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<SEC-DOCUMENT>0000910680-08-000174.txt : 20080313
<SEC-HEADER>0000910680-08-000174.hdr.sgml : 20080313
<ACCEPTANCE-DATETIME>20080312180528
ACCESSION NUMBER:		0000910680-08-000174
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20080312
FILED AS OF DATE:		20080313
DATE AS OF CHANGE:		20080312

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-28998
		FILM NUMBER:		08684491

	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>6-K
<SEQUENCE>1
<FILENAME>f6k-03122008.htm
<DESCRIPTION>MARCH 12, 2008
<TEXT>
<html>
    <head>
        <title></title>
    </head>

    <body style="FONT-SIZE: 12pt; FONT-FAMILY: 'ARIAL'">
        <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">
        <b><font style="COLOR: #000000" face="Arial" color="#000000">UNITED STATES</font></b></p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
        <font style="COLOR: #000000" face="Arial" color="#000000">SECURITIES AND EXCHANGE
        COMMISSION</font></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
        <font style="COLOR: #000000" face="Arial" color="#000000">Washington, D.C. 20549</font></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
        <font style="COLOR: #000000" face="Arial" color="#000000">____________________</font></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
        <b><font style="COLOR: #000000" face="Arial" color="#000000">FORM 6-K</font></b></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
        <font face="Arial"><font color="#000000"><font style="COLOR: #000000">Report of Foreign
        Private Issuer<br>
        Pursuant to Rule 13a-16 or 15d-16<br>
        of the Securities Exchange Act of 1934<br>
        For the Month of March 2008<br>
        _______________________</font></font></font></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
        <font face="Arial"><font color="#000000"><font face="Arial"><font color="#000000"><font style="COLOR: #000000">
        Commission File Number</font></font></font>
        <font style="COLOR: #000000" face="Arial" color="#000000">000-28998<br>
        &nbsp;</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
        <font face="Arial"><font color="#000000"><b><font style="COLOR: #000000" face="Arial" color="#000000">
        ELBIT SYSTEMS LTD.</font></b></font></font></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
        <font face="Arial"><font color="#000000"><font style="COLOR: #000000" face="Arial" color="#000000">
        (Translation of Registrant&rsquo;s Name into English)</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
        <font face="Arial"><font color="#000000"><font face="Arial" color="#000000">Advanced
        Technology Center, P.O.B. 539, Haifa 31053, Israel</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
        <font face="Arial"><font color="#000000"><font style="COLOR: #000000" face="Arial" color="#000000">
        (Address of Principal Corporate Offices)<br>
        &nbsp;</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in; FONT-FAMILY: 'ARIAL'" align="left">
        <font face="Arial"><font color="#000000"><b><font style="FONT-WEIGHT: normal; FONT-FAMILY: 'ARIAL'" face="Arial" color="#000000">
        Indicate by check mark whether the registrant files or will file annual reports under cover
        of Form 20-F or Form 40-F:</font></b></font></font></p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in; FONT-FAMILY: 'ARIAL'" align="center">
        <font face="Arial"><font color="#000000"><b><br>
        <font face="Arial"><font color="#000000"><font style="FONT-WEIGHT: normal; FONT-FAMILY: 'ARIAL'">
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
        &nbsp;<font face="Wingdings" size="+0">x</font><font size="+0">&nbsp;</font>
        <font style="FONT-WEIGHT: normal; FONT-FAMILY: 'ARIAL'">Form
        20-F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
        <font face="Wingdings" size="+0">o</font><font size="+0">&nbsp;</font>
        <font style="FONT-WEIGHT: normal; FONT-FAMILY: 'ARIAL'">Form
        40-F</font></font></font></b></font></font></p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in; FONT-FAMILY: 'ARIAL'" align="left">
        <font face="Arial"><font color="#000000"><b><br>
        <font face="Arial"><font color="#000000"><font style="FONT-WEIGHT: normal; FONT-FAMILY: 'ARIAL'">
        Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted
        by Regulation S-T Rule 101(b)(1):</font>&nbsp;<font face="Wingdings">o</font><br>
        &nbsp;</font></font></b></font></font></p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in; FONT-FAMILY: 'ARIAL'" align="left">
        <font face="Arial"><font color="#000000"><font face="Arial"><font color="#000000"><font style="FONT-FAMILY: 'ARIAL'">
        Note</font></font></font>
        <font face="Arial"><font color="#000000"><font style="FONT-WEIGHT: normal; FONT-FAMILY: 'ARIAL