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Benefit obligation at beginning of year</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right">
                        <font size="2">56,779</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right">
                        <font size="2">51,305</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="401">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Newly consolidated subsidiaries</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">12,905</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="401">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Service cost, end of year</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">5,615</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">3,869</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="401">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Interest cost</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">4,017</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">2,981</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="401">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Amendments</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">73</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="401">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Actuarial losses</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(1,854</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(228</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="401">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Benefits paid</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="10">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">(1,905</font></p>
                        </div>
                    </td>

                    <td valign="bottom" width="18">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">)</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="9">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">(1,221</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">)</font></p>
                        </div>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="401">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Benefit obligation at end of year</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="10">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">$</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right">
                            <font size="2">75,557</font></p>
                        </div>
                    </td>

                    <td valign="bottom" width="18">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="9">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">$</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right">
                            <font size="2">56,779</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </div>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="401">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <u><font size="2">Changes in Plan
                        Assets</font></u><font size="2">:</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="401">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Fair value of Plans assets at beginning of year</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">43,154</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">33,344</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="401">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Newly consolidated subsidiaries</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,718</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="401">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Actual return on Plan assets (net of expenses)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">4,605</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">4,450</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="401">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Employer contribution</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">6,384</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">6,581</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="401">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Benefits paid</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="10">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">(1,552</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">)</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="9">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">(1,221</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">)</font></p>
                        </div>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="401">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Fair value of Plans assets at end of year</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="10">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">$</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right">
                            <font size="2">54,309</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="9">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">$</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right">
                            <font size="2">43,154</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </div>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="401">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <u><font size="2">Accrued benefit cost, end of
                        year</font></u><font size="2">:</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="401">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Funded status</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(19,864</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(13,625</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="401">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Unrecognized prior service cost</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">543</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">215</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="401">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Amortization of net actuarial loss</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="10">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">11,169</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="9">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">12,894</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </div>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="401">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Accrued benefit cost, end of year</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="10">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">$</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right">
                            <font size="2">(8,152</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">)</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="9">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">$</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right">
                            <font size="2">(516</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">)</font></p>
                        </div>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="401">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Amount recognized in the statement of financial
                        position:</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="401">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Accrued benefit liability</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(19,950</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(13,625</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="401">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Deferred tax assets</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">4,203</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">4,731</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="401">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Accumulated other comprehensive loss</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="10">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">7,595</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="9">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">8,378</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </div>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="401">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2">Net amount recognized</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="10">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">$</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right">
                            <font size="2">(8,152</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">)</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="9">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">$</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right">
                            <font size="2">(516</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="18">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">)</font></p>
                        </div>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            &nbsp;
        </div>

        <div align="left">
            &nbsp;
        </div>

        <div align="left">
            &nbsp;
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 56.7pt" cellspacing="0" cellpadding="0" width="650" border="0">
                <tr>
                    <td valign="top" width="376">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Weighted average assumptions:</font></p>
                    </td>

                    <td valign="top" width="81">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="22">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="376">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -2.35pt; TEXT-ALIGN: left">
                        <font size="2">Discount rate as of December 31,</font></p>
                    </td>

                    <td valign="top" width="81">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 26.25pt; TEXT-ALIGN: left">
                        <font size="2">6.09%</font></p>
                    </td>

                    <td valign="top" width="22">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 26.25pt; TEXT-ALIGN: left">
                        <font size="2">5.75%</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="376">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -2.35pt; TEXT-ALIGN: left">
                        <font size="2">Expected long-term rate of return on Plan&rsquo;s
                        assets</font></p>
                    </td>

                    <td valign="top" width="81">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 26.25pt; TEXT-ALIGN: left">
                        <font size="2">7.62%</font></p>
                    </td>

                    <td valign="top" width="22">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 26.25pt; TEXT-ALIGN: left">
                        <font size="2">8.50%</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="376">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -2.35pt; TEXT-ALIGN: left">
                        <font size="2">Rate of compensation increase</font></p>
                    </td>

                    <td valign="top" width="81">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 26.25pt; TEXT-ALIGN: left">
                        <font size="2">2.83%</font></p>
                    </td>

                    <td valign="top" width="22">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 26.25pt; TEXT-ALIGN: left">
                        <font size="2">3.00%</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">188</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><b><font size="3">ELBIT
        SYSTEMS LTD. AND ITS SUBSIDIARIES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="643">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="643">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="640" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="68">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 15 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="556">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">BENEFIT PLANS AND ACCRUED TERMINATIONAL LIABILITY
                        (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            &nbsp;
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 5.83%; TEXT-ALIGN: right">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 62.1pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="567" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="358">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" colspan="3">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="center">
                        <b><font size="2">Year ended</font></b> <b><font size="2">December
                        31,</font></b></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="358">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 14.25pt; TEXT-ALIGN: left">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 16.5pt; TEXT-ALIGN: left">
                        <b><font size="2">2006</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="358">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Components of net periodic pension cost:</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="358">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -3.1pt; TEXT-ALIGN: left">
                        <font size="2">Service cost</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 8.25pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp; 5,615&nbsp;</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 13.5pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp; 3,869&nbsp;</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="358">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -3.1pt; TEXT-ALIGN: left">
                        <font size="2">Interest cost</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 21.75pt">
                        <font size="2">4,017&nbsp;</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt">
                        <font size="2">2,981&nbsp;</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="358">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -2.35pt; TEXT-ALIGN: left">
                        <font size="2">Expected return on Plans assets</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.25in">
                        <font size="2">(3,761)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 23.25pt">
                        <font size="2">(2,938)</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="358">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -5.35pt; TEXT-ALIGN: left">
                        <font size="2">Amortization of prior service cost</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 29pt">
                        <font size="2">(99)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 43.25pt">
                        <font size="2">-&nbsp;&nbsp;</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="358">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -3.4pt; TEXT-ALIGN: left">
                        <font size="2">Amortization of transition amount</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 33.25pt">
                        <font size="2">63&nbsp;</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 38.5pt">
                        <font size="2">14&nbsp;</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="358">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -5.35pt; TEXT-ALIGN: left">
                        <font size="2">Recognized net actuarial loss</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" align="right" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 28pt">
                        <font size="2">757&nbsp;</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" align="right" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 33.25pt">
                        <font size="2">846&nbsp;</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="358">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 3.65pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Total net periodic benefit cost</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double" valign="bottom" align="right" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 8.25pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp; 6,592&nbsp;</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double" valign="bottom" align="right" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 10.5pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,772&nbsp;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 62.1pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="567" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="358">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="3">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; BORDER-BOTTOM: #000000 1px solid" align="center">
                        <b><font size="2">Year ended</font></b> <b><font size="2">December
                        31,</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="358">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Additional information:</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt" align="center">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt" align="center">
                        <b><font size="2">2006</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="358">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -5.35pt; TEXT-ALIGN: left">
                        <font size="2">Accumulated benefit obligation</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="76">
                        <p style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: black 1pt solid; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none; TEXT-INDENT: 6pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double" align="right">
                        <font size="2">$&nbsp;&nbsp;&nbsp; 69,637</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="85">
                        <p style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: black 1pt solid; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none; TEXT-INDENT: 11.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double" align="right">
                        <font size="2">$&nbsp;&nbsp;&nbsp; 51,702</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        <b><font size="2">Asset Allocation by Category as of December 31:</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="450" align="center" border="0">
                <tr height="20">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="280">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="106">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; TEXT-ALIGN: right">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="95">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; TEXT-ALIGN: right">
                        <b><font size="2">2006</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="280">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; TEXT-ALIGN: justify">
                        <font size="2">Asset Category</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="106">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="95">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="280">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 14.25pt; TEXT-ALIGN: justify">
                        <font size="2">Equity Securities</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="106">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; TEXT-ALIGN: right">
                        <font size="2">53.0%</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="95">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; TEXT-ALIGN: right">
                        <font size="2">61.0%</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="280">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 14.25pt; TEXT-ALIGN: justify">
                        <font size="2">Debt Securities</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="106">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; TEXT-ALIGN: right">
                        <font size="2">41.5%</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="95">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; TEXT-ALIGN: right">
                        <font size="2">34.5%</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 5pt" bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 5pt" valign="top" width="280">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 14.25pt; TEXT-ALIGN: justify">
                        <font size="2">Other</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 5pt" valign="top" width="106">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; TEXT-ALIGN: right">
                        <font size="2">5.5%</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 5pt" valign="top" width="95">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; TEXT-ALIGN: right">
                        <font size="2">4.5%</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 4.5pt">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4.5pt" valign="top" width="280">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; TEXT-ALIGN: justify">
                        <font size="2">Total</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4.5pt" valign="top" width="106">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; TEXT-ALIGN: right">
                        <font size="2">100%</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4.5pt" valign="top" width="95">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; TEXT-ALIGN: right">
                        <font size="2">100.0%</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        <font size="2">The investment policy of ESA is directed toward a broad range of securities.
        The diversified portfolio seeks to maximize investment return while minimizing the risk
        levels associated with investing. The investment policy is structured to consider the
        retirement plan&rsquo;s obligations and the expected timing of benefit payments. The target
        asset allocation for the Plan years presented is as follows:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="450" align="center" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="263">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="91">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; TEXT-ALIGN: right">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="87">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; TEXT-ALIGN: right">
                        <b><font size="2">2006</font></b></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="263">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; TEXT-ALIGN: justify">
                        <font size="2">Asset Category</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="91">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="87">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="263">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 14.25pt; TEXT-ALIGN: justify">
                        <font size="2">Equity Securities</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="91">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; TEXT-ALIGN: right">
                        <font size="2">60.0%</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="87">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; TEXT-ALIGN: right">
                        <font size="2">60.0%</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="263">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 14.25pt; TEXT-ALIGN: justify">
                        <font size="2">Debt Securities</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="91">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; TEXT-ALIGN: right">
                        <font size="2">37.0%</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="87">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; TEXT-ALIGN: right">
                        <font size="2">37.0%</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="263">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 14.25pt; TEXT-ALIGN: justify">
                        <font size="2">Other</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="91">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; TEXT-ALIGN: right">
                        <font size="2">3.0%</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="87">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; TEXT-ALIGN: right">
                        <font size="2">3.0%</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="263">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; TEXT-ALIGN: justify">
                        <font size="2">Total</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="91">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; TEXT-ALIGN: right">
                        <font size="2">100%</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="87">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; TEXT-ALIGN: right">
                        <font size="2">100.0%</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        <font size="2">In developing the overall expected long-term rate of return on assets
        assumption, ESA used a building block approach in which rates of return in excess of
        inflation were considered separately for equity securities, debt securities, real estate
        and all other assets. The excess returns were weighted by the representative target
        allocation and added along with an approximate rate of inflation to develop the overall
        expected long-term rate of return. It is the policy of ESA to at least meet the ERISA
        minimum contribution requirements for a Plan year. The minimum contribution requirements
        for the 2007 Plan year and the quarterly contributions requirements for the 2007 Plan year
        have been satisfied as of December 31, 2007. However, ESA anticipates that it will make an
        additional discretionary contribution of approximately $162 during 2008 in order to
        increase the Plan&rsquo;s funded status percentage. Benefit payments over the next five
        years are expected to be $2,180 in 2008; $2,657 in 2009; $2,816 in 2010, $2,930 in 2011 and
        $3,157 in 2012.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">189</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: right">
        <b><font size="3">ELBIT SYSTEMS LTD. AND ITS SUBSIDIARIES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="624">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="624">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="640" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="64">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 15 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="560">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">BENEFIT PLANS AND ACCRUED TERMINATIONAL LIABILITY
                        (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        <b><font size="2">Retiree Medical Plan</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.89in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        <font size="2">Effective January 1, 2003, ESA commenced offering retiree medical benefits
        to a limited number of retirees at EFW, in accordance with benefits agreed upon as part of
        union negotiations in late 2002.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.89in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        <font size="2">The measurement date for ESA benefit obligation is December 31, 2007. The
        following table sets forth the Plans&rsquo; funded status and amounts recognized in the
        consolidated financial statements for the year ended December 31, 2007 and 2006.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.89in; TEXT-ALIGN: justify">
        </p>

        <div align="left">
            &nbsp;
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0.8in" cellspacing="0" cellpadding="0" width="672" border="0">
                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="460">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 18.65pt; TEXT-INDENT: -0.25in; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" colspan="3">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: center">
                        <b><font size="2">December 31</font></b><br>
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" colspan="3">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">December 31</font></b><br>
                        <b><font size="2">2006</font></b></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="460">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" colspan="3">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        </p>
                        <hr width="100%" color="gray" noshade size="1">
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        </p>
                        <hr width="100%" color="gray" noshade size="1">
                    </td>

                    <td valign="top" colspan="3">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        </p>
                        <hr width="100%" color="gray" noshade size="1">
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="460">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 18.65pt; TEXT-INDENT: -0.25in; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="53">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="460">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        <font size="2">Change in Benefit Obligation:</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="53">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="460">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 26.3pt; TEXT-INDENT: -0.25in; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        <font size="2">Benefit obligation at beginning of period</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="53">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        <font size="2">1,387</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        <font size="2">1,589</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="460">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 26.3pt; TEXT-INDENT: -0.25in; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        <font size="2">Service cost</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="53">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        <font size="2">67</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        <font size="2">82</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="460">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 26.3pt; TEXT-INDENT: -0.25in; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        <font size="2">Interest cost</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="53">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        <font size="2">75</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        <font size="2">84</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="460">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 26.3pt; TEXT-INDENT: -0.25in; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        <font size="2">Actuarial (gain) / loss</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="53">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        <font size="2">9</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        <font size="2">(241</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff" height="21">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="460">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 26.3pt; TEXT-INDENT: -0.25in; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        <font size="2">Benefits paid</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="53">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; LINE-HEIGHT: 116.64%; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right">
                        <font size="2">(141</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; LINE-HEIGHT: 116.64%; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right">
                        <font size="2">(127</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="460">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 26.3pt; TEXT-INDENT: -0.25in; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        <font size="2">Benefit obligation at end of period</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; BORDER-BOTTOM: #000000 2px double; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="53">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; LINE-HEIGHT: 116.64%; BORDER-BOTTOM: #000000 2px double; TEXT-ALIGN: right">
                        <font size="2">1,397</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; BORDER-BOTTOM: #000000 2px double; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; LINE-HEIGHT: 116.64%; BORDER-BOTTOM: #000000 2px double; TEXT-ALIGN: right">
                        <font size="2">1,387</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="460">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; LINE-HEIGHT: 81%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 81%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="53">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 81%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 81%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 81%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="460">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        <font size="2">Change in Plan Assets:</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="53">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="460">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 26.3pt; TEXT-INDENT: -0.25in; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        <font size="2">Fair value of plan assets at beginning of period</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="53">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="460">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 26.3pt; TEXT-INDENT: -0.25in; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        <font size="2">Actual return on plan assets (net of expenses)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="53">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="460">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 26.3pt; TEXT-INDENT: -0.25in; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        <font size="2">Employer contribution</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="53">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        <font size="2">141</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        <font size="2">127</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="460">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 26.3pt; TEXT-INDENT: -0.25in; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        <font size="2">Benefits paid</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="53">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; LINE-HEIGHT: 116.64%; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right">
                        <font size="2">(141</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; LINE-HEIGHT: 116.64%; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right">
                        <font size="2">(127</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="460">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 26.3pt; TEXT-INDENT: -0.25in; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        <font size="2">Fair value of plan assets at end of period</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; BORDER-BOTTOM: #000000 2px double; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="53">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; LINE-HEIGHT: 116.64%; BORDER-BOTTOM: #000000 2px double; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; BORDER-BOTTOM: #000000 2px double; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; LINE-HEIGHT: 116.64%; BORDER-BOTTOM: #000000 2px double; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="460">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 18.65pt; TEXT-INDENT: -0.25in; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="53">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="460">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 18.65pt; TEXT-INDENT: -0.25in; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="53">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="460">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 18.65pt; TEXT-INDENT: -0.25in; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        <font size="2">Accrued benefit cost, end of period:</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="53">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="460">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 27.3pt; TEXT-INDENT: -0.25in; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        <font size="2">Funded status</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="53">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        <font size="2">(1,397</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        <font size="2">(1,387</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="460">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 27.3pt; TEXT-INDENT: -0.25in; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        <font size="2">Unrecognized net actuarial gain</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="53">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        <font size="2">(352</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        <font size="2">(381</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="460">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 27.3pt; TEXT-INDENT: -0.25in; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        <font size="2">Initial unrecognized transition obligation</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="53">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        <font size="2">&mdash;</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="460">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 27.3pt; TEXT-INDENT: -0.25in; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        <font size="2">Unrecognized prior service cost</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="53">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right">
                        <font size="2">523</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right">
                        <font size="2">674</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="460">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 27.3pt; TEXT-INDENT: -0.25in; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        <font size="2">Accrued benefit cost, end of period</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; BORDER-BOTTOM: #000000 2px double; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="53">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; LINE-HEIGHT: 116.64%; BORDER-BOTTOM: #000000 2px double; TEXT-ALIGN: right">
                        <font size="2">(1,226</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; BORDER-BOTTOM: #000000 2px double; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; LINE-HEIGHT: 116.64%; BORDER-BOTTOM: #000000 2px double; TEXT-ALIGN: right">
                        <font size="2">(1,094</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="460">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 18.65pt; TEXT-INDENT: -0.25in; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        <font size="2">Amounts recognized in the statement of financial
                        position:</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="53">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="460">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 27.1pt; TEXT-INDENT: -0.25in; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        <font size="2">Accrued benefit liability</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="53">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        <font size="2">(1,397</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        <font size="2">(1,387</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="460">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 27.1pt; TEXT-INDENT: -0.25in; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        <font size="2">Deferred tax asset</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="53">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        <font size="2">65</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        <font size="2">41</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="460">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 27.1pt; TEXT-INDENT: -0.25in; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        <font size="2">Accumulated other comprehensive loss</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="53">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; LINE-HEIGHT: 116.64%; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right">
                        <font size="2">106</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; LINE-HEIGHT: 116.64%; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right">
                        <font size="2">252</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="460">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 27.1pt; TEXT-INDENT: -0.25in; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        <font size="2">Net amount recognized</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; BORDER-BOTTOM: #000000 2px double; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="53">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; LINE-HEIGHT: 116.64%; BORDER-BOTTOM: #000000 2px double; TEXT-ALIGN: right">
                        <font size="2">(1,226</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; BORDER-BOTTOM: #000000 2px double; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; LINE-HEIGHT: 116.64%; BORDER-BOTTOM: #000000 2px double; TEXT-ALIGN: right">
                        <font size="2">(1,094</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="460">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        </p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        </p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        </p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        </p>
                    </td>

                    <td valign="top" width="55">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        </p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        </p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="460">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 27.1pt; TEXT-INDENT: -0.25in; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        <font size="2">Current</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="53">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        <font size="2">122</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        <font size="2">272</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="460">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 27.1pt; TEXT-INDENT: -0.25in; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        <font size="2">Non Current</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="53">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        <font size="2">1,104</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="55">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; LINE-HEIGHT: 116.64%; TEXT-ALIGN: right">
                        <font size="2">822</font></p>
                    </td>

                    <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            &nbsp;
        </div>

        <div align="left">
            &nbsp;
        </div>

        <div align="left">
            &nbsp;
        </div>

        <div align="left">
            &nbsp;
        </div>

        <div align="left">
            &nbsp;
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">190</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: right">
        <b><font size="3">ELBIT SYSTEMS LTD. AND ITS SUBSIDIARIES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="624">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="624">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="640" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="64">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 15 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="560">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">BENEFIT PLANS AND ACCRUED TERMINATIONAL LIABILITY
                        (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 69.2pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="583" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="398">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; LINE-HEIGHT: 140.4%; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" colspan="3">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; LINE-HEIGHT: 140.4%; TEXT-ALIGN: center">
                        <b><font size="2">December 31</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="398">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; LINE-HEIGHT: 140.4%; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; LINE-HEIGHT: 140.4%; TEXT-ALIGN: center">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; LINE-HEIGHT: 140.4%; TEXT-ALIGN: center">
                        <b><font size="2">2006</font></b></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="398">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 8.1pt; TEXT-INDENT: -8.1pt; LINE-HEIGHT: 140.4%; TEXT-ALIGN: left">
                        <font size="2">Components of net periodic pension cost (for
                        period):</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; LINE-HEIGHT: 140.4%; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; LINE-HEIGHT: 140.4%; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="398">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 17.1pt; TEXT-INDENT: 0in; LINE-HEIGHT: 140.4%; TEXT-ALIGN: justify">
                        <font size="2">Service cost</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 14.25pt; LINE-HEIGHT: 140.4%">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                        67</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 17.25pt; LINE-HEIGHT: 140.4%">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="398">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 17.1pt; TEXT-INDENT: 0in; LINE-HEIGHT: 140.4%; TEXT-ALIGN: justify">
                        <font size="2">Interest cost</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 42.75pt; LINE-HEIGHT: 140.4%">
                        <font size="2">76</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 42.75pt; LINE-HEIGHT: 140.4%">
                        <font size="2">84</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="398">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 17.1pt; TEXT-INDENT: 0in; LINE-HEIGHT: 140.4%; TEXT-ALIGN: justify">
                        <font size="2">Expected return on plan assets</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 49.5pt; LINE-HEIGHT: 140.4%">
                        <font size="2">-</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 47.25pt; LINE-HEIGHT: 140.4%">
                        <font size="2">&ndash;</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="398">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 17.1pt; TEXT-INDENT: 0in; LINE-HEIGHT: 140.4%; TEXT-ALIGN: justify">
                        <font size="2">Amortization of prior service cost</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 37.5pt; LINE-HEIGHT: 140.4%">
                        <font size="2">150</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 37.5pt; LINE-HEIGHT: 140.4%">
                        <font size="2">150</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="398">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 17.1pt; TEXT-INDENT: 0in; LINE-HEIGHT: 140.4%; TEXT-ALIGN: justify">
                        <font size="2">Recognition of net actuarial gain</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 39pt; LINE-HEIGHT: 140.4%">
                        <font size="2">(20)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 49.5pt; LINE-HEIGHT: 140.4%">
                        <font size="2">-</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="398">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 17.1pt; TEXT-INDENT: 0in; LINE-HEIGHT: 140.4%; TEXT-ALIGN: justify">
                        <font size="2">Total net periodic benefit cost</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 15pt; LINE-HEIGHT: 140.4%">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273</font></p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double" valign="bottom" align="right" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 17.25pt; LINE-HEIGHT: 140.4%">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="398">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; LINE-HEIGHT: 140.4%; TEXT-ALIGN: justify">
                        <font size="2">Additional information:</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; LINE-HEIGHT: 140.4%">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; LINE-HEIGHT: 140.4%">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="398">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 17.1pt; TEXT-INDENT: -8.1pt; LINE-HEIGHT: 140.4%; TEXT-ALIGN: justify">
                        <font size="2">Accumulated benefit obligation</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 15pt; LINE-HEIGHT: 140.4%">
                        <font size="2">$&nbsp;&nbsp;&nbsp; 1,397</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double" valign="bottom" align="right" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 14.25pt; LINE-HEIGHT: 140.4%">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 1,387</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 17.5pt">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 17.5pt" valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; LINE-HEIGHT: 54%; TEXT-ALIGN: left">
                        <font size="2">Weighted-average assumptions as of end of period:</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 17.5pt" valign="top" width="83">
                        <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; LINE-HEIGHT: 54%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td width="4">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="398">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 9.35pt; TEXT-INDENT: 0in; LINE-HEIGHT: 140.4%; TEXT-ALIGN: justify">
                        <font size="2">Discount rate</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; LINE-HEIGHT: 140.4%">
                        <font size="2">6.00%</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; LINE-HEIGHT: 140.4%">
                        <font size="2">5.75%</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="398">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 9.35pt; TEXT-INDENT: 0in; LINE-HEIGHT: 140.4%; TEXT-ALIGN: justify">
                        <font size="2">Health care cost trend rate assumed for next year</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; LINE-HEIGHT: 140.4%">
                        <font size="2">8.00%</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; LINE-HEIGHT: 140.4%">
                        <font size="2">8.00%</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="398">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 9.35pt; TEXT-INDENT: 0in; LINE-HEIGHT: 140.4%; TEXT-ALIGN: justify">
                        <font size="2">Ultimate health care cost trend rate</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; LINE-HEIGHT: 140.4%">
                        <font size="2">5.00%</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; LINE-HEIGHT: 140.4%">
                        <font size="2">5.00%</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="665" border="0">
                <tr>
                    <td valign="top" nowrap width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="581">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">The effect of a 1% change in the health care cost trend rate
                        at December 31, 2007 is as follows:</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            &nbsp;
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 69.2pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="583" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="396">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; LINE-HEIGHT: 140.4%; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; LINE-HEIGHT: 140.4%; BORDER-BOTTOM: #000000 1px solid" align="right">
                        <font size="2">1% increase</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="89">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; LINE-HEIGHT: 140.4%; BORDER-BOTTOM: #000000 1px solid" align="right">
                        <font size="2">1% decrease</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="396">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 8.1pt; TEXT-INDENT: -8.1pt; LINE-HEIGHT: 140.4%; TEXT-ALIGN: left">
                        <font size="2">Net periodic benefit cost</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; LINE-HEIGHT: 140.4%">
                        <font size="2">&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                        15</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="89">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; LINE-HEIGHT: 140.4%">
                        <font size="2">&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14)</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="396">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 8.8pt; TEXT-INDENT: -8.1pt; LINE-HEIGHT: 140.4%; TEXT-ALIGN: justify">
                        <font size="2">Benefit obligation</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; LINE-HEIGHT: 140.4%">
                        <font size="2">&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                        98</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="89">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; LINE-HEIGHT: 140.4%">
                        <font size="2">&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in; LINE-HEIGHT: 90%; TEXT-ALIGN: justify">
        </p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        <b><font size="2">Defined Contribution Plan</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        <font size="2">The 401(k) savings plan (&ldquo;401(k) plan&rdquo;) is a defined
        contribution retirement plan that covers all eligible ESA employees, as defined in section
        401(k) of the U.S. Internal Revenue Code. Employees may elect to contribute a percentage of
        their annual gross compensation to the 401(k) plan. ESA may make discretionary matching
        contributions as determined by ESA. Total expense under the 401(k) plan amounted to $2,738
        and $2,503 for the years ended December&nbsp;31, 2007 and 2006, respectively. Expense for
        the deferred 401(k) plan is allocated between cost of sales and general and administrative
        expenses depending on the responsibilities of the related employees.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        <b><font size="2">Non-Qualified Defined Contribution Plan</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        <font size="2">In 2007, ESA implemented two new benefit plans for the executives of the
        organization. The non-qualified, defined contribution plan is structured under Section
        409(A). The plan provides the employees at vice president level and above the opportunity
        to defer up to 100% of their salary and bonus or any amount below that to the 409(A) plan.
        ESA will provide a match of 50 cents on the dollar up to 10% of the employees&rsquo; total
        salary and incentive based compensation. The contribution can be made into the 401(k) plan,
        the 409(A) plan or both plans. The intent was to provide comparable defined contribution
        plan benefits across the three ESA locations for the senior management. The 409(A) plan
        funds are contributed to several life insurance policies. Participant contributions
        transferred into the plan totaled $485 in 2007, and the total ESA contribution to the plan
        was $92 for 2007. The cash surrender value of these life insurance policies was $1,414 at
        December 31, 2007.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">191</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: right">
        <b><font size="3">ELBIT SYSTEMS LTD. AND ITS SUBSIDIARIES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="624">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="624">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="640" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="64">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 15 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="560">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">BENEFIT PLANS AND ACCRUED TERMINATIONAL LIABILITY
                        (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        <font size="2">The second plan implemented is a non-qualified, defined benefit plan for the
        top four executives of ESA. The plan provides a calculated, guaranteed payment in addition
        to their regular pension through the company upon retirement. The plan is funded with
        several life insurance policies. They are not segregated into a trust or otherwise
        effectively restricted.&nbsp; These policies are corporate owned assets that are subject to
        the claims of general creditors and cannot be considered as formal plan assets.&nbsp; The
        defined benefit plan put in place meets the ERISA definition of an unfunded deferred
        compensation plan maintained for the benefit of a select group of management or highly
        compensated employees. The plan assets currently are valued at $651. Related liability for
        the pension payments is $535. As of December 31, 2007, no executives had vested in the
        plan.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        <b><font size="2">Liability for Elisra&rsquo;s Employees</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        <font size="2">In February 2007, Elisra&rsquo;s Board of Directors approved the framework
        of a new efficiency plan, including a reduction in the number of employees with a potential
        efficiency plan cost of up to $16,000. Elisra&rsquo;s Board of Directors determined that
        execution of the reduction in the number of employees is subject to preparation of a
        detailed list of the specific employees, the adequate availability of financing for the
        execution of the plan and the expected return on such expense in the future.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        <font size="2">As of the approved date of these financial statements, Elisra&rsquo;s
        management had not completed the above mentioned procedures and therefore was unable to
        estimate the total extent of the efficiency plan and its execution period. The cost of the
        plan will be expensed in the period that management commits to the plan.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="258" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="64">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Note 16 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="179">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">TAXES ON INCOME</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="81">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="35">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">A.</font></p>
                    </td>

                    <td valign="top" width="869">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">APPLICABLE TAX LAWS</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            &nbsp;
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="115">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="30">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">(1)</font></b></p>
                    </td>

                    <td valign="top" width="840">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Measurement of taxable income under Israel&rsquo;s Income
                        Tax (Inflationary Adjustments) Law, 1985:</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.5in; TEXT-ALIGN: justify">
        <font size="2">Results for tax purposes for the Company and certain of its Israeli
        subsidiaries are measured and reflected in accordance with the change in the Israeli
        Consumer Price Index (&ldquo;CPI&rdquo;). As explained above in Note 2(B), the consolidated
        financial statements are presented in U.S. dollars. The differences between the change in
        the Israeli CPI and in the NIS/U.S. dollar exchange rate cause a difference between taxable
        income and the income before taxes reflected in the consolidated financial
        statements.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.5in; TEXT-ALIGN: justify">
        <font size="2">In accordance with paragraph 9(f) of SFAS No. 109, the Company has not
        provided deferred income taxes on the above differences resulting from changes in exchange
        rates and indexing for tax purposes.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="115">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="30">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">(2)</font></b></p>
                    </td>

                    <td valign="top" width="840">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Tax benefits under Israel&rsquo;s Law for the
                        Encouragement of Industry (Taxes), 1969:</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.5in; TEXT-ALIGN: justify">
        <font size="2">Elbit Systems and certain subsidiaries in Israel (mainly Elop and Cyclone
        Aviation Products Ltd.) are &ldquo;Industrial Companies,&rdquo; as defined by the Law for
        the Encouragement of Industry (Taxes), 1969, and as such, these companies are entitled to
        certain tax benefits, mainly amortization of costs relating to know-how and patents over
        eight years, accelerated depreciation and the right to deduct public issuance expenses for
        tax
        purposes.</font><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">192</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: right">
        <b><font size="3">ELBIT SYSTEMS LTD. AND ITS SUBSIDIARIES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="624">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="624">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="306" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="64">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Note 16 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="227">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">TAXES ON INCOME (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.56in; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="81">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">A.</font></p>
                    </td>

                    <td valign="top" width="868">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">APPLICABLE TAX LAWS (Cont.)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="117">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">(3)</font></b></p>
                    </td>

                    <td valign="top" width="840">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Tax benefits under Israel&rsquo;s Law for the
                        Encouragement of Capital Investments, 1969:</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.5in; TEXT-ALIGN: justify">
        <font size="2">Several expansion programs of Elbit Systems and certain of its Israeli
        subsidiaries (&ldquo;the companies&rdquo;) have been granted &ldquo;Approved
        Enterprise&rdquo; status under Israel&rsquo;s Law for the Encouragement of Capital
        Investments, 1959. For some expansion programs, the companies have elected the grants track
        and for others they have elected the alternative tax benefits track, waiving grants in
        return for tax exemptions.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.5in; TEXT-ALIGN: justify">
        <font size="2">Accordingly, certain income of the companies, derived from the
        &ldquo;Approved Enterprise&rdquo; expansion programs is tax exempt for two-years and
        subject to reduced tax rates of 25% for a five-year to eight-year period or tax exempt for
        a ten-year period commencing in the year in which the companies had taxable income (limited
        to twelve years from commencement of production or fourteen years from the date of
        approval, whichever is earlier). As of December 31, 2007, the tax benefits for these
        exiting expansion programs will expire within the period of 2008 to 2013.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.5in; TEXT-ALIGN: justify">
        <font size="2">The entitlement to the above benefits is subject to the companies fulfilling
        the conditions specified in the above referred law, regulations published there under and
        the letters of approval for the specific investments in &ldquo;Approved Enterprises.&rdquo;
        In the event of failure to comply with these conditions, the benefits may be canceled and
        the companies may be required to refund the amount of the benefits, in whole or in part,
        including interest. (For liens &ndash; see Note 17(J)). As of December 31, 2007, the
        Company&rsquo;s management believes that the companies are meeting all conditions of the
        approvals.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.5in; TEXT-ALIGN: justify">
        <font size="2">As of December 31, 2007, retained earnings included approximately $353,000
        in tax-exempt profits earned by the companies&rsquo; &ldquo;Approved Enterprises.&rdquo; If
        the retained tax-exempt income is distributed, in manner other than liquidation, it would
        be taxed at the corporate tax rate applicable to such profits as if Elbit Systems had not
        elected the alternative tax benefits track (currently - 25%), and an income tax liability
        would be incurred of approximately $88,000 as of December 31, 2007.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.5in; TEXT-ALIGN: justify">
        <font size="2">The companies&rsquo; boards of directors have decided that their policy is
        not to declare dividends out of such tax-exempt income. Accordingly, no deferred income
        taxes have been provided on income attributable to the companies&rsquo; &ldquo;Approved
        Enterprises,&rdquo; as such retained earnings are essentially permanent in
        duration.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.5in; TEXT-ALIGN: justify">
        <font size="2">In Israel, income from sources other than the &ldquo;Approved
        Enterprise&rdquo; during the benefit period will be subject to tax at the regular corporate
        tax rate of 29% in the year 2007 (see also Note 16(I)).</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.5in; TEXT-ALIGN: justify">
        <font size="2">Since the companies are operating under more than one approval, and since
        part of their taxable income is not entitled to tax benefits under the above mentioned law
        and is taxed at the regular tax rate of 29%, the effective tax rate is the result of a
        weighted combination of the various applicable rates and tax exemptions, and the
        computation is made for income derived from each approval on the basis of formulas
        specified in the law and in the approvals.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">193</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: right">
        <b><font size="3">ELBIT SYSTEMS LTD. AND ITS SUBSIDIARIES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="624">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="624">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="306" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="67">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Note 16 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="224">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">TAXES ON INCOME (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            &nbsp;
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="339" border="0">
                <tr>
                    <td valign="top" nowrap width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="34">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">B.</font></p>
                    </td>

                    <td valign="top" nowrap width="221">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">NON &ndash; ISRAELI SUBSIDIARIES</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.83in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">Non-Israeli subsidiaries are taxed based on tax laws in their countries of
        residence (mainly in the U.S.).</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.58in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="35">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">C.</font></p>
                    </td>

                    <td valign="top" width="866">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">INCOME BEFORE TAXES ON INCOME</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            &nbsp;
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 90.45pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="679" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="292">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="20">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" colspan="5">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Year ended</font></b> <b><font size="2">December
                        31,</font></b></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="292">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="20">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2006</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2005</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="292">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Income before taxes on income:</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="20">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="292">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; TEXT-ALIGN: left">
                        <font size="2">Domestic</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="20">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt">
                        <font size="2">$ 42,310</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt">
                        <font size="2">$ 44,712</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt">
                        <font size="2">$ 27,391</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="292">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 9pt; TEXT-ALIGN: left">
                        <font size="2">Foreign</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="20">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 21.75pt">
                        <font size="2">46,682</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 21.75pt">
                        <font size="2">27,504</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 21.75pt">
                        <font size="2">23,125</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="292">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="20">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt">
                        <font size="2">$ 88,992</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt">
                        <font size="2">$ 72,216</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt">
                        <font size="2">$ 50,516</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.58in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="35">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">D.</font></p>
                    </td>

                    <td valign="top" width="866">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">TAXES ON INCOME</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            &nbsp;
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 90.45pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="679" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="292">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="20">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" colspan="5">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Year ended</font></b> <b><font size="2">December
                        31,</font></b></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff" height="21">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="292">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="20">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2006</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2005</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="292">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Taxes on income:</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="20">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="115">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="292">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Current taxes:</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="20">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="115">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="292">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; TEXT-ALIGN: left">
                        <font size="2">Domestic</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="20">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt">
                        <font size="2">$ 26,658</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7.5pt">
                        <font size="2">$ 15,124</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="115">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt">
                        <font size="2">$ 5,161</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="292">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; TEXT-ALIGN: left">
                        <font size="2">Foreign</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="20">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 21.75pt; BORDER-BOTTOM: black 1pt solid" align="right">
                        <font size="2">22,551</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="left" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; BORDER-BOTTOM: black 1pt solid" align="right">
                        <font size="2">8,302</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="115">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; BORDER-BOTTOM: black 1pt solid" align="right">
                        <font size="2">4,506</font></p>
                    </td>
                </tr>

                <tr height="16">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="292">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="20">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; BORDER-BOTTOM: black 1pt solid" align="right">
                        <font size="2">49,209</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="left" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 21.75pt; BORDER-BOTTOM: black 1pt solid" align="right">
                        <font size="2">23,426</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="115">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; BORDER-BOTTOM: black 1pt solid" align="right">
                        <font size="2">9,667</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="292">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Adjustment for previous years:</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="20">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="115">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="292">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; TEXT-ALIGN: left">
                        <font size="2">Domestic</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="20">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.25in">
                        <font size="2">(12,671)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt">
                        <font size="2">1,928</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="115">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 47.25pt">
                        <font size="2">-</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="292">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 9pt; TEXT-ALIGN: left">
                        <font size="2">Foreign</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="20">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt">
                        <font size="2">2,937</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 47.25pt">
                        <font size="2">-</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="115">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 47.25pt">
                        <font size="2">-</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="292">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="20">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 23.25pt">
                        <font size="2">(9,734)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt">
                        <font size="2">1,928</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="115">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 47.25pt">
                        <font size="2">-</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="292">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Deferred income taxes:</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="20">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="115">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="292">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; TEXT-ALIGN: left">
                        <font size="2">Domestic</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="20">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.25in">
                        <font size="2">(18,667)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 21pt">
                        <font size="2">(3,856)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="115">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt">
                        <font size="2">4,029</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="292">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 9pt; TEXT-ALIGN: left">
                        <font size="2">Foreign</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="20">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 23.25pt">
                        <font size="2">(6,998)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 31.5pt">
                        <font size="2">(804)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="115">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt">
                        <font size="2">2,639</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="292">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="20">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 15.75pt">
                        <font size="2">(25,665)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 21pt">
                        <font size="2">(4,660)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="115">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt">
                        <font size="2">6,668</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="292">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="20">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt">
                        <font size="2">$ 13,810</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7.5pt">
                        <font size="2">$ 20,694</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="21">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="115">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt">
                        <font size="2">$ 16,335</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">194</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><b><font size="3">ELBIT
        SYSTEMS LTD. AND ITS SUBSIDIARIES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="633">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="633">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="278" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="67">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Note 16 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="196">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">INCOME TAXES (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 97.2%; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="33">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 97.2%; TEXT-ALIGN: left">
                        <font size="2">E.</font></p>
                    </td>

                    <td valign="top" width="867">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 97.2%; TEXT-ALIGN: justify">
                        <font size="2">At December&nbsp;31, 2007, Elbit Systems had a liability for
                        unrecognized tax benefits of $20,522 and an accrual of $2,321 for the
                        payment of related interest. The Company does not believe there will be any
                        material changes in its unrecognized tax positions over the next twelve
                        months.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">During 2007, the Company and its subsidiaries were subject to examination by
        various tax authorities in jurisdictions such as Israel, the United States and
        Europe.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">During 2007, the Company had settled certain income tax matters in Israel
        covering multiple years. As a result of the settlement of the tax matters, the Company
        recorded a reduction in &ldquo;Provision for income taxes&rdquo; of $16,081 related to
        settlement of tax matters of which $15,409 was recorded in the statements of income in
        &ldquo;Provision for income taxes.&rdquo;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">A reconciliation of the beginning and ending amount of unrecognized tax
        benefits is as follows:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.5in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 85.05pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="482" border="0">
                <tr>
                    <td valign="top" width="404">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 7.1pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Balance as of January 1, 2007</font></p>
                    </td>

                    <td valign="top" width="78">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 7.1pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$ 18,704</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="bottom" width="404">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.1pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Additions based on tax positions taken during a prior
                        period</font></p>
                    </td>

                    <td valign="top" width="78">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 7.1pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">5,858</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" width="404">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.1pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Reductions related to settlement of tax matters</font></p>
                    </td>

                    <td valign="top" width="78">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 7.1pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(16,081)</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="bottom" width="404">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.1pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Additions related to acquisition</font></p>
                    </td>

                    <td valign="top" width="78">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 7.1pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">10,500</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" width="404">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.1pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Additions related to interest and currency
                        changes</font></p>
                    </td>

                    <td valign="top" width="78">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 7.1pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">2,116</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="bottom" width="404">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 7.1pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Additions based on tax positions taken during the current
                        period</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="78">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 7.1pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,746</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" width="404">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 7.1pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Balance at December&nbsp;31, 2007</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" width="78">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 7.1pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">$ 22,843</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">The Company operates in multiple jurisdictions throughout the world, and its
        tax returns are periodically audited or subject to review by both domestic and foreign
        authorities. As a result of ongoing examinations, tax proceedings in certain countries,
        additions to unrecognized tax benefits for positions taken and interest and penalties, if
        any, arising in 2008, it is not possible to estimate the potential net increase or decrease
        to the Company&rsquo;s unrecognized tax benefits during the next twelve months. The
        following describes the open tax years, by major tax jurisdiction, as of December&nbsp;31,
        2007:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 50%; TEXT-ALIGN: right">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 85.05pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="470" border="0">
                <tr>
                    <td valign="top" width="246">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.1pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">United States</font></p>
                    </td>

                    <td valign="top" width="225">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.1pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">2001 - present</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="246">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.1pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Israel</font></p>
                    </td>

                    <td valign="top" width="225">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.1pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">2003 - present</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="32">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">F.</font></p>
                    </td>

                    <td valign="top" width="868">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">DEFERRED INCOME TAXES</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">Deferred income taxes reflect the net tax effect of temporary differences
        between the carrying amount of assets and liabilities for financial reporting purposes and
        the amounts used for income tax purposes. Significant components of net deferred tax assets
        and liabilities are based on separate tax jurisdiction as follows:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">195</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><b><font size="3">ELBIT
        SYSTEMS LTD. AND ITS SUBSIDIARIES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="662">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="662">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="278" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="70">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Note 16 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="193">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">INCOME TAXES (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="86">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="33">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">F.</font></p>
                    </td>

                    <td valign="top" width="866">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">DEFERRED INCOME TAXES (Cont.)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            &nbsp;
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 85.05pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="529" border="0">
                <tr>
                    <td valign="top" width="234">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="87">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" colspan="3">
                        <p align="center"><b><font size="2">Deferred <sup>(1)<br>
                        </sup></font></b><b><font size="2">Tax asset (liability)</font></b></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="234">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt; TEXT-ALIGN: left">
                        <b><font size="2">Total</font></b></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 9.75pt; TEXT-ALIGN: left">
                        <b><font size="2">Current</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: left">
                        <b><font size="2">Non-current</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="234">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.2pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">As of December 31, 2007</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="234">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.2pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Deferred tax assets:</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="234">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Reserves and allowances</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="left" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 8.25pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 51,210</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 8.25pt; TEXT-ALIGN: left">
                        <font size="2">$&nbsp; &nbsp;&nbsp; 20,226</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: left">
                        <font size="2">&nbsp; $&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                        30,984</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="234">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Inventory</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="left" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 28.5pt">
                        <font size="2">4,333</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 28.5pt; TEXT-ALIGN: left">
                        <font size="2">3,367</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 45.75pt; TEXT-ALIGN: left">
                        <font size="2">966</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="234">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Investment in affiliates</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="left" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 28.5pt">
                        <font size="2">1,429</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 28.5pt; TEXT-ALIGN: left">
                        <font size="2">1,429</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 57pt; TEXT-ALIGN: left">
                        <font size="2">-</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="234">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Other assets</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="left" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 28.5pt">
                        <font size="2">4,702</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 28.5pt; TEXT-ALIGN: left">
                        <font size="2">&nbsp;&nbsp; 788</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 38.25pt; TEXT-ALIGN: left">
                        <font size="2">3,914</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="234">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Net operating loss carry forwards</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="left" width="87">
                        <div>
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 23.5pt">
                            <font size="2">36,793</font></p>
                        </div>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="87">
                        <div style="MARGIN-LEFT: 0in; MARGIN-RIGHT: -18.7pt; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 23.25pt; TEXT-ALIGN: left">
                            <font size="2">&nbsp;&nbsp;4,786</font></p>
                        </div>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="99">
                        <div style="MARGIN-LEFT: 0in; MARGIN-RIGHT: -18.7pt; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 33pt; TEXT-ALIGN: left">
                            <font size="2">32,007</font></p>
                        </div>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="234">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="left" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 23.25pt">
                        <font size="2">98,467</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 23.25pt; TEXT-ALIGN: left">
                        <font size="2">30,596</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 33pt; TEXT-ALIGN: left">
                        <font size="2">67,871</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="234">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Valuation allowance</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="left" width="87">
                        <div style="MARGIN-LEFT: 0in; MARGIN-RIGHT: -18.7pt; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 19.5pt">
                            <font size="2">(54,635)</font></p>
                        </div>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="87">
                        <div style="MARGIN-LEFT: 0in; MARGIN-RIGHT: -18.7pt; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 19.5pt; TEXT-ALIGN: left">
                            <font size="2">&nbsp; (8,919)</font></p>
                        </div>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="99">
                        <div style="MARGIN-LEFT: 0in; MARGIN-RIGHT: -18.7pt; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 29.25pt; TEXT-ALIGN: left">
                            <font size="2">(45,716)</font></p>
                        </div>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="234">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Net deferred tax assets</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="left" width="87">
                        <div style="MARGIN-LEFT: 0in; MARGIN-RIGHT: -18.7pt; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 23.25pt">
                            <font size="2">43,832</font></p>
                        </div>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="87">
                        <div style="MARGIN-LEFT: 0in; MARGIN-RIGHT: -18.7pt; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 23.25pt; TEXT-ALIGN: left">
                            <font size="2">21,677</font></p>
                        </div>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="99">
                        <div style="MARGIN-LEFT: 0in; MARGIN-RIGHT: -18.7pt; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 33pt; TEXT-ALIGN: left">
                            <font size="2">22,155</font></p>
                        </div>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="234">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.2pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Deferred tax liabilities:</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="left" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="234">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Intangible assets</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="left" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 19.5pt">
                        <font size="2">(66,621)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 45.25pt; TEXT-ALIGN: left">
                        <font size="2">-</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 29.25pt; TEXT-ALIGN: left">
                        <font size="2">(66,621)</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="234">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Property, plant and equipment</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="left" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt">
                        <font size="2">(7,675)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 45.25pt; TEXT-ALIGN: left">
                        <font size="2">-</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 34.5pt; TEXT-ALIGN: left">
                        <font size="2">(7,675)</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="234">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Reserves and allowances</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" align="left" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt">
                        <font size="2">(7,102)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt; TEXT-ALIGN: left">
                        <font size="2">(2,183)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 34.5pt; TEXT-ALIGN: left">
                        <font size="2">(4,919)</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="234">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.2pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="left" width="87">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -18.7pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 19.5pt">
                            <font size="2">(81,398)</font></p>
                        </div>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="87">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -18.7pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt; TEXT-ALIGN: left">
                            <font size="2">(2,183)</font></p>
                        </div>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="99">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -18.7pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 29.25pt; TEXT-ALIGN: left">
                            <font size="2">(79,215)</font></p>
                        </div>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="234">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.2pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Net deferred tax assets (liabilities)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="left" width="87">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -18.7pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 19.5pt">
                            <font size="2">(37,566)</font></p>
                        </div>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="87">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -18.7pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 23.25pt; TEXT-ALIGN: left">
                            <font size="2">19,494</font></p>
                        </div>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="99">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -18.7pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 29.25pt; TEXT-ALIGN: left">
                            <font size="2">(57,060)</font></p>
                        </div>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="234">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.2pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="234">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.2pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">As of December 31, 2006</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="234">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.2pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Deferred tax assets:</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="234">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Reserves and allowances</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 8.25pt; TEXT-ALIGN: left">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 23,904</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 5.25pt; TEXT-ALIGN: left">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21,998</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7.5pt; TEXT-ALIGN: left">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                        1,906</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="234">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Inventory</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 28.5pt; TEXT-ALIGN: left">
                        <font size="2">2,301</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 28.5pt; TEXT-ALIGN: left">
                        <font size="2">2,301</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 55pt; TEXT-ALIGN: left">
                        <font size="2">-</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="234">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Investment in affiliates</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 28.5pt; TEXT-ALIGN: left">
                        <font size="2">1,300</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 28.5pt; TEXT-ALIGN: left">
                        <font size="2">1,300</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 55pt; TEXT-ALIGN: left">
                        <font size="2">-</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="234">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Net operating loss carry forwards</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="87">
                        <div style="MARGIN-LEFT: 0in; MARGIN-RIGHT: -18.7pt; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 23.25pt; TEXT-ALIGN: left">
                            <font size="2">18,738</font></p>
                        </div>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="87">
                        <div style="MARGIN-LEFT: 0in; MARGIN-RIGHT: -18.7pt; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
                            <font size="2">328</font></p>
                        </div>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="99">
                        <div style="MARGIN-LEFT: 0in; MARGIN-RIGHT: -18.7pt; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 33pt; TEXT-ALIGN: left">
                            <font size="2">18,410</font></p>
                        </div>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="234">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 23.25pt; TEXT-ALIGN: left">
                        <font size="2">46,243</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 23.25pt; TEXT-ALIGN: left">
                        <font size="2">25,927</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 33pt; TEXT-ALIGN: left">
                        <font size="2">20,316</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="234">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Valuation allowance</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="87">
                        <div style="MARGIN-LEFT: 0in; MARGIN-RIGHT: -18.7pt; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 19.5pt; TEXT-ALIGN: left">
                            <font size="2">(24,885)</font></p>
                        </div>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="87">
                        <div style="MARGIN-LEFT: 0in; MARGIN-RIGHT: -18.7pt; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt; TEXT-ALIGN: left">
                            <font size="2">(7,736)</font></p>
                        </div>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="99">
                        <div style="MARGIN-LEFT: 0in; MARGIN-RIGHT: -18.7pt; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 29.25pt; TEXT-ALIGN: left">
                            <font size="2">(17,149)</font></p>
                        </div>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="234">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.2pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Net deferred tax assets</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="87">
                        <div style="MARGIN-LEFT: 0in; MARGIN-RIGHT: -18.7pt; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 23.25pt; TEXT-ALIGN: left">
                            <font size="2">21,358</font></p>
                        </div>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="87">
                        <div style="MARGIN-LEFT: 0in; MARGIN-RIGHT: -18.7pt; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 23.25pt; TEXT-ALIGN: left">
                            <font size="2">18,191</font></p>
                        </div>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="99">
                        <div style="MARGIN-LEFT: 0in; MARGIN-RIGHT: -18.7pt; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 38.25pt; TEXT-ALIGN: left">
                            <font size="2">3,167</font></p>
                        </div>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="234">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Deferred tax liabilities</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="234">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Intangible assets:</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt; TEXT-ALIGN: left">
                        <font size="2">(9,780)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 45.25pt; TEXT-ALIGN: left">
                        <font size="2">-</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 34.5pt; TEXT-ALIGN: left">
                        <font size="2">(9,780)</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="234">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Property, plant and equipment</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt; TEXT-ALIGN: left">
                        <font size="2">(7,774)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 45.25pt; TEXT-ALIGN: left">
                        <font size="2">-</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 34.5pt; TEXT-ALIGN: left">
                        <font size="2">(7,774)</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="234">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Reserves and allowances</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt; TEXT-ALIGN: left">
                        <font size="2">(3,253)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 45.25pt; TEXT-ALIGN: left">
                        <font size="2">-</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 34.5pt; TEXT-ALIGN: left">
                        <font size="2">(3,253)</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="234">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Inventory and advance from customers</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="87">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -18.7pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 32.25pt; TEXT-ALIGN: left">
                            <font size="2">(454)</font></p>
                        </div>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="87">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -18.7pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 32.25pt; TEXT-ALIGN: left">
                            <font size="2">(454)</font></p>
                        </div>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="99">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -18.7pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 55pt; TEXT-ALIGN: left">
                            <font size="2">-</font></p>
                        </div>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="234">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 19.5pt; TEXT-ALIGN: left">
                        <font size="2">(21,261)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 32.25pt; TEXT-ALIGN: left">
                        <font size="2">(454)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 29.25pt; TEXT-ALIGN: left">
                        <font size="2">(20,807)</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="234">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Net deferred tax assets (liabilities)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="87">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -18.7pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 13.5pt; TEXT-ALIGN: left">
                            <font size="2">$ &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; 97</font></p>
                        </div>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="87">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -18.7pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 8.25pt; TEXT-ALIGN: left">
                            <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 17,737</font></p>
                        </div>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="99">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -18.7pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; TEXT-ALIGN: left">
                            <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                            &nbsp;(17,640)</font></p>
                        </div>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.38in; TEXT-INDENT: -0.3in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.38in; TEXT-INDENT: -0.3in; TEXT-ALIGN: justify">
        <font size="2">(1)</font> <font size="2">The current tax asset is included in other
        receivables and prepaid expenses. Current tax liability is included in other payables and
        accrued expenses.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.38in; TEXT-INDENT: -0.3in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="35">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">G.</font></p>
                    </td>

                    <td valign="top" width="866">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">As of December 31, 2007, Elbit Systems&rsquo; Israeli
                        subsidiaries have estimated total available carry forward tax losses of
                        approximately $126,000, and its non-Israeli subsidiaries have estimated
                        available carry forward tax losses of approximately $9,500. These losses of
                        the Israeli subsidiaries can be offset against future taxable profits for
                        an indefinite period. Deferred tax assets in respect of the above carry
                        forward losses amount to approximately $36,800 in respect of which a
                        valuation allowance has been recorded in the amount of approximately
                        $32,000.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">196</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><b><font size="3">ELBIT
        SYSTEMS LTD. AND ITS SUBSIDIARIES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="662">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="662">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="278" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="69">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Note 16 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="194">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">INCOME TAXES (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.08in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="34">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">H.</font></p>
                    </td>

                    <td valign="top" width="866">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Reconciliation of the theoretical tax expense, assuming all
                        income is taxed at the statutory rate applicable to income of the Company,
                        and the actual tax expense as reported in the statements of operations, is
                        as follows:</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="left"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="left"></p>

        <table style="MARGIN-LEFT: 1.17in" cellspacing="0" cellpadding="0" width="624" border="0">
            <tr style="page-break-inside: avoid">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="346">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" colspan="12">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Year ended December 31,</font></b></p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </div>
                </td>
            </tr>

            <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="346">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" colspan="2">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2007</font></b></p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" colspan="2">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2006</font></b></p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" colspan="2">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2005</font></b></p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </div>
                </td>
            </tr>

            <tr style="page-break-inside: avoid">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="346">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                    <font size="2">Income before taxes as reported in the</font><br>
                    <font size="2">consolidated statements of income</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">$</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right">
                    <font size="2">88,992</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">$</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right">
                    <font size="2">72,216</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">$</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right">
                    <font size="2">50,516</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>
            </tr>

            <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="346">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                    <font size="2">Statutory tax rate</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">29</font></p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">%</font></p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">31</font></p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">%</font></p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">34</font></p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">%</font></p>
                    </div>
                </td>
            </tr>

            <tr style="page-break-inside: avoid">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="346">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                    <font size="2">Theoretical tax expense</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right">
                        <font size="2">25,808</font></p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right">
                        <font size="2">22,387</font></p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right">
                        <font size="2">17,175</font></p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </div>
                </td>
            </tr>

            <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="346">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                    <font size="2">Tax benefit arising from reduced rate as an</font><br>
                    <font size="2">&ldquo;Approved Enterprise&rdquo; and other tax
                    benefits</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    <font size="2">(25,631</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">)</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    <font size="2">(17,261</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">)</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    <font size="2">(4,515</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">)</font></p>
                </td>
            </tr>

            <tr style="page-break-inside: avoid">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="346">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                    <font size="2">Tax adjustment in respect of different tax</font><br>
                    <font size="2">rates for foreign subsidiaries</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    <font size="2">1,443</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    <font size="2">1,018</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    <font size="2">654</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>
            </tr>

            <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="346">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                    <font size="2">Operating carry forward losses for which</font><br>
                    <font size="2">valuation allowance was provided</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    <font size="2">4,272</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    <font size="2">6,542</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    <font size="2">(818</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">)</font></p>
                </td>
            </tr>

            <tr style="page-break-inside: avoid">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="346">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                    <font size="2">Increase (decrease) in taxes resulting</font><br>
                    <font size="2">from nondeductible expenses</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    <font size="2">8,534</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    <font size="2">1,926</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    <font size="2">1,309</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>
            </tr>

            <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="346">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                    <font size="2">Difference in basis of measurement for financial</font><br>
                    <font size="2">reporting and tax return purposes</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    <font size="2">8,879</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    <font size="2">4,548</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    <font size="2">2,547</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>
            </tr>

            <tr style="page-break-inside: avoid">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="346">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                    <font size="2">Taxes in respect of prior years</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    <font size="2">(9,734</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">)</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    <font size="2">1,928</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    <font size="2">&mdash;</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>
            </tr>

            <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="346">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                    <font size="2">Other differences, net</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">239</font></p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(394</font></p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">(17</font></p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">)</font></p>
                    </div>
                </td>
            </tr>

            <tr style="page-break-inside: avoid">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="346">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                    <font size="2">Actual tax expenses</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right">
                        <font size="2">13,810</font></p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right">
                        <font size="2">20,694</font></p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$</font></p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right">
                        <font size="2">16,335</font></p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </div>
                </td>
            </tr>

            <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="top" width="346">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                    <font size="2">Effective tax rate</font></p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">15.5</font></p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">%</font></p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="51">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">28.7</font></p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">%</font></p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="2">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="8">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="49">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">32.3</font></p>
                    </div>
                </td>

                <td style="BACKGROUND-POSITION: 0% 0%; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat" valign="bottom" width="14">
                    <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">%</font></p>
                    </div>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="456" border="0">
                <tr>
                    <td valign="top" nowrap width="86">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="33">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">I.</font></p>
                    </td>

                    <td valign="top" nowrap width="337">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">AMENDMENT TO THE INCOME TAX ORDINANCE</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.08in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">On July 25, 2005, the Knesset (Israeli Parliament) approved the Law for the
        Amendment of the Income Tax Ordinance (No. 147), 2005, which prescribes, among other
        provisions, a gradual decrease in the corporate tax rate in Israel to the following tax
        rates: in 2004 &ndash; 35%, in 2005 &ndash; 34%, in 2006 - 31%, in 2007 - 29%, in 2008 -
        27%, in 2009 - 26% and in 2010 and thereafter - 25%.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.08in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">In February 2008, the Knesset passed an amendment to the Income Tax
        (Inflationary Adjustment) Law, 1985, which limits the scope of the law starting in 2008 and
        thereafter. Beginning in 2008, the results for tax purposes will be measured in nominal
        values, excluding certain adjustments for changes in the Consumer Price Index carried out
        in the period up to December 31, 2007. The amended law includes, inter alia, the
        elimination of the inflationary additions and deductions and the additional deduction for
        depreciation starting in 2008.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.08in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="31">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">J.</font></p>
                    </td>

                    <td valign="top" width="867">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Final tax assessments have been received by the Company up
                        to and including the tax year ended December 31, 2005 and by certain
                        subsidiaries, for the years between 2002 - 2006 (subsidiaries that were
                        incorporated after 2000 have not received final assessments).</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">197</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><b><font size="3">ELBIT
        SYSTEMS LTD. AND ITS SUBSIDIARIES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="662">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="662">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="485" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="67">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 17 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="403">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">COMMITMENTS AND CONTINGENT LIABILITIES</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="35">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">A.</font></p>
                    </td>

                    <td valign="top" width="866">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">ROYALTY COMMITMENTS</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.48in; TEXT-INDENT: -0.3in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">Elbit Systems and certain Israeli subsidiaries partially finance their
        research and development expenditures under programs sponsored by the OCS for the support
        of research and development activities conducted in Israel. At the time the participations
        were received, successful development of the related projects was not assured.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">In exchange for participation in the programs by the OCS, Elbit Systems and
        the subsidiaries agreed to pay 2% - 5% of total sales of products developed within the
        framework of these programs. The royalties will be paid up to a maximum amount equaling
        100% to 150% of the grants provided by the OCS, linked to the dollar and for grants
        received after January 1, 1999, also bearing annual interest at a rate based on LIBOR. The
        obligation to pay these royalties is contingent on actual sales of the products, and in the
        absence of such sales payment of royalties is not required.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">In some cases, the Government of Israel&rsquo;s participation (through the
        OCS) is subject to export sales or other conditions. The maximum amount of royalties is
        increased in the event of production outside of Israel.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">Elbit Systems and certain of its subsidiaries may also be obligated to pay
        certain amounts to the Israeli Ministry of Defense and others on certain sales including
        sales resulting from the development of certain technologies.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">Royalties&rsquo; expenses amounted to $1,573, $2,830 and $4,849 in 2007,
        2006 and 2005, respectively.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.35in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="35">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">B.</font></p>
                    </td>

                    <td valign="top" width="866">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">COMMITMENTS IN RESPECT OF LONG-TERM PROJECTS</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">In connection with long-term projects in certain countries, Elbit Systems
        and certain subsidiaries undertook to use their respective best efforts to make or
        facilitate purchases or investments in those countries at certain percentages of the amount
        of the projects. The companies&rsquo; obligation to make or facilitate third parties making
        such investments and purchases is subject to commercial conditions in the local market,
        typically without a specific financial penalty. The maximum aggregate undertaking as of
        December 31, 2007 amounted to $882,700 to be performed over a period of up to nine years.
        This amount is typically tied to a percentage (up to 100%) of the amount of a specific
        contract.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">In the opinion of the Company&rsquo;s management, the actual amount of the
        investments and purchases is anticipated to be less than that mentioned above, since
        certain investments and purchases can result in reducing the overall undertaking on more
        than a one-to-one basis.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.48in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">198</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.48in; TEXT-ALIGN: right">
        <b><font size="3">ELBIT SYSTEMS LTD. AND ITS SUBSIDIARIES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="662">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="662">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="536" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="68">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 17 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="452">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">COMMITMENTS AND CONTINGENT LIABILITIES
                        (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="33">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">C.</font></p>
                    </td>

                    <td valign="top" width="867">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">LEGAL CLAIMS</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            &nbsp;
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">Elbit Systems and its subsidiaries are involved in legal claims arising in
        the ordinary course of business, including claims by employees, consultants and others. The
        Company&rsquo;s management, based on the opinion of its legal counsel, believes that the
        financial impact for the settlement of such claims in excess of the accruals recorded in
        the financial statements will not have a material adverse effect on the financial position
        or results of operations of the Company.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">On November 6, 2007, a jury verdict was rendered in a trial in the U.S.
        against several defendants, including Kollsman, brought by plaintiff Innovative Solutions
        and Support, Inc. (&ldquo;IS&amp;S&rdquo;). The trial involved primarily issues regarding
        misappropriation of trade secrets relating to two models of a commercial air data computer.
        The jury&rsquo;s verdict awarded damages against all of the defendants, including an award
        against Kollsman, jointly and severally with the other defendants, in the amount of
        approximately $4,400. The verdict also allows for the possibility of the court&rsquo;s
        imposition of exemplary damages and other costs against any or all of the defendants based
        on willful conduct as well as prejudgment interest on the actual damages amount. The court
        has not yet rendered a final judgment and has set a hearing for March 14, 2008 on the
        issues of the finding of willfulness and the possibility of awarding exemplary damages
        and/or attorneys' fees. Kollsman has additional procedural avenues that it is pursuing,
        including filing a motion for a new trial and a motion for judgment notwithstanding the
        verdict. Moreover, Kollsman believes that it has several grounds for appealing any final
        judgment and will continue to vigorously defend itself.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">In July 2007, a claim was filed by certain minority shareholders and holders
        of expired warrants of ImageSat in a U.S. Federal Court in New York against ImageSat,
        Israel Aerospace Industries Ltd. (&ldquo;IAI&rdquo;), Elbit Systems and certain current and
        former officers and directors of ImageSat. ImageSat&rsquo;s largest shareholder is IAI,
        holding approximately 46% of ImageSat&rsquo;s issued share capital. Elop holds
        approximately 14% (7% on a fully diluted basis) of ImageSat&rsquo;s issued share capital
        and is entitled to nominate one director to ImageSat&rsquo;s board. The former and current
        directors of ImageSat named as defendants include, among others, Michael Federmann, Joseph
        Ackerman, Joseph Gaspar and the Estate of Jacob Toren (collectively the &ldquo;Individual
        Defendants&rdquo;). Elop has not been named as a defendant. ImageSat is engaged in the
        operation of satellites and in providing satellite imagery. IAI has manufactured and
        supplied ImageSat two satellites. Elop has manufactured the cameras for those satellites,
        as IAI's subcontractor. The claim contains various allegations that the defendants
        allegedly breached their fiduciary and/or contractual obligations to the detriment of the
        plaintiffs. The claim alleges various causes of action and damages aggregating hundreds of
        millions of dollars, not all of which are alleged against Elbit Systems and/or each of the
        Individual Defendants. Motions to dismiss on behalf of Elbit Systems and the Individual
        Defendants were filed in October 2007. The court has yet to rule on those motions. Elbit
        Systems believes that there is no merit to the allegations made against it or the
        Individual Defendants.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">For information on Elisra&rsquo;s insurance claim for damage, as a result of
        a fire in 2001, see Note 7.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">199</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><b><font size="3">ELBIT
        SYSTEMS LTD. AND ITS SUBSIDIARIES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="662">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="662">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="536" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="67">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 17 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="453">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">COMMITMENTS AND CONTINGENT LIABILITIES
                        (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="33">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">D.</font></p>
                    </td>

                    <td valign="top" width="868">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">LEASE COMMITMENTS</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">The future minimum lease commitments of the Company under various
        non-cancelable operating lease agreements in respect of premises, motor vehicles and office
        equipment as of December 31, 2007 are as follows:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 121.2pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="300" border="0">
                <tr style="HEIGHT: 15.15pt; page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="230">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">2008</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="70">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: justify">
                        <font size="2">$&nbsp; &nbsp; 26,131</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 15.15pt; page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="230">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">2009</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="70">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 20.25pt; TEXT-ALIGN: justify">
                        <font size="2">23,077</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="230">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">2010</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="70">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 20.25pt; TEXT-ALIGN: justify">
                        <font size="2">19,221</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="230">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">2011</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="70">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 20.25pt; TEXT-ALIGN: justify">
                        <font size="2">14,428</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="230">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">2012</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="70">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 25.5pt; TEXT-ALIGN: justify">
                        <font size="2">8,836</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="230">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">2013 and thereafter</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="70">
                        <div style="MARGIN-LEFT: 0in; MARGIN-RIGHT: -18.7pt; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 25.5pt; TEXT-ALIGN: justify">
                            <font size="2">4,516</font></p>
                        </div>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="230">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="70">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -18.7pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: justify">
                            <font size="2">$&nbsp;&nbsp; 96,209</font></p>
                        </div>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">Rent expenses for the years ended December 31, 2007, 2006 and 2005 amounted
        to $25,989, $13,786 and $ 8,055, respectively.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">A subsidiary of the Company signed an agreement for receipt of computer
        services for a period of 10 years ending 2013, in exchange for an annual payment of
        $1,000.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="232" border="0">
                <tr>
                    <td valign="top" nowrap width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="32">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">E.</font></p>
                    </td>

                    <td valign="top" nowrap width="115">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">GUARANTEES</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="117">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="30">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(1)</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">As of December 31, 2007, guarantees in the amount of
                        approximately $962,900 were issued by banks on behalf of Company&rsquo;s
                        entities mainly in order to secure certain advances from customers and
                        performance bonds.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="118">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(2)</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Elbit Systems has provided, on a proportional basis to its
                        ownership interest, guarantees for two of its investees in respect of
                        credit lines granted to them by banks amounting to $5,600 (2006 - $16,200),
                        of which $5,100 (2006 - $15,700) relates to a 50%-owned foreign investee.
                        The guarantees will exist as long as the credit lines are in effect. Elbit
                        Systems would be liable under the guarantee for any debt for which the
                        investee would be in default under the terms of the credit line. The fair
                        value of such guarantees as of December 31, 2007 is not
                        material.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="223" border="0">
                <tr>
                    <td valign="top" nowrap width="86">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="32">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">F.</font></p>
                    </td>

                    <td valign="top" nowrap width="105">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">COVENANTS</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="117">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="30">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(1)</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">In connection with bank credits and loans, including
                        performance guarantees issued by banks and bank guarantees in order to
                        secure certain advances from customers, Elbit Systems and certain
                        subsidiaries are obligated to meet certain financial covenants. Such
                        covenants include requirements for shareholders' equity, current ratio,
                        operating profit margin, tangible net worth, EBITDA, interest coverage
                        ratio and total leverage. As of December 31, 2007, Elbit Systems and its
                        subsidiaries, except Elisra, were in full compliance with all
                        covenants.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">200</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><b><font size="3">ELBIT
        SYSTEMS LTD. AND ITS SUBSIDIARIES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="662">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="662">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="536" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="67">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 17 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="453">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">COMMITMENTS AND CONTINGENT LIABILITIES
                        (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.48in; TEXT-INDENT: -0.3in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="268" border="0">
                <tr>
                    <td valign="top" nowrap width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="33">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">F.</font></p>
                    </td>

                    <td valign="top" nowrap width="151">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">COVENANTS (Cont.)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.48in; TEXT-INDENT: -0.3in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="117">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="30">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(2)</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Elisra&rsquo;s liabilities to banks are secured by negative
                        pledges. Pursuant to the terms of the negative pledges, Elisra committed to
                        comply with certain financial covenants (to be measured based on
                        Elisra&rsquo;s stand-alone financial statements), which include, among
                        others, a minimum ratio of shareholders&rsquo; equity to total assets (as
                        defined in the agreement), a minimum current ratio, a minimum amount of
                        shareholders&rsquo; equity and a minimum amount of pre-tax income. In
                        addition, certain restrictions have been imposed on Elisra regarding the
                        provision of guarantees to third parties, creating new liens and on selling
                        or transferring assets in material amounts. As a result of the
                        non-compliance, Elisra&rsquo;s long-term loans as of December 31, 2007, in
                        the amount of $14,704 (December 31, 2006 - $10,000), have been recorded as
                        short-term. As a result, the banks requested to register a general floating
                        lien on the assets of Elisra. In February 2007, Elisra&rsquo;s Board of
                        Directors approved the banks&rsquo; request. In January 2008, Elisra
                        granted first priority liens and/or floating liens on all of Elisra&rsquo;s
                        property and assets with no limitations as to amount.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="34">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">G.</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">CONTINGENT LIABILITIES AND GUARANTEES</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.78in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">As a result of cancellation of the export authorization in 2006 to a foreign
        country (&ldquo;the Customer&rdquo;), Elisra and one of its subsidiaries were forced to
        terminate four projects. Most of the activity in respect of the projects, the total amount
        of which was approximately $40 million, has already been executed and the deliveries have
        been made to the Customer. For those projects, Elisra and its subsidiary provided to the
        Customer advances and performance guarantees issued by banks and financial institutions in
        the total amount to approximately $10 million. Elisra&rsquo;s and the Company&rsquo;s
        management, based on the opinion of legal counsel, believes that termination of the
        projects under such circumstances constitutes a termination by mutual agreement due to
        force majeure, which provides a mechanism for mutual settlement between the
        parties.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">Elisra&rsquo;s management, based on the opinion of its legal advisors,
        believes that the financial impact of the four projects&rsquo; termination in excess of the
        accruals recorded in the financial statements will not have a material adverse effect on
        the financial position or results of operations of the Company.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">The Customer financed the projects by means of bank loans. The banks
        received indemnity letters as security for repayment of the loans. Most of the indemnity
        was provided to the banks by the International Foreign Trade Risks Insurance Company
        (&ldquo;IFTRIC&rdquo;) (since renamed &ldquo;ASHRA&rdquo;) and the balance was provided by
        Elisra and its subsidiary (as of December 31, 2006, amount to approximately $4 million). In
        addition, Elisra provided indemnity letters to IFTRIC that can be exercised upon the
        occurrence of specific unusual events and is subject to IFTRIC fulfilling its commitments
        to the banks. In the opinion of Elisra&rsquo;s and Elbit Systems&rsquo; management, based
        on legal advice, the likelihood that the indemnification provided to IFTRIC would be
        exercised is remote, and no provisions are required in respect of these indemnity
        letters.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">201</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><b><font size="3">ELBIT
        SYSTEMS LTD. AND ITS SUBSIDIARIES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="662">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="662">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="536" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="67">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 17 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="453">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">COMMITMENTS AND CONTINGENT LIABILITIES
                        (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="345" border="0">
                <tr>
                    <td valign="top" nowrap width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="34">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">H.</font></p>
                    </td>

                    <td valign="top" nowrap width="228">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">CONTRACTUAL OBLIGATIONS</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">Substantially all of the purchase commitments relate to obligations under
        purchase orders and subcontracts entered into by the Company. These purchase orders and
        subcontracts are typically in a standard format proposed by the Company, with the
        subcontracts and purchase orders also reflecting provisions from the Company&rsquo;s
        applicable prime contract that are appropriate to flow down to subcontractors and vendors.
        The terms typically included in these purchase orders and subcontracts are consistent with
        Uniform Commercial Code provisions in the United States for sales of goods, as well as with
        specific terms called for by its customers in international contracts. These terms include
        the Company&rsquo;s right to terminate the purchase order or subcontract in the event of
        the vendor&rsquo;s or subcontractor&rsquo;s default, as well as the Company&rsquo;s right
        to terminate the order or subcontract for the Company&rsquo;s convenience (or if the
        Company&rsquo;s prime contractor has so terminated the prime contract). Such purchase
        orders and subcontracts typically are not subject to variable price provisions. As of
        December 31, 2007 and 2006, the purchase commitments were $906,000 and $681,000
        respectively.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="33">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">I.</font></p>
                    </td>

                    <td valign="top" width="868">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">In order to secure bank loans and bank guarantees in the
                        amount of $962,900 as of December 31, 2007, certain Company entities
                        recorded fixed liens on most of their machinery and equipment, mortgages on
                        most of their real estate and floating charges on most of their
                        assets.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="33">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">J.</font></p>
                    </td>

                    <td valign="top" width="867">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">A lien on the Company&rsquo;s Approved Enterprises has been
                        registered in favor of the State of Israel (see Note 16(A)(3)
                        above).</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">202</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><b><font size="3">ELBIT
        SYSTEMS LTD. AND ITS SUBSIDIARIES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="662">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="662">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands, except share and share
                        data)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.48in; TEXT-INDENT: -0.3in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="309" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="68">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 18 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="225">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">SHAREHOLDERS&rsquo; EQUITY</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: -0.41in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="236" border="0">
                <tr>
                    <td valign="top" nowrap width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="34">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">A.</font></p>
                    </td>

                    <td valign="top" nowrap width="119">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">SHARE CAPITAL</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: -0.41in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">Ordinary shares confer upon their holders voting rights, the right to
        receive dividends and the right to share in equity upon liquidation of Elbit
        Systems.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.08in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="33">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">B.</font></p>
                    </td>

                    <td valign="top" width="868">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">2000 EMPLOYEE STOCK OPTION PLAN</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: -0.41in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">In 2000, Elbit Systems adopted an employee stock option plan for Company
        employees comprising options to purchase up to 2,500,000 ordinary shares. The exercise
        price approximates the market price of the shares at the grant date. The plan included an
        additional 2,500,000 options to issuable as &ldquo;phantom&rdquo; share options that grant
        the option holders a number of shares reflecting the benefit component of the options
        exercised, as calculated at the exercise date, in consideration for their par value only.
        The options vest over a period of one to four years from the date of grant and expire no
        later than six years from the date of grant.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="83">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="35">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">C.</font></p>
                    </td>

                    <td valign="top" width="867">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">2007 STOCK OPTION PLAN</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">In January 2007, Elbit Systems&rsquo; shareholders approved Elbit
        Systems&rsquo; 2007 Option Plan (the &ldquo;Plan&rdquo;). The purpose of the Plan is to
        provide the benefits arising from ownership of share capital by Elbit Systems&rsquo; and
        certain of its subsidiaries employees, who are expected to contribute to the
        Company&rsquo;s future growth and success. The options were allocated, subject to the
        required approvals, in two tracks as follows: (i) Regular Options - up to 1,250,000 options
        exercisable into 1,250,000 shares of Elbit Systems in consideration for the exercise price,
        all or any portion of which may be granted as Incentive Stock Options (&ldquo;Regular
        Options&rdquo;) and (ii) Cashless Options - up to 1,250,000 options, which entitle the
        participant to exercise options for an amount reflecting only the benefit factor
        (&ldquo;Cashless Options&rdquo;). Each of the participants is granted an equal amount of
        Regular Options and Cashless Options. The exercise price for Israeli participants is the
        average closing price of Elbit Systems&rsquo; share during 30 trading days preceding the
        options grant date. The exercise price of options granted to a non-Israeli participant
        residing in the United States is the fair market value of the share on the day the options
        were granted.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: -0.41in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">According to the Plan, the options granted on a certain date (the
        &ldquo;Commencement Date&rdquo;) will become vested and exercisable in accordance with the
        following vesting schedule:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">(1) Fifty percent (50%) of the options will be vested and exercisable from
        the second anniversary of the Commencement Date;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">(2) An additional twenty-five percent (25%) of the options will be vested
        and exercisable from the third anniversary of the Commencement Date; and</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">(3) The remaining twenty-five (25%) of the options will be vested and
        exercisable from the fourth anniversary of the Commencement Date.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: -0.41in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">Elbit Systems granted options to Israeli participants in accordance with the
        provisions of Section 102 of the Israel Tax Ordinance related to the Capital Gains Tax
        Track.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">203</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><b><font size="3">ELBIT
        SYSTEMS LTD. AND ITS SUBSIDIARIES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="633">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="633">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands, except share and per share
                        data)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="364" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="68">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 18 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">SHAREHOLDERS&rsquo; EQUITY (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="607" border="0">
                <tr>
                    <td valign="top" nowrap width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="34">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">D.</font></p>
                    </td>

                    <td valign="top" nowrap width="489">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">A summary of Elbit Systems&rsquo; share option activity
                        under the plans is as follows:</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            &nbsp;
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 50%; TEXT-ALIGN: justify">
        <font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="249">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" colspan="3">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="57">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="3">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2006</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="46">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="3">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2005</font></b></p>
                    </td>
                </tr>

                <tr valign="bottom" bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="249">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" align="center" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 97.2%">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 97.2%">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 7.1pt; TEXT-INDENT: -7.1pt; LINE-HEIGHT: 97.2%">
                        <b><font size="2">Number of options</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="center" width="30">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 97.2%">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" align="center" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 97.2%">
                        <b><font size="2"><b><font size="2">Weighted</font></b></font></b></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 97.2%">
                        <b><font size="2">average</font></b></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 97.2%">
                        <b><font size="2">exercise</font></b></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 97.2%">
                        <b><font size="2">price</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="center" width="57">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 97.2%">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" align="center" width="105">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 97.2%">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 7.1pt; TEXT-INDENT: -7.1pt; LINE-HEIGHT: 97.2%">
                        <b><font size="2">Number of</font></b></p>

                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 7.1pt; TEXT-INDENT: -7.1pt; LINE-HEIGHT: 97.2%">
                        <b><font size="2">options</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="center" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 97.2%">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" align="center" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 97.2%">
                        <b><font size="2">Weighted</font></b></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 97.2%">
                        <b><font size="2">average</font></b></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 97.2%">
                        <b><font size="2">exercise</font></b></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 97.2%">
                        <b><font size="2">price</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="center" width="46">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 97.2%">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" align="center" width="97">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 97.2%">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 7.1pt; TEXT-INDENT: -7.1pt; LINE-HEIGHT: 97.2%">
                        <b><font size="2">Number of</font></b></p>

                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 7.1pt; TEXT-INDENT: -7.1pt; LINE-HEIGHT: 97.2%">
                        <b><font size="2">options</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="center" width="24">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 97.2%">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" align="center" width="113">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 97.2%">
                        <b><font size="2">Weighted</font></b></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 97.2%">
                        <b><font size="2">average</font></b></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 97.2%">
                        <b><font size="2">exercise</font></b></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 97.2%">
                        <b><font size="2">price</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="249">
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="left" width="85">
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="left" width="30">
                    </td>

                    <td style="BORDER-TOP-WIDTH: 1pt; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="left" width="103">
                    </td>

                    <td valign="top" align="left" width="57">
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="left" width="105">
                    </td>

                    <td style="BORDER-TOP-WIDTH: 1pt; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="left" width="28">
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="left" width="103">
                    </td>

                    <td style="BORDER-TOP-WIDTH: 1pt; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="left" width="46">
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="left" width="97">
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="left" width="24">
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="left" width="113">
                    </td>
                </tr>

                <tr bgcolor="#ccffff" height="35">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="249">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 8.8pt; TEXT-INDENT: -8.8pt; TEXT-ALIGN: justify">
                        <font size="2">Outstanding &ndash;</font></p>

                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 8.8pt; TEXT-INDENT: -2.8pt; TEXT-ALIGN: justify">
                        <font size="2">beginning of the year</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.05pt">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 14.3pt">
                        <font size="2">&nbsp; 167,460&nbsp;</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="30">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 8.8pt; TEXT-INDENT: -8.8pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-TOP-WIDTH: 1pt; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.45</font></p>
                    </td>

                    <td valign="top" width="57">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 8.8pt; TEXT-INDENT: -8.8pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="105">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.05pt">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 9.05pt">
                        <font size="2">1,602,752&nbsp;</font></p>
                    </td>

                    <td valign="top" width="28">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 8.8pt; TEXT-INDENT: -8.8pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="103">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 8.8pt; TEXT-INDENT: -8.8pt">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">$ 12.83</font></p>
                    </td>

                    <td style="BORDER-TOP-WIDTH: 1pt; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="46">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="97">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 45.75pt">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt">
                        <font size="2">2,130,257&nbsp;</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="113">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">$ 12.60</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="249">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: justify">
                        <font size="2">Granted</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt">
                        <font size="2">&nbsp;2,381,300&nbsp;</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="30">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 19pt">
                        <font size="2">33.27</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="57">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="105">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 48.75pt">
                        <font size="2">-&nbsp;</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.5in">
                        <font size="2">-</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="46">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="97">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 16.5pt">
                        <font size="2">22,000&nbsp;</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="113">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 25.5pt">
                        <font size="2">19.36</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="249">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: justify">
                        <font size="2">Exercised</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 19.5pt">
                        <font size="2">(53,624)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="30">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">15.97</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="57">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="105">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 9.75pt">
                        <font size="2">(1,366,809)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 25.5pt">
                        <font size="2">12.40</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="46">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="97">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6.75pt">
                        <font size="2">(549,505)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="113">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 25.5pt">
                        <font size="2">12.38</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="249">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: justify">
                        <font size="2">Forfeited</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="85">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" align="right">
                        <font size="2">&nbsp;(108,310)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="30">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="103">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                        <font size="2">32.66</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="57">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="105">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" align="right">
                        <font size="2">(68,483)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="103">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                        <font size="2">12.55</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="46">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="97">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 42pt; BORDER-BOTTOM: black 1pt solid" align="right">
                        <font size="2">-&nbsp;&nbsp;</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="113">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 42pt; BORDER-BOTTOM: black 1pt solid" align="right">
                        <font size="2">-</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="249">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Outstanding &ndash;</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: justify">
                        <font size="2">end of the year</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="85">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double" align="right">
                        <font size="2">&nbsp;2,386,826&nbsp;</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="30">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="103">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double" align="right">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32.51</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="57">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="105">
                        <p style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; TEXT-INDENT: 27.75pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double" align="right">
                        <font size="2">167,460&nbsp;</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="103">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double" align="right">
                        <font size="2">$ 16.45</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="46">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="97">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double" align="right">
                        <font size="2">1,602,752&nbsp;</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="113">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double" align="right">
                        <font face="Times New Roman, Times, serif" size="2">$ 12.83</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="249">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Options exercisable at</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: justify">
                        <font size="2">the end of the year</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="85">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 23.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double" align="right">
                        <font size="2">68,498&nbsp;</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="30">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="103">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double" align="right">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.50</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="57">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="105">
                        <p style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; TEXT-INDENT: 27.75pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double" align="right">
                        <font size="2">75,085&nbsp;</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="103">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double" align="right">
                        <font size="2">$ 15.70</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="46">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="97">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double" align="right">
                        <font size="2">1,470,752&nbsp;</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="113">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double" align="right">
                        <font size="2">$ 12.47</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.38in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">During 2007, 2,381,300 options were granted. Aggregate intrinsic value of
        outstanding options and exercisable options as of December 31, 2007 amounted to $64,568 and
        $2,950, respectively. The aggregate intrinsic value represents the total intrinsic value
        (the difference between Elbit Systems' closing stock price on the last trading day of the
        fourth quarter of fiscal 2007 and the exercise price, multiplied by the number of
        in-the-money options) that would have been received by the option holders had all option
        holders exercised their options on December 31, 2007. This amount changes, based on the
        fair market value of Elbit Systems' stock. The total intrinsic value of options exercised
        for the year ended December 31, 2007 was $2,337. As of December 31, 2007, there was $14,736
        of total unrecognized compensation cost related to share-based compensation arrangements
        granted under Elbit Systems' stock option plans. That cost is expected to be recognized
        over a weighted average period of three years.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">As of December 31, 2007, 2,374,000 options were vested and expected to be
        vested at a weighted average exercise price of $32.51. The weighted average remaining
        contractual life of exercisable options as of December 31, 2007 amounts to four year and
        its aggregate intrinsic value is approximately $64,200.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="33">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">E.</font></p>
                    </td>

                    <td valign="top" width="867">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">The options outstanding as of December 31, 2007, have been
                        separated into ranges of exercise prices, as follows:</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 60pt" cellspacing="0" cellpadding="0" width="800" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="123">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" colspan="3">
                        <div style="MARGIN-LEFT: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="2">Options outstanding</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" colspan="2">
                        <div style="MARGIN-LEFT: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="2">Options exercisable</font></b></p>
                        </div>
                    </td>
                </tr>

                <tr height="88">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="123">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; PADDING-TOP: 0in">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center">
                            <b><font size="2">Exercise price</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="134">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center">
                        <b><font size="2">Number outstanding as of December 31, 2007</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt" valign="bottom" width="120">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; MARGIN-LEFT: 0in; PADDING-TOP: 0in">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center">
                            <b><font size="2">Weighted average remaining contractual life
                            (years)</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="111">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 97.2%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center">
                        <b><font size="2">Weighted average exercise price per share</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="165">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; BORDER-BOTTOM: #000000 1px solid" align="center">
                        <b><font size="2">Number<br>
                        outstanding as of<br>
                        December 31, 2007</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="136">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center">
                        <b><font size="2">Weighted average exercise price<br>
                        per share</font></b></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff" height="15">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="center" width="123">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">
                        <font size="2">$13.98 - $ 19.36</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="center" width="134">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                        111,126&nbsp;</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="120">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 26.25pt; TEXT-ALIGN: justify">
                        <font size="2">2.50</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="center" width="111">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">$ 16.78</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="165">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 48pt; TEXT-ALIGN: justify">
                        <font size="2">68,498</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="136">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right">
                        <font size="2">$&nbsp; 16.5</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="center" width="123">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">
                        <font size="2">$33.10 - $ 44.96</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="center" width="134">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN: 0pt"><font size="2">&nbsp;&nbsp;&nbsp;
                            2,275,700</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="120">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 26.25pt; TEXT-ALIGN: left">
                            <font size="2">4.09</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="center" width="111">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                        <font size="2">$ 33.28</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="165">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">
                        <font size="2">-</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="136">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 10pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" align="right">
                        <font size="2">-</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="123">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="center" width="134">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 11pt">
                            <font size="2">2,386,826</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="120">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 26.25pt; TEXT-ALIGN: left">
                            <font size="2">4.01</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="center" width="111">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double">
                        <font size="2">$ 32.51</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="165">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 48pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left">
                        <font size="2">68,498</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right" width="136">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double" align="right">
                        <font size="2">$&nbsp; 16.5</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">204</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><b><font size="3">ELBIT
        SYSTEMS LTD. AND ITS SUBSIDIARIES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="633">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="633">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands, except share and per share
                        data)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="364" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="68">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 18 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">SHAREHOLDERS&rsquo; EQUITY (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            &nbsp;
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">Compensation expense net amounting to $4,778, $195 and $172 was recognized
        during the years ended December 31, 2007, 2006 and 2005, respectively. The expenses before
        tax were recorded as follows:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 50%; TEXT-ALIGN: right">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 90.45pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="650" border="0">
                <tr>
                    <td valign="top" width="227">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="28">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" colspan="5">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Year ended December 31,</font></b></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="227">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="28">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="67">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="29">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="66">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2006</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="37">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="70">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 22.5pt; TEXT-ALIGN: left">
                        <b><font size="2">2005</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="227">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Cost of revenues</font></p>
                    </td>

                    <td valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="67">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 10.25pt">
                        <font size="2">$&nbsp;&nbsp; 2,146</font></p>
                    </td>

                    <td valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="66">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 10.5pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75</font></p>
                    </td>

                    <td valign="top" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="70">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 10.25pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="227">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">R&amp;D and marketing expenses</font></p>
                    </td>

                    <td valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="67">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 30pt" align="right">
                        <font size="2">850</font></p>
                    </td>

                    <td valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="66">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 42pt">
                        <font size="2">-</font></p>
                    </td>

                    <td valign="top" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="70">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 35pt">
                        <font size="2">34</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="227">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">General and administration expenses</font></p>
                    </td>

                    <td valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="67">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 21.75pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" align="right">
                        <font size="2">1,782</font></p>
                    </td>

                    <td valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="66">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 30pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" align="right">
                        <font size="2">120</font></p>
                    </td>

                    <td valign="top" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="70">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 35pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" align="right">
                        <font size="2">42</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="227">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="67">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 10.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double" align="right">
                        <font size="2">$&nbsp;&nbsp; 4,778</font></p>
                    </td>

                    <td valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="66">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 10.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double" align="right">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 195</font></p>
                    </td>

                    <td valign="top" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="70">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 12.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double" align="right">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="34">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">F.</font></p>
                    </td>

                    <td valign="top" width="867">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">The weighted average exercise price and fair value of
                        options granted during the years ended December 31, 2007, 2006 and 2005
                        were:</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 90.45pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="650" border="0">
                <tr>
                    <td valign="top" width="254">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="35">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" colspan="5">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Less than market price</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="254">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="35">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" colspan="5">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Year ended December 31,</font></b></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="254">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="35">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="112">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="35">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="82">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2006(*)</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="45">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2005</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="254">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Weighted average exercise price</font></p>
                    </td>

                    <td valign="top" width="35">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="112">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">
                        <font size="2">$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33.28</font></p>
                    </td>

                    <td valign="top" width="35">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="82">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                        -</font></p>
                    </td>

                    <td valign="top" width="45">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                        19.36</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="254">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Weighted average fair value on</font></p>

                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -3.1pt; TEXT-ALIGN: left">
                        <font size="2">grant date</font></p>
                    </td>

                    <td valign="top" width="35">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="112">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 45.75pt">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">
                        <font size="2">$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                        8.44</font></p>
                    </td>

                    <td valign="top" width="35">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="82">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 45.75pt">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                        -</font></p>
                    </td>

                    <td valign="top" width="45">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                        6.47</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.91in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        <font size="2">(*) During 2006, no options were granted.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="605" border="0">
                <tr>
                    <td valign="top" nowrap width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="33">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">G.</font></p>
                    </td>

                    <td valign="top" nowrap width="487">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">COMPUTATION OF BASIC AND DILUTED NET EARNINGS PER
                        SHARE:</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="center">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="748" border="0">
                <tr height="76">
                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" colspan="2">
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" align="center" colspan="4">
                        <p><b><font size="2">Year ended<br>
                        </font></b><b><font size="2">December 31, 2007</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" align="center" colspan="4">
                        <p><b><font size="2">Year ended<br>
                        </font></b><b><font size="2">December 31, 2006</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" align="center" colspan="4">
                        <p style="TEXT-INDENT: 3pt"><b><font size="2">Year ended<br>
                        </font></b><b><font size="2">December 31, 2005</font></b></p>
                    </td>

                    <td width="9">
                    </td>
                </tr>

                <tr style="HEIGHT: 61.05pt">
                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 61.05pt" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 61.05pt" valign="bottom" align="center" colspan="2">
                        <p><b><font size="2">Net income to shareholders of ordinary
                        shares</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 61.05pt" valign="bottom" align="center" width="68">
                        <p><b><font size="2">Weighted averaged number of shares (*)</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 61.05pt" valign="bottom" align="center" width="57">
                        <p><b><font size="2">Per share</font></b>
                        <b><font size="2">amount</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 61.05pt" valign="bottom" align="center" colspan="2">
                        <p><b><font size="2">Net income</font></b> <b><font size="2">to
                        shareholders of ordinary shares</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 61.05pt" valign="bottom" align="center" width="66">
                        <p style="TEXT-INDENT: 1.5pt"><b><font size="2">Weighted averaged number
                        of</font></b> <b><font size="2">shares (*)</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 61.05pt" valign="bottom" align="center" width="99">
                        <p><b><font size="2">Per share</font></b>
                        <b><font size="2">amount</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 61.05pt" valign="bottom" align="center" colspan="2">
                        <p><b><font size="2">Net income to shareholders of ordinary
                        shares</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 61.05pt" valign="bottom" align="center" width="76">
                        <p><b><font size="2">Weighted averaged number of shares (*)</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 61.05pt" valign="bottom" align="center" width="57">
                        <p><b><font size="2">Per share</font></b>
                        <b><font size="2">amount</font></b></p>
                    </td>

                    <td width="9">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="HEIGHT: 9.95pt" bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 9.95pt" valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Basic net</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: left">
                        <font size="2">earnings</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 9.95pt" valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 76,709</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 9.95pt" valign="bottom" width="68">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6.75pt; TEXT-ALIGN: justify">
                        <font size="2">42,041</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 9.95pt" valign="bottom" width="57">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 9.75pt; TEXT-ALIGN: justify">
                        <font size="2">$1.82</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 9.95pt" valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72,242</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 9.95pt" valign="bottom" width="66">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6.75pt; TEXT-ALIGN: justify">
                        <font size="2">41,340</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 9.95pt" valign="bottom" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 12pt; TEXT-ALIGN: justify">
                        <font size="2">$ 1.75</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 9.95pt" valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 32,487</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 9.95pt" valign="bottom" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6.75pt; TEXT-ALIGN: justify">
                        <font size="2">40,750</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 9.95pt" valign="bottom" width="57">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 15pt; TEXT-ALIGN: justify">
                        <font size="2">$0.80</font></p>
                    </td>

                    <td width="9">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="68">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="57">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="66">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="57">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="9">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Effect of dilutive</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: left">
                        <font size="2">securities:</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="68">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="57">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="66">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="76">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="57">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="9">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Employee stock</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: left">
                        <font size="2">options</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" colspan="2">
                        <div style="BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
                            <font size="2">-</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="68">
                        <div style="BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 19.5pt; TEXT-ALIGN: left">
                            <font size="2">301</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="57">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" colspan="2">
                        <div style="BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
                            <font size="2">-</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="66">
                        <div style="BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 19.5pt; TEXT-ALIGN: left">
                            <font size="2">540</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" colspan="2">
                        <div style="BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
                            <font size="2">-</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="76">
                        <div style="BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 19.5pt; TEXT-ALIGN: left">
                            <font size="2">873</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="57">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="9">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Diluted net</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: left">
                        <font size="2">earnings</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" colspan="2">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 76,709</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="68">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6.75pt; TEXT-ALIGN: justify">
                            <font size="2">42,342</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="57">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 9.75pt; TEXT-ALIGN: justify">
                            <font size="2">$1.81</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" colspan="2">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <font size="2">$&nbsp;&nbsp;&nbsp; 72,242</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="66">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6.75pt; TEXT-ALIGN: justify">
                            <font size="2">41,880</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="99">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 12pt; TEXT-ALIGN: justify">
                            <font size="2">$1.72</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" colspan="2">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;32,487</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="76">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6.75pt; TEXT-ALIGN: justify">
                            <font size="2">41,623</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 2.8pt; PADDING-LEFT: 2.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="57">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 12pt; TEXT-ALIGN: justify">
                            <font size="2">$ 0.78</font></p>
                        </div>
                    </td>

                    <td width="9">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td width="11">
                    </td>

                    <td width="125">
                    </td>

                    <td width="2">
                    </td>

                    <td width="101">
                    </td>

                    <td width="68">
                    </td>

                    <td width="57">
                    </td>

                    <td width="1">
                    </td>

                    <td width="85">
                    </td>

                    <td width="66">
                    </td>

                    <td width="99">
                    </td>

                    <td width="1">
                    </td>

                    <td width="87">
                    </td>

                    <td width="76">
                    </td>

                    <td width="57">
                    </td>

                    <td width="9">
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">(*) In
        thousands</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">205</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><b><font size="3">ELBIT
        SYSTEMS LTD. AND ITS SUBSIDIARIES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="671">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="671">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="364" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="68">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 18 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">SHAREHOLDERS&rsquo; EQUITY (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            &nbsp;
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="33">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">H.</font></p>
                    </td>

                    <td valign="top" width="868">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">In December 2007, Elbit Systems U.S. Corp
                        (&ldquo;ESC&rdquo;), a wholly-owned U.S. subsidiary of Elbit Systems,
                        adopted a Stock Appreciation Rights Plan for Non-Employee Directors of
                        Elbit Systems of America, LLC (the &ldquo;SAR Plan&rdquo;). ESC owns the
                        shares of ESA. The purpose of the SAR Plan is to facilitate the retention
                        of qualified and experienced persons to serve as &ldquo;Non-Employee
                        Directors&rdquo; of ESA by providing them additional financial incentives.
                        A &ldquo;Non-Employee Director&rdquo; is a director of ESA who is not an
                        officer or employee of ESA, or any of its affiliated companies.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">Under the Plan, the Board of ESC may grant Stock Appreciation Rights
        (&ldquo;SARs&rdquo;) from time to time to Non-Employee Directors of ESA. A SAR is a right
        that, in accordance with the terms of the SAR Plan, entitles the holder to receive, on the
        exercise date of the SAR, cash in an amount equal to the excess of the &ldquo;Fair Market
        Value&rdquo; of the &ldquo;Stock&rdquo; corresponding to the SAR at the time of exercise of
        the SAR over the &ldquo;Initial Value of the Stock.&rdquo; &ldquo;Stock&rdquo; means Elbit
        Systems Ordinary Shares. Each SAR corresponds to a share of Stock. &ldquo;Fair Market
        Value&rdquo; with respect to the Stock means the closing price of the Stock on the Nasdaq
        on the applicable date. &ldquo;Initial Value&rdquo; of a SAR means the Fair Market Value of
        one share of Stock on the grant date of the SAR.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">A SAR may only be exercised after it becomes vested. 25% of any SAR's
        granted are exercisable on the first anniversary from the grant date and an additional 25%
        on each subsequent anniversary. The maximum term of a SAR is five years from the grant
        date. SAR's do not provide any rights as a shareholder in the Stock. On January 2, 2008,
        the Board of Directors of ESC issued a total of 21,000 SARs to Non-Employee Directors of
        ESA, at an Initial Value of $61.42 per SAR.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="34">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">I.</font></p>
                    </td>

                    <td valign="top" width="867">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">TREASURY SHARES</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">Elbit Systems&rsquo; shares held by Elbit Systems and its subsidiaries are
        presented at cost and deducted from shareholders&rsquo; equity.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="85">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="33">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">J.</font></p>
                    </td>

                    <td valign="top" width="867">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">DIVIDEND POLICY</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-ALIGN: justify">
        <font size="2">Dividends declared by Elbit Systems are paid subject to statutory
        limitations. Elbit Systems&rsquo; Board of Directors has determined not to declare
        dividends out of tax exempt earnings</font><b><font size="2">.</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-INDENT: -0.69in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">206</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><b><font size="3">ELBIT
        SYSTEMS LTD. AND ITS SUBSIDIARIES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="671">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="671">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="500" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="65">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 19 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="419">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">MAJOR CUSTOMER AND GEOGRAPHIC INFORMATION</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            &nbsp;
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        <font size="2">The Company applies Statement of Financial Accounting Standards No. 131,
        &ldquo;Disclosures about Segments of an Enterprise and Related Information&rdquo;
        (&ldquo;SFAS No. 131&rdquo;). The Company operates in one reportable segment (see Note 1
        for a brief description of the Company&rsquo;s business).</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="40">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">A.</font></p>
                    </td>

                    <td valign="top" width="866">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Revenues are attributed to geographic areas based on
                        location of the end customers as follows:</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.18in; TEXT-INDENT: -0.39in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 90.45pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="522" border="0">
                <tr>
                    <td valign="top" width="227">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" colspan="5">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Year ended December 31,</font></b></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="227">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2006</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2005</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="227">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Europe</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3.75pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp; 485,128</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3.75pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;233,736</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3.75pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;104,239</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="227">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">U.S.</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">702,721</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">609,492</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">397,479</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="227">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Israel</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">408,920</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">407,113</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">315,376</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="227">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Others</font> <font size="2"><sup>(*)</sup></font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">384,992</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">272,902</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">252,782</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="227">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">$ 1,981,761</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.75pt">
                        <font size="2">$&nbsp;1,523,243</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.75pt">
                        <font size="2">$ 1,069,876</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
        <font size="2">(*)</font> <font size="2">Mainly Asia and South America</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="457" border="0">
                <tr>
                    <td valign="top" nowrap width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="41">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">B.</font></p>
                    </td>

                    <td valign="top" nowrap width="337">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Revenues are generated by the following product
                        lines:</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 90.45pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="522" border="0">
                <tr>
                    <td valign="top" width="227">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" colspan="5">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Year ended December 31,</font></b></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="227">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2006</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2005</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="227">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Airborne systems</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3.75pt">
                        <font size="2">$&nbsp; &nbsp;&nbsp;&nbsp; 596,022</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3.75pt">
                        <font size="2">$&nbsp; &nbsp;&nbsp;&nbsp; 547,772</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3.75pt">
                        <font size="2">$&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; 420,815</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="227">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Land vehicles systems</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">380,958</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">317,731</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">117,358</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="227">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(C<sup>4</sup>ISR) systems</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">581,983</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">313,493</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">217,343</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="227">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Electro-optical systems</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">271,290</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">223,315</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">242,274</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="227">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Others</font> <font size="2"><sup>(*)</sup></font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="87">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" align="right">
                        <font size="2">151,508</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="87">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" align="right">
                        <font size="2">120,932</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="99">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" align="right">
                        <font size="2">72,086</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="227">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="87">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double" align="right">
                        <font size="2">$&nbsp;&nbsp; 1,981,761</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="87">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double" align="right">
                        <font size="2">$&nbsp;&nbsp; 1,523,243</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="99">
                        <p style="PADDING-RIGHT: 0in; MARGIN-TOP: 0pt; PADDING-LEFT: 0in; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double" align="right">
                        <font size="2">$&nbsp;&nbsp; &nbsp;1,069,876</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
        <font size="2">(*)</font> <font size="2">Mainly non-defense engineering and production
        services.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="675" border="0">
                <tr>
                    <td valign="top" nowrap width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="42">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">C.</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0px; MARGIN-RIGHT: 0px" valign="top" nowrap colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Revenues from single customers, which exceed 10% of total
                        revenues in</font> <font size="2">the reported years:</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 90.45pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="522" border="0">
                <tr>
                    <td valign="top" width="227">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" colspan="5">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Year ended December 31,</font></b></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="227">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2006</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2005</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="227">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Israeli Ministry Of Defense</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 28.5pt; TEXT-ALIGN: left">
                        <font size="2">21%</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 28.5pt; TEXT-ALIGN: left">
                        <font size="2">24%</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 28.5pt; TEXT-ALIGN: left">
                        <font size="2">26%</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="227">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U.S. Government</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 33.75pt; TEXT-ALIGN: left">
                        <font size="2">8%</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 28.5pt; TEXT-ALIGN: left">
                        <font size="2">15%</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 28.5pt; TEXT-ALIGN: left">
                        <font size="2">10%</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="353" border="0">
                <tr>
                    <td valign="top" nowrap width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="42">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">D.</font></p>
                    </td>

                    <td valign="top" nowrap width="233">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Long-lived assets by geographic areas:</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.79in; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 90.45pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="522" border="0">
                <tr>
                    <td valign="top" width="227">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" colspan="5">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Year ended December 31,</font></b></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="227">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2006</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2005</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="227">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.1pt; TEXT-ALIGN: left">
                        <font size="2">Israel</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp; 818,145</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp; 319,620</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp; 322,521</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="227">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.1pt; TEXT-ALIGN: left">
                        <font size="2">U.S.</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 23.25pt">
                        <font size="2">92,726</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 23.25pt">
                        <font size="2">86,373</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 23.25pt">
                        <font size="2">87,998</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="227">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.1pt; TEXT-ALIGN: left">
                        <font size="2">Others</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 23.25pt; BORDER-BOTTOM: black 1pt solid" align="right">
                        <font size="2">70,378</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 23.25pt; BORDER-BOTTOM: black 1pt solid" align="right">
                        <font size="2">17,630</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 23.25pt; BORDER-BOTTOM: black 1pt solid" align="right">
                        <font size="2">17,206</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="227">
                    </td>

                    <td valign="top" width="8">
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" align="right" width="87">
                    <font size="2">$&nbsp;&nbsp; &nbsp;981,249</font></td>

                    <td valign="top" width="8">
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" align="right" width="87">
                    <font size="2">$&nbsp;&nbsp;&nbsp; 423,623</font></td>

                    <td valign="top" width="8">
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="99">
                        <p align="right"><font size="2">$&nbsp;&nbsp;&nbsp; 427,725</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="227">
                    </td>

                    <td valign="top" width="8">
                    </td>

                    <td valign="bottom" width="87">
                        <p align="left">&nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                    </td>

                    <td valign="bottom" align="right" width="87">
                    </td>

                    <td valign="top" width="8">
                    </td>

                    <td valign="bottom" align="right" width="99">
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.1in; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">207</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><b><font size="3">ELBIT
        SYSTEMS LTD. AND ITS SUBSIDIARIES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="671">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="671">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-INDENT: -0.69in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="485" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="63">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Note 20 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="407">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">RESEARCH AND DEVELOPMENT EXPENSES, NET</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 90.45pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="522" border="0">
                <tr>
                    <td valign="top" width="227">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" colspan="5">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Year ended December 31,</font></b></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="227">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2006</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2005</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="227">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Total expenses</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155,303&nbsp;</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 115,648&nbsp;</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                        92,375&nbsp;</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="227">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Less &ndash; participations</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">(28,308)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt">
                        <font size="2">(23,416)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" align="right" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 20.25pt">
                        <font size="2">(20,472)</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="227">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 24.1pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 126,995&nbsp;</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                        92,232&nbsp;</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                        71,903&nbsp;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="320" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="64">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Note 21 -</font></b></p>
                        &nbsp;
                    </td>

                    <td valign="top" nowrap width="240">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">FINANCIAL EXPENSES, NET</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 56.7pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="567" border="0">
                <tr>
                    <td valign="top" width="272">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" colspan="5">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Year ended December 31,</font></b></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="272">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2006</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2005</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="272">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Expenses:</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="272">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">On long-term bank debt</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 5.25pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp; &nbsp;(21,131)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 5.25pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp; &nbsp;(10,975)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 8.25pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6,359)</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="272">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">On short-term bank credit and loans</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt">
                        <font size="2">(3,983)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt">
                        <font size="2">(4,610)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" align="right" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt">
                        <font size="2">(3,433)</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="272">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Impairment of auction rate securities</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 19.5pt">
                        <font size="2">(10,027)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 48.75pt">
                        <font size="2">-&nbsp;</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 48.75pt">
                        <font size="2">-&nbsp;</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="272">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Others</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt">
                        <font size="2">(6,065)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt">
                        <font size="2">(6,788)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" align="right" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt">
                        <font size="2">(5,147)</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="272">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 19.5pt">
                        <font size="2">(41,206)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 19.5pt">
                        <font size="2">(22,373)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 19.5pt">
                        <font size="2">(14,939)</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="272">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Income:</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="272">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Interest on cash, cash equivalents</font></p>

                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -3.1pt; TEXT-ALIGN: left">
                        <font size="2">and bank deposits</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 23.25pt">
                        <font size="2">10,121&nbsp;</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 28.5pt">
                        <font size="2">4,634&nbsp;</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 28.5pt">
                        <font size="2">2,205&nbsp;</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="272">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Gain on marketable securities</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 28.5pt">
                        <font size="2">6,480&nbsp;</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 42pt">
                        <font size="2">80&nbsp;</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" align="right" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 46.75pt">
                        <font size="2">-&nbsp;&nbsp;</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="272">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Others</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 28.5pt">
                        <font size="2">2,797&nbsp;</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 36.75pt">
                        <font size="2">951&nbsp;</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" align="right" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 46.75pt">
                        <font size="2">- &nbsp;</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="272">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 23.25pt">
                        <font size="2">19,398&nbsp;</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 28.5pt">
                        <font size="2">5,665&nbsp;</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" align="right" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 28.5pt">
                        <font size="2">2,205&nbsp;</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="272">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        <font size="2">Gain (loss) from exchange rate differences</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 28.5pt">
                        <font size="2">2,479&nbsp;</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt">
                        <font size="2">(4,748)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" align="right" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 28.5pt">
                        <font size="2">1,262&nbsp;</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="272">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 14.15pt; TEXT-INDENT: -11.35pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 5.25pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; (19,329)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 5.25pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp; &nbsp;(21,456)</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" align="right" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 8.25pt">
                        <font size="2">$&nbsp;&nbsp; &nbsp;(11,472)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            &nbsp;
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="17">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="63">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Note 22 -</font></b></p>
                        &nbsp;
                    </td>

                    <td valign="top" nowrap width="905">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font face="Times New Roman, Times, serif" size="2"><b><font face="Times New Roman, Times, serif" size="2">
                        RELATED PARTIES TRANSACTIONS AND BALANCES</font></b></font></b></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 56.7pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="567" border="0">
                <tr>
                    <td valign="top" width="272">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Transactions:</font></p>
                    </td>

                    <td valign="top" width="59">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" colspan="5">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Year ended December 31,</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="272">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="59">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="68">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="29">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="65">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2006</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="25">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="top" width="70">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">2005</font></b></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="272">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Income -</font></p>
                    </td>

                    <td valign="top" width="59">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="68">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="65">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="25">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="70">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="272">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6.75pt; TEXT-ALIGN: left">
                        <font size="2">Sales to affiliated companies (*)</font></p>
                    </td>

                    <td valign="top" width="59">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 9pt" valign="top" align="right" width="68">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt">
                        <font size="2">$ &nbsp;60,870</font></p>
                    </td>

                    <td valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 9pt" valign="top" align="right" width="65">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3.75pt">
                        <font size="2">$ &nbsp;71,808</font></p>
                    </td>

                    <td valign="top" width="25">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 9pt" valign="top" align="right" width="70">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.75pt">
                        <font size="2">$&nbsp; &nbsp;&nbsp;63,007</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="272">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6.75pt; TEXT-ALIGN: left">
                        <font size="2">Participation in expenses</font></p>
                    </td>

                    <td valign="top" width="59">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 9pt" valign="top" align="right" width="68">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt">
                        <font size="2">$ &nbsp; &nbsp;8,941</font></p>
                    </td>

                    <td valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 9pt" valign="top" align="right" width="65">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3.75pt">
                        <font size="2">$&nbsp;&nbsp; &nbsp;3,497</font></p>
                    </td>

                    <td valign="top" width="25">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 9pt" valign="top" align="right" width="70">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.75pt">
                        <font size="2">$ &nbsp;&nbsp;&nbsp; &nbsp;3,630</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="272">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="59">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 9pt" valign="top" align="right" width="68">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 9pt" valign="top" align="right" width="65">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="25">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 9pt" valign="top" align="right" width="70">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="272">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Cost and expenses -</font></p>
                    </td>

                    <td valign="top" width="59">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 9pt" valign="top" align="right" width="68">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 9pt" valign="top" align="right" width="65">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="25">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 9pt" valign="top" align="right" width="70">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="272">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 21.3pt; TEXT-INDENT: -14.55pt; TEXT-ALIGN: left">
                        <font size="2">Supplies from affiliated companies (**)</font></p>
                    </td>

                    <td valign="top" width="59">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 9pt" valign="top" align="right" width="68">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt">
                        <font size="2">$ &nbsp;26,538</font></p>
                    </td>

                    <td valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 9pt" valign="top" align="right" width="65">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3.75pt">
                        <font size="2">$ 17,359</font></p>
                    </td>

                    <td valign="top" width="25">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 9pt" valign="top" align="right" width="70">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.75pt">
                        <font size="2">$&nbsp;&nbsp; &nbsp;19,031</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="272">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6.75pt; TEXT-ALIGN: left">
                        <font size="2">Participation in expenses</font></p>
                    </td>

                    <td valign="top" width="59">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 9pt" valign="top" align="right" width="68">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3.75pt">
                        <font size="2">$
                        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</font></p>
                    </td>

                    <td valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 9pt" valign="top" align="right" width="65">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 1.5pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</font></p>
                    </td>

                    <td valign="top" width="25">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 9pt" valign="top" align="right" width="70">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 62.05pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="500" border="0">
                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="313">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Balances:</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" colspan="2">
                        <div style="MARGIN-LEFT: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="2">December 31,</font></b></p>
                        </div>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="313">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="87">
                        <p style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN-LEFT: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" align="center">
                        <b><font size="2">2007</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="92">
                        <p style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN-LEFT: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" align="center">
                        <b><font size="2">2006</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="313">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Trade receivables and other receivables (*)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 5.25pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;11,792</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="92">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;6,758</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="313">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Trade payables (**)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 5.25pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;9,391</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="92">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt">
                        <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;1,641</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-INDENT: -0.69in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p>&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">208</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><b><font size="3">ELBIT
        SYSTEMS LTD. AND ITS SUBSIDIARIES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="671">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        (CONT.)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="671">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">U. S. dollars (In thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="569" border="0">
                <tr>
                    <td valign="top" nowrap width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="63">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">Note 22 -</font></b></p>
                    </td>

                    <td valign="top" nowrap width="491">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">RELATED PARTIES TRANSACTIONS AND BALANCES
                        (Cont.)</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.83in; TEXT-ALIGN: justify">
        <font size="2">The purchases from related parties are made at arm length. The sales to the
        Company&rsquo;s related parties in respect of U.S. government defense contracts are made on
        the basis of cost.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.17in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">
        <font size="2">(*) The significant sales include sales of helmet mounted cueing systems
        purchased from the Company by VSI.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.22in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        <font size="2">(**) Include electro-optics components and sensors, purchased by the Company
        from SCD, and electro-optics products purchased by the Company from Opgal.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"># # # # #
        # # #</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">209</font></p>
        <!-- EEDocs PBStart-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="150">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><a name="item19"><font size="4">Item 19.</font></a></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="835">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="4">Exhibits.</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            &nbsp;
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="46%" border="0">
                <tr>
                    <td valign="top" nowrap width="78">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="46">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(a)</font></p>
                    </td>

                    <td valign="top" nowrap width="329">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Index to Financial Statements</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 7.67%" cellspacing="0" cellpadding="0" width="80%" border="0">
                <tr>
                    <td valign="top" width="84%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <u><font size="2">Page</font></u></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="84%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Reports of Independent Registered Public Accounting
                        Firm</font></p>
                    </td>

                    <td valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">142 - 148</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="84%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Report of Independent Registered Public Accounting Firm on
                        Internal Control over Financial Reporting</font></p>
                    </td>

                    <td valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">149</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="84%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Consolidated Balance Sheets at December 31, 2007 and
                        2006</font></p>
                    </td>

                    <td valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">150 - 151</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="84%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Consolidated Statements of Income</font></p>
                    </td>

                    <td valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">152</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="84%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Consolidated Statements of Shareholders&rsquo;
                        Equity</font></p>
                    </td>

                    <td valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">153 - 154</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="84%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Consolidated Statements of Cash Flows</font></p>
                    </td>

                    <td valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4.5pt; TEXT-INDENT: -4.5pt; TEXT-ALIGN: center">
                        <font size="2">155 - 156</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="84%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Notes to Consolidated Financial Statements</font></p>
                    </td>

                    <td valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">157 - 209</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="84%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Schedule II &ndash; Valuation and Qualifying
                        Accounts</font></p>
                    </td>

                    <td valign="top" width="15%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">S-1</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="26%" border="0">
                <tr>
                    <td valign="top" nowrap width="78">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="46">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">(b)</font></p>
                    </td>

                    <td valign="top" nowrap width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Exhibits</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 7.67%" cellspacing="0" cellpadding="0" width="90%" border="0">
                <tr>
                    <td valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">1.1</font></p>
                    </td>

                    <td valign="top" width="839">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Elbit Systems&rsquo; Memorandum of Association
                        <sup>(1)</sup></font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">1.2</font></p>
                    </td>

                    <td valign="top" width="839">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Elbit Systems&rsquo; Restated Articles of Association
                        <sup>(2)</sup></font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">8.1</font></p>
                    </td>

                    <td valign="top" width="839">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Elbit Systems 2007 Stock Option Plan
                        <sup>(3)</sup></font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">8.2</font></p>
                    </td>

                    <td valign="top" width="839">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Elbit Systems&rsquo; Post Merger Stock Option Plan (Summary
                        in English) <sup>(1)</sup></font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">8.3</font></p>
                    </td>

                    <td valign="top" width="839">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <a href="ex8_3-f20f12312007.htm"><font size="2">Principal Operating
                        Subsidiaries of Elbit Systems</font></a></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">10.1</font></p>
                    </td>

                    <td valign="top" width="839">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <a href="ex10_1-f20f12312007.htm"><font size="2">Consent of Kost Forer
                        Gabbay &amp; Kasierer</font></a></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">10.2</font></p>
                    </td>

                    <td valign="top" width="839">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <a href="ex10_2-f20f12312007.htm"><font size="2">Consent of Somekh
                        Chaikin</font></a></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">10.3</font></p>
                    </td>

                    <td valign="top" width="839">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <a href="ex10_3-f20f12312007.htm"><font size="2">Consent of Brightman
                        Almagor &amp; Co. (Tadiran Systems)</font></a></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">10.4</font></p>
                    </td>

                    <td valign="top" width="839">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <a href="ex10_4-f20f12312007.htm"><font size="2">Consent of Brightman
                        Almagor &amp; Co.(Tadiran Spectralink)</font></a></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">10.5</font></p>
                    </td>

                    <td valign="top" width="839">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <a href="ex10_5-f20f12312007.htm"><font size="2">Consent of Hoberman,
                        Miller, Goldstein &amp; Lesser, P.C. (MNSI)</font></a></p>
                    </td>
                </tr>

                <tr height="14">
                    <td valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">10.6</font></p>
                    </td>

                    <td valign="top" width="839">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <a href="ex10_6-f20f12312007.htm"><font size="2">Consent of Hoberman,
                        Miller, Goldstein &amp; Lesser, P.C. (Talla-Com)</font></a></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">10.7</font></p>
                    </td>

                    <td valign="top" width="839">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <a href="ex10_7-f20f12312007.htm"><font size="2">Consent of Kesselman &amp;
                        Kesselman</font></a></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">12.1</font></p>
                    </td>

                    <td valign="top" width="839">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2"><A HREF="ex12_1-f20f12312007.htm">Certification of Chief
                        Executive Officer of the Registrant pursuant to Section 302 of the
                        Sarbanes-Oxley Act of 2002.</A></font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">12.2</font></p>
                    </td>

                    <td valign="top" width="839">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2"><A HREF="ex12_2-f20f12312007.htm">Certification of Chief
                        Financial Officer of the Registrant pursuant to Section 302 of the
                        Sarbanes-Oxley Act of 2002.</A></font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">13.1</font></p>
                    </td>

                    <td valign="top" width="839">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2"><A HREF="ex13_1-f20f12312007.htm">Certification of Chief
                        Executive Officer of the Registrant pursuant to Section 906 of the
                        Sarbanes-Oxley Act of 2002.</A></font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">13.2</font></p>
                    </td>

                    <td valign="top" width="839">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2"><A HREF="ex13_2-f20f12312007.htm">Certification of Chief
                        Financial Officer of the Registrant pursuant to Section 906 of the
                        Sarbanes-Oxley Act of 2002.</A></font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">_______________________________</font></font></font></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="7%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(1)</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Filed as an exhibit to Elbit Systems&rsquo; Annual Report on
                        Form 20-F (File No. 0-28998) for the year ended December 31, 2000, which
                        was filed with the Securities and Exchange Commission on April 5, 2001, and
                        incorporated herein by reference.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="7%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(2)</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Filed as an exhibit to Elbit Systems Report on Form 6-K for
                        March 2008, which was filed by Elbit Systems with the Securities and
                        Exchange Commission on March 26, 2008, and incorporated herein by
                        reference.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="7%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(3)</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Filed as an exhibit to Elbit Systems Report on Form 6-K for
                        December 2006, which was filed by Elbit Systems with the Securities and
                        Exchange Commission on December 7, 2006, and incorporated herein by
                        reference.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.67%; TEXT-INDENT: -7.67%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2"><font size="2"><font size="2">210</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2"><font size="2"><font size="2">SIGNATURES</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.67%; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">Pursuant to the requirements of Section 12 of
        the Securities Exchange Act of 1934, the Registrant certifies that it meets all of the
        requirements for filing on Form 20-F and has duly caused this Registration Statement to be
        signed on its behalf by the undersigned, thereunto duly
        authorized.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">Dated: May 28, 2008</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="46%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">ELBIT SYSTEMS LTD.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="46%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="40">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="492">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="46%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="40">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="492">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="46%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="40">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">By:</font></p>
                    </td>

                    <td valign="top" width="492">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><font size="2">/s/ Joseph Ackerman</font></u></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="46%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="40">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Name:</font></p>
                    </td>

                    <td valign="top" width="492">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Joseph Ackerman</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="46%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="40">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Title:</font></p>
                    </td>

                    <td valign="top" width="492">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">President and Chief Executive Officer</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="46%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="40">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 27.6pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="492">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(Principal Executive Officer)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <font size="2"><font size="2"><font size="2">211</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2"><font size="2"><b><font size="2">ELBIT SYSTEMS LTD. AND
        SUBSIDIARIES</font></b></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2"><font size="2"><b><font size="2">Schedule II - Valuation and Qualifying
        Accounts</font></b></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2"><font size="2"><font size="2">(In thousands of U.S.
        dollars)</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="29%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Column A</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Column B</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Column C</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Column D</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Column E</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" width="29%">
                    &nbsp;&nbsp;</td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" width="29%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <u><b><font size="2">Description</font></b></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">Balance at<br>
                        <u>Beginning</u></font> <font size="2"><u>of Period</u></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">Additions (Charged to <u>Costs and</u></font>
                        <font size="2"><u>Expenses)</u></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">Deductions (Write-Offs and Actual <u>Losses</u></font>
                        <u><font size="2">Incurred)</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">Additions Resulting from TadComm</font>
                        <u><font size="2">Acquisition(**)</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">Balance at</font><br>
                        <u><font size="2">End of Period</font></u></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="29%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="29%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Year Ended December 31, 2007:</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="29%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 11pt; TEXT-INDENT: -11pt; TEXT-ALIGN: left">
                        <font size="2">Provisions for Losses on Long-Term Contracts (*)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">9,808</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">19,176</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">14,691</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">37,093</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">51,386</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="29%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 11pt; TEXT-INDENT: -11pt; TEXT-ALIGN: left">
                        <font size="2">Provisions for Claims and Potential Contractual Penalties
                        and Others</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,977</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">6,174</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">102</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">995</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">9,044</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="29%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 11pt; TEXT-INDENT: -11pt; TEXT-ALIGN: left">
                        <font size="2">Allowance for Doubtful Accounts</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">3,390</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">534</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">474</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">344</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">3,794</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="29%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 11pt; TEXT-INDENT: -11pt; TEXT-ALIGN: left">
                        <font size="2">Valuation Allowance on Deferred Taxes</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">24,885</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">4,700</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">--</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">25,050</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">54,635</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="29%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="29%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Year Ended December 31, 2006:</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="29%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 11pt; TEXT-INDENT: -11pt; TEXT-ALIGN: left">
                        <font size="2">Provisions for Losses on Long-Term Contracts (*)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">14,563</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">3,959</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">8,714</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">--</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">9,808</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="29%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 11pt; TEXT-INDENT: -11pt; TEXT-ALIGN: left">
                        <font size="2">Provisions for Claims and Potential Contractual Penalties
                        and Others</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">2,502</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">820</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,345</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">--</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,977</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="29%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 11pt; TEXT-INDENT: -11pt; TEXT-ALIGN: left">
                        <font size="2">Allowance for Doubtful Accounts</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">3,221</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">513</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">344</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">--</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">3,390</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="29%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 11pt; TEXT-INDENT: -11pt; TEXT-ALIGN: left">
                        <font size="2">Valuation Allowance on Deferred Taxes</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">18,774</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">6,703</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">592</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">--</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">24,885</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="29%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="29%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Year Ended December 31, 2005:</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="29%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 11pt; TEXT-INDENT: -11pt; TEXT-ALIGN: left">
                        <font size="2">Provisions for Losses on Long-Term Contracts (*)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">10,351</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">5,492</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">5,829</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">4,549</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">14,563</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="29%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 11pt; TEXT-INDENT: -11pt; TEXT-ALIGN: left">
                        <font size="2">Provisions for Claims and Potential Contractual Penalties
                        and Others</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">2,537</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,714</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">1,749</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">--</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">2,502</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="29%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 11pt; TEXT-INDENT: -11pt; TEXT-ALIGN: left">
                        <font size="2">Allowance for Doubtful Accounts</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">3,064</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">301</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">250</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">106</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">3,221</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="29%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 11pt; TEXT-INDENT: -11pt; TEXT-ALIGN: left">
                        <font size="2">Valuation Allowance on Deferred Taxes</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">3,445</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">870</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">994</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">15,453</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">18,744</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="11%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">*</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">An amount of $7,549, $5,494 and $16,357 as of December 31,
                        2005, 2006 and 2007, respectively, is presented as a deduction from
                        inventories, and an amount of $7,014, $4,314 and $35,029 as of December 31,
                        2005, 2006 and 2007, respectively, is presented as part of other accrued
                        expenses in the category of &ldquo;Cost Provisions and
                        Other.&rdquo;</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="11%">
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">**</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">The amounts presented also result from the Elisra
                        acquisition in 2005.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2"><font size="2"><font size="2">S-1</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart--><!-- EEDocs PBEnd-->
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</TEXT>
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<SEQUENCE>2
<FILENAME>elbitchart1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
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3I&JLM<(JRX+L@(:L0.9)0```.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8
<SEQUENCE>12
<FILENAME>ex8_3-f20f12312007.htm
<DESCRIPTION>EXHIBIT 8.3
<TEXT>
<html>
    <head>
        <title></title>
    </head>

    <body style="FONT-FAMILY: 'Times New Roman'" bgcolor="#ffffff">
        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-INDENT: -7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-INDENT: -7.69%; TEXT-ALIGN: right">
        <font size="2">EXHIBIT 8.3</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-INDENT: -7.69%; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-INDENT: -7.69%; TEXT-ALIGN: center">
        <b><font size="2">Principal Operating Subsidiaries of Elbit Systems Ltd.</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-INDENT: -7.69%; TEXT-ALIGN: center">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-INDENT: -7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-INDENT: -7.69%; TEXT-ALIGN: left">
        <font size="2">See Item 4. Information on the Company &ndash; Organizational Structure -
        Principal Subsidiaries</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart--><!-- EEDocs PBStart--><!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
    </body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>13
<FILENAME>ex10_1-f20f12312007.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<html>
    <head>
        <title></title>
        <!-- Created by EDGAR Ease Plus (EDGAR Ease+) -->
        <!-- Control Number:                                                                  -->
        <!-- Rev Number:                                                                      -->
        <!-- Client Name:                                                                     -->
        <!-- Project Name:                                                                    -->
        <!-- Firm Name:                                                                       -->
    </head>

    <body text="#000000" vlink="#800000" link="#0000ff" bgcolor="#ffffff">
        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><font size="2">Exhibit
        10.1</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font size="2">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.23%; TEXT-ALIGN: left">
        <font size="2">We consent to the incorporation by reference in the registration statements
        on Forms S-8 (Nos. 333-9354 and 333-139512) pertaining to the employees' stock option
        plans of Elbit Systems Ltd. of our report dated March 10, 2008, with respect to the
        consolidated financial statements and financial statement schedule of Elbit Systems Ltd.
        and subsidiaries and the effectiveness of internal control over financial reporting of
        Elbit Systems Ltd. and subsidiaries included in this Annual Report on Form 20-F for the
        year ended December 31, 2007.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="70%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="458">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="232">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">By:</font> <u><font size="2">/s/ Kost Forer Gabbay &amp;
                        Kasierer</font></u></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="458">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="232">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">Kost Forer Gabbay &amp; Kasierer</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="458">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="232">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">A member of Ernst &amp; Young Global</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">Haifa,
        Israel, May 28, 2008</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
    </body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>14
<FILENAME>ex10_2-f20f12312007.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<html>
    <head>
        <title></title>
        <!-- Created by EDGAR Ease Plus (EDGAR Ease+) -->
        <!-- Control Number:                                                                  -->
        <!-- Rev Number:                                                                      -->
        <!-- Client Name:                                                                     -->
        <!-- Project Name:                                                                    -->
        <!-- Firm Name:                                                                       -->
    </head>

    <body text="#000000" vlink="#800000" link="#0000ff" bgcolor="#ffffff">
        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><font size="2">Exhibit
        10.2</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font size="2">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.23%; TEXT-ALIGN: left">
        <font size="2">We consent to the incorporation by reference in the registration statements
        of Elbit Systems Ltd. on Forms S-8 (File Nos. 333-9354 and 333-139512) of our report dated
        March 10, 2008, with respect to the consolidated financial statements of Elisra Electronic
        Systems Ltd. and subsidiaries, which report appears in this December 31, 2007 annual report
        on Form 20-F of Elbit Systems Ltd.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="26">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">By:</font></p>
                    </td>

                    <td valign="top" width="959">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><font size="2">/s/ Somekh Chaikin</font></u></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="26">
                    </td>

                    <td valign="top" width="959"><font size="2">Somekh Chaikin</font></td>
                </tr>

                <tr>
                    <td valign="top" width="26">
                    </td>

                    <td valign="top" width="959"><font size="2">Certified Public Accountants
                    (Isr.)</font></td>
                </tr>

                <tr>
                    <td valign="top" width="26">
                    </td>

                    <td valign="top" width="959"><font size="2">A member firm of KPMG
                    International</font></td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 5.08%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 5.08%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 5.08%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
        <font size="2">Tel-Aviv, Israel,</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">May 27,
        2008</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-INDENT: -7.69%; TEXT-ALIGN: left">
        &nbsp;</p>
    </body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>15
<FILENAME>ex10_3-f20f12312007.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
<html>
    <head>
        <title></title>
        <!-- Created by EDGAR Ease Plus (EDGAR Ease+) -->
        <!-- Control Number:                                                                  -->
        <!-- Rev Number:                                                                      -->
        <!-- Client Name:                                                                     -->
        <!-- Project Name:                                                                    -->
        <!-- Firm Name:                                                                       -->
    </head>

    <body text="#000000" vlink="#800000" link="#0000ff" bgcolor="#ffffff">
        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><font size="2">Exhibit
        10.3</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font size="2">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.23%; TEXT-ALIGN: left">
        <font size="2">We consent to the incorporation by reference in the registration statements
        of Elbit Systems Ltd. on Forms S-8 (File Nos. 333-9354 and 333-139512) pertaining to the
        employees stock option plan of our report dated March 5, 2008, with respect to the
        financial statements of Tadiran Electronic Systems Ltd. included in this Annual Report on
        Form 20-F for the year ended December 31, 2007.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="52">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">By:</font></p>
                    </td>

                    <td valign="top" width="933">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><font size="2">/s/ Brightman Almagor &amp; Co.</font></u></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 5.08%; TEXT-ALIGN: left">
        <font size="2">Brightman Almagor &amp; Co.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 5.08%; TEXT-ALIGN: left">
        <font size="2">A member firm of Deloitte Touche Tohmatsu</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">May 27,
        2008</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>
    </body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>16
<FILENAME>ex10_4-f20f12312007.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
<html>
    <head>
        <title></title>
        <!-- Created by EDGAR Ease Plus (EDGAR Ease+) -->
        <!-- Control Number:                                                                  -->
        <!-- Rev Number:                                                                      -->
        <!-- Client Name:                                                                     -->
        <!-- Project Name:                                                                    -->
        <!-- Firm Name:                                                                       -->
    </head>

    <body text="#000000" vlink="#800000" link="#0000ff" bgcolor="#ffffff">
        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><font size="2">Exhibit
        10.4</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font size="2">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.23%; TEXT-ALIGN: left">
        <font size="2">We consent to the incorporation by reference in the registration statements
        of Elbit Systems Ltd. on Forms S-8 (File Nos. 333-9354 and 333-139512) pertaining to the
        employees stock option plan of our report dated February 25, 2008, with respect to the
        financial statements of Tadiran Spectralink Ltd. included in this Annual Report on Form
        20-F for the year ended December 31, 2007.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="53">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">By:</font></p>
                    </td>

                    <td valign="top" width="932">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><font size="2">/s/ Brightman Almagor &amp; Co.</font></u></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 5.08%; TEXT-ALIGN: left">
        <font size="2">Brightman Almagor &amp; Co.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 5.08%; TEXT-ALIGN: left">
        <font size="2">A member firm of Deloitte Touche Tohmatsu</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">May 27,
        2008</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
    </body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>17
<FILENAME>ex10_5-f20f12312007.htm
<DESCRIPTION>EXHIBIT 10.5
<TEXT>
<html>
    <head>
        <title></title>
        <!-- Created by EDGAR Ease Plus (EDGAR Ease+) -->
        <!-- Control Number:                                                                  -->
        <!-- Rev Number:                                                                      -->
        <!-- Client Name:                                                                     -->
        <!-- Project Name:                                                                    -->
        <!-- Firm Name:                                                                       -->
    </head>

    <body text="#000000" vlink="#800000" link="#0000ff" bgcolor="#ffffff">
        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><font size="2">Exhibit
        10.5</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font size="2">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.23%; TEXT-ALIGN: left">
        <font size="2">We consent to the incorporation by reference in the registration statements
        of Elbit Systems Ltd. on Forms S-8 (File Nos. 333-9354 and 333-139512) of our report dated
        January 15, 2008, with respect to the financial statements of Microwave Networks Solutions,
        Inc., which report appears in this December 31, 2007 annual report on Form 20-F of Elbit
        Systems Ltd.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="52">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">By:</font></p>
                    </td>

                    <td valign="top" width="933">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><font size="2">/s/ Hoberman, Miller, Goldstein &amp; Lesser,
                        CPA&rsquo;s, P.C.</font></u></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 5.08%; TEXT-ALIGN: left">
        <font size="2">Hoberman, Miller, Goldstein &amp; Lesser, CPA&rsquo;s, P.C.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">May 27,
        2008</font></p>
    </body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>18
<FILENAME>ex10_6-f20f12312007.htm
<DESCRIPTION>EXHIBIT 10.6
<TEXT>
<html>
    <head>
        <title></title>
        <!-- Created by EDGAR Ease Plus (EDGAR Ease+) -->
        <!-- Control Number:                                                                  -->
        <!-- Rev Number:                                                                      -->
        <!-- Client Name:                                                                     -->
        <!-- Project Name:                                                                    -->
        <!-- Firm Name:                                                                       -->
    </head>

    <body text="#000000" vlink="#800000" link="#0000ff" bgcolor="#ffffff">
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><font size="2">Exhibit
        10.6</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font size="2">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.23%; TEXT-ALIGN: left">
        <font size="2">We consent to the incorporation by reference in the registration statements
        of Elbit Systems Ltd. on Forms S-8 (File Nos. 333-9354 and 333-139512) of our report dated
        March 6, 2008, with respect to the financial statements of Talla-Com, Tallahassee
        Communications Industries, Inc., which report appears in this December 31, 2007 annual
        report on Form 20-F of Elbit Systems Ltd.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="52">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">By:</font></p>
                    </td>

                    <td valign="top" width="933">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><font size="2">/s/ Hoberman, Miller, Goldstein &amp; Lesser,
                        CPA&rsquo;s, P.C.</font></u></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 5.08%; TEXT-ALIGN: left">
        <font size="2">Hoberman, Miller, Goldstein &amp; Lesser, CPA&rsquo;s, P.C.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">May 28, 2008</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
    </body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>19
<FILENAME>ex10_7-f20f12312007.htm
<DESCRIPTION>EXHIBIT 10.7
<TEXT>
<html>
    <head>
        <title></title>
        <!-- Created by EDGAR Ease Plus (EDGAR Ease+) -->
        <!-- Control Number:                                                                  -->
        <!-- Rev Number:                                                                      -->
        <!-- Client Name:                                                                     -->
        <!-- Project Name:                                                                    -->
        <!-- Firm Name:                                                                       -->
    </head>

    <body text="#000000" vlink="#800000" link="#0000ff" bgcolor="#ffffff">
        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><font size="2">Exhibit
        10.7</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font size="2">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.23%; TEXT-ALIGN: left">
        <font size="2">We consent to the incorporation by reference in the registration statements
        of Elbit Systems Ltd. on Forms S-8 (File Nos. 333-9354 and 333-139512) of our report dated
        March 5, 2008, with respect to the financial statements of Kinetics Ltd. (not separately
        included in this Form 20-F),which&nbsp;appears in this December 31, 2007 annual report on
        Form 20-F of Elbit Systems Ltd.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="51">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">By:</font></p>
                    </td>

                    <td valign="top" width="934">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><font size="2">/s/Kesselman &amp; Kesselman</font></u></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 5.08%; TEXT-ALIGN: left">
        <font size="2">Kesselman &amp; Kesselman</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 5.08%; TEXT-ALIGN: left">
        <font size="2">Certified Public Accountants (Isr.)</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 5.08%; TEXT-ALIGN: left">
        <font size="2">A member firm of Pricewaterhouse Coopers International Limited</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">May 27,
        2008</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
    </body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12
<SEQUENCE>20
<FILENAME>ex12_1-f20f12312007.htm
<DESCRIPTION>EXHIBIT 12.1; CERTIFICATION OF CEO
<TEXT>
<html>
    <head>
        <title></title>
        <!-- Created by EDGAR Ease Plus (EDGAR Ease+) -->
        <!-- Control Number:                                                                  -->
        <!-- Rev Number:                                                                      -->
        <!-- Client Name:                                                                     -->
        <!-- Project Name:                                                                    -->
        <!-- Firm Name:                                                                       -->
    </head>

    <body text="#000000" vlink="#800000" link="#0000ff" bgcolor="#ffffff">
        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><font size="2"><A NAME="ex12_1-f20f123107">Exhibit
        12.1</A></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font size="2">Certification by Chief Executive Officer Pursuant to Section 302 of
        the</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font size="2">Sarbanes-Oxley Act of 2002</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">I, Joseph
        Ackerman, certify that:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">1.</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">I have reviewed this annual report on Form 20-F of Elbit
                        Systems Ltd.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.08%; TEXT-INDENT: -3.08%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">2.</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Based on my knowledge, this annual report does not contain
                        any untrue statement of a material fact or omit to state a material fact
                        necessary to make the statements made, in light of the circumstances under
                        which such statements were made, not misleading with respect to the period
                        covered by this annual report.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.08%; TEXT-INDENT: -3.08%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">3.</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Based on my knowledge, the financial statements, and other
                        financial information included in this annual report, fairly present in all
                        material respects the financial condition, results of operations and cash
                        flows of the registrant as of, and for, the periods presented in this
                        annual report.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.08%; TEXT-INDENT: -3.08%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">4.</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">The registrant&rsquo;s other certifying officer and I are
                        responsible for establishing and maintaining disclosure controls and
                        procedures (as defined in Exchange Act Rules&nbsp;13a-15(e) and 15d-15(e))
                        and internal control over financial reporting (as defined in Exchange Act
                        Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.08%; TEXT-INDENT: -3.08%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">a)</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Designed such disclosure controls and procedures, or caused
                        such disclosure controls and procedures to be designed under our
                        supervision, to ensure that material information relating to the
                        registrant, including its consolidated subsidiaries, is made known to us by
                        others within those entities, particularly during the period in which this
                        report is being prepared;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 6%; TEXT-INDENT: -3.08%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">b)</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Designed such internal control over financial reporting, or
                        caused such internal control over financial reporting to be designed under
                        our supervision, to provide reasonable assurance regarding the reliability
                        of financial reporting and the preparation of financial statements for
                        external purposes in accordance with generally accepted accounting
                        principles;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 6%; TEXT-INDENT: -3.08%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">c)</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Evaluated the effectiveness of the registrant&rsquo;s
                        disclosure controls and procedures and presented in this report our
                        conclusions about the effectiveness of the disclosure controls and
                        procedures, as of the end of the period covered by this report based on
                        such evaluation; and</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 6%; TEXT-INDENT: -3.08%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">d)</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Disclosed in this report any change in the
                        registrant&rsquo;s internal control over financial reporting that occurred
                        during the period covered by the annual report) that has materially
                        affected, or is reasonably likely to materially affect, the
                        registrant&rsquo;s internal control over financial reporting.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 15.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">5.</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">The registrant&rsquo;s other certifying officer and I have
                        disclosed, based on our most recent evaluation of internal control over
                        financial reporting, to the registrant&rsquo;s auditors and the audit
                        committee of the registrant&rsquo;s board of directors (or persons
                        performing the equivalent functions):</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 15.54%; TEXT-INDENT: -3.08%; TEXT-ALIGN: left">
        <font size="2">&nbsp;</font></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">a)</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">All significant deficiencies and material weaknesses in the
                        design or operation of internal control over financial reporting which are
                        reasonably likely to adversely affect the registrant&rsquo;s ability to
                        record, process, summarize and report financial information; and</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 15.54%; TEXT-ALIGN: left">
        <font size="2">&nbsp;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 15.54%; TEXT-INDENT: -3.08%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 6%; TEXT-INDENT: -3.08%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 6%; TEXT-INDENT: -3.08%; TEXT-ALIGN: left">
        &nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 15.54%; TEXT-INDENT: -3.08%; TEXT-ALIGN: left">
        <font size="2"><font size="2">&nbsp;</font></font></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">b)</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Any fraud, whether or not material, that involves management
                        or other employees who have a significant role in the registrant&rsquo;s
                        internal control over financial reporting.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 15.54%; TEXT-ALIGN: left">
        <font size="2"><font size="2">&nbsp;</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Date: May
        28, 2008</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="46%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="25">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">By:</font></p>
                    </td>

                    <td valign="top" width="507">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><font size="2">/s/ Joseph Ackerman</font></u></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="46%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="25">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="507">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Joseph Ackerman</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="46%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="25">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="507">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">President and Chief Executive Officer</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="46%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="25">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="507">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(Principal Executive Officer)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>
    </body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12
<SEQUENCE>21
<FILENAME>ex12_2-f20f12312007.htm
<DESCRIPTION>EXHIBIT 12.2; CERTIFICATION OF CFO
<TEXT>
<html>
    <head>
        <title></title>
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        <!-- Control Number:                                                                  -->
        <!-- Rev Number:                                                                      -->
        <!-- Client Name:                                                                     -->
        <!-- Project Name:                                                                    -->
        <!-- Firm Name:                                                                       -->
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: right">
        <font size="2"><A NAME="ex12_2-f20f123107">Exhibit 12.2</A></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font size="2">Certification by Chief Financial Officer Pursuant to Section 302 of
        the</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font size="2">Sarbanes-Oxley Act of 2002</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">I, Joseph
        Gaspar, certify that:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">1.</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">I have reviewed this annual report on Form 20-F of Elbit
                        Systems Ltd.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.08%; TEXT-INDENT: -3.08%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">2.</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Based on my knowledge, this annual report does not contain
                        any untrue statement of a material fact or omit to state a material fact
                        necessary to make the statements made, in light of the circumstances under
                        which such statements were made, not misleading with respect to the period
                        covered by this annual report.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.08%; TEXT-INDENT: -3.08%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">3.</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Based on my knowledge, the financial statements, and other
                        financial information included in this annual report, fairly present in all
                        material respects the financial condition, results of operations and cash
                        flows of the registrant as of, and for, the periods presented in this
                        annual report.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.08%; TEXT-INDENT: -3.08%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">4.</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">The registrant&rsquo;s other certifying officer and I are
                        responsible for establishing and maintaining disclosure controls and
                        procedures (as defined in Exchange Act Rules&nbsp;13a-15(e) and 15d-15(e))
                        and internal control over financial reporting (as defined in Exchange Act
                        Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 15.54%; TEXT-ALIGN: left">
        <font size="2"><font size="2">&nbsp;</font></font></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">a)</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Designed such disclosure controls and procedures, or caused
                        such disclosure controls and procedures to be designed under our
                        supervision, to ensure that material information relating to the
                        registrant, including its consolidated subsidiaries, is made known to us by
                        others within those entities, particularly during the period in which this
                        report is being prepared;</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="3%">
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">b)</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Designed such internal control over financial reporting, or
                        caused such internal control over financial reporting to be designed under
                        our supervision, to provide reasonable assurance regarding the reliability
                        of financial reporting and the preparation of financial statements for
                        external purposes in accordance with generally accepted accounting
                        principles;</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="3%">
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">c)</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Evaluated the effectiveness of the registrant&rsquo;s
                        disclosure controls and procedures and presented in this report our
                        conclusions about the effectiveness of the disclosure controls and
                        procedures, as of the end of the period covered by this report based on
                        such evaluation; and</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="3%">
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">d)</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Disclosed in this report any change in the
                        registrant&rsquo;s internal control over financial reporting that occurred
                        during the period covered by this annual report) that has materially
                        affected, or is reasonably likely to materially affect, the
                        registrant&rsquo;s internal control over financial reporting.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 15.54%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">5.</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">The registrant&rsquo;s other certifying officer and I have
                        disclosed, based on our most recent evaluation of internal control over
                        financial reporting, to the registrant&rsquo;s auditors and the audit
                        committee of the registrant&rsquo;s board of directors (or persons
                        performing the equivalent functions):</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 15.54%; TEXT-INDENT: -3.08%; TEXT-ALIGN: left">
        <font size="2"><font size="2">&nbsp;</font></font></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">a)</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">All significant deficiencies and material weaknesses in the
                        design or operation of internal control over financial reporting which are
                        reasonably likely to adversely affect the registrant&rsquo;s ability to
                        record, process, summarize and report financial information; and</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 15.54%; TEXT-ALIGN: left"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 6%; TEXT-INDENT: -3.08%; TEXT-ALIGN: left">
        </p>


        <p></p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 6%; TEXT-INDENT: -3.08%; TEXT-ALIGN: left">
        <font size="2">&nbsp;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 15.54%; TEXT-INDENT: -3.08%; TEXT-ALIGN: left">
        <font size="2"><font size="2">&nbsp;</font></font></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">b)</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Any fraud, whether or not material, that involves management
                        or other employees who have a significant role in the registrant&rsquo;s
                        internal control over financial reporting.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 15.54%; TEXT-ALIGN: left">
        <font size="2"><font size="2">&nbsp;</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Date: May
        28, 2008</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="453">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="25">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">By:</font></p>
                    </td>

                    <td valign="top" width="507">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><font size="2">/s/ Joseph Gaspar</font></u></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="453">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="25">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="507">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Joseph Gaspar</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="453">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="25">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="507">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Executive Vice President and Chief Financial
                        Officer</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="453">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="25">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="507">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(Principal Financial and Accounting Officer)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
    </body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13
<SEQUENCE>22
<FILENAME>ex13_1-f20f12312007.htm
<DESCRIPTION>EXHIBIT 13.1; CERTIFICATION OF CEO
<TEXT>
<html>
    <head>
        <title></title>
        <!-- Created by EDGAR Ease Plus (EDGAR Ease+) -->
        <!-- Control Number:                                                                  -->
        <!-- Rev Number:                                                                      -->
        <!-- Client Name:                                                                     -->
        <!-- Project Name:                                                                    -->
        <!-- Firm Name:                                                                       -->
    </head>

    <body text="#000000" vlink="#800000" link="#0000ff" bgcolor="#ffffff">
        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><font size="2"><A NAME="ex13_1-f20f123107">Exhibit
        13.1</A></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font size="2">CERTIFICATION PURSUANT TO</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">18
        U.S.C. SECTION 1350,</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">AS
        ADOPTED PURSUANT TO</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font size="2">SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 4.77%; TEXT-ALIGN: left">
        <font size="2">In connection with the Annual Report on Form&nbsp;20-F of Elbit Systems Ltd.
        (the &ldquo;Company&rdquo;) for the year ended December&nbsp;31, 2007 as filed with the
        Securities and Exchange Commission on the date hereof (the &ldquo;Report&rdquo;), the
        undersigned, Joseph Ackerman, Chief Executive Officer (Principal Executive Officer) of the
        Company, certifies, pursuant to 18 U.S.C. sec. 1350, as adopted pursuant to sec. 906 of the
        Sarbanes-Oxley Act of 2002, that:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 4.77%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-INDENT: 5.38%; TEXT-ALIGN: left">
        <font size="2">(1)&nbsp;&nbsp;&nbsp;The Report fully complies with the requirements of
        section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934, as amended;
        and</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-INDENT: 5.38%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-INDENT: 5.38%; TEXT-ALIGN: left">
        <font size="2">(2)&nbsp;&nbsp;&nbsp;The information contained in the Report fairly
        presents, in all material respects, the financial condition and result of operations of the
        Company.</font></p>

        <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Date: May
        28, 2008</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="454">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">By:</font></p>
                    </td>

                    <td valign="top" width="507">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><font size="2">/s/ Joseph Ackerman</font></u></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="454">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="507">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Joseph Ackerman</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="454">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="507">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Chief Executive Officer</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="454">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="507">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(Principal Executive Officer)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
    </body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13
<SEQUENCE>23
<FILENAME>ex13_2-f20f12312007.htm
<DESCRIPTION>EXHIBIT 13.2; CERTIFICATION OF CFO
<TEXT>
<html>
    <head>
        <title></title>
        <!-- Created by EDGAR Ease Plus (EDGAR Ease+) -->
        <!-- Control Number:                                                                  -->
        <!-- Rev Number:                                                                      -->
        <!-- Client Name:                                                                     -->
        <!-- Project Name:                                                                    -->
        <!-- Firm Name:                                                                       -->
    </head>

    <body text="#000000" vlink="#800000" link="#0000ff" bgcolor="#ffffff">
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><font size="2"><A NAME="ex13_2-f20f123107">Exhibit
        13.2</A></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font size="2">CERTIFICATION PURSUANT TO</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">18
        U.S.C. SECTION 1350,</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">AS
        ADOPTED PURSUANT TO</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font size="2">SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 4.77%; TEXT-ALIGN: left">
        <font size="2">In connection with the Annual Report on Form&nbsp;20-F of Elbit Systems Ltd.
        (the &ldquo;Company&rdquo;) for the year ended December&nbsp;31, 2007 as filed with the
        Securities and Exchange Commission on the date hereof (the &ldquo;Report&rdquo;), the
        undersigned, Joseph Gaspar, Chief Financial Officer (Principal Financial and Accounting
        Officer) of the Company, certifies, pursuant to 18 U.S.C. sec. 1350, as adopted pursuant to
        sec. 906 of the Sarbanes-Oxley Act of 2002, that:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 4.77%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-INDENT: 5.38%; TEXT-ALIGN: left">
        <font size="2">(1)&nbsp;&nbsp;&nbsp;The Report fully complies with the requirements of
        section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934, as amended;
        and</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-INDENT: 5.38%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-INDENT: 5.38%; TEXT-ALIGN: left">
        <font size="2">(2)&nbsp;&nbsp;&nbsp;The information contained in the Report fairly
        presents, in all material respects, the financial condition and result of operations of the
        Company.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-INDENT: 5.38%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-INDENT: 5.38%; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Date: May
        28, 2008</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="455">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">By:</font></p>
                    </td>

                    <td valign="top" width="506">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><font size="2">/s/ Joseph Gaspar</font></u></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="455">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="506">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Joseph Gaspar</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="455">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
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                        &nbsp;</p>
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                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Chief Financial Officer</font></p>
                    </td>
                </tr>

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                        &nbsp;</p>
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                        &nbsp;</p>
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                    <td valign="top" width="506">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(Principal Financial and Accounting Officer)</font></p>
                    </td>
                </tr>
            </table>
        </div>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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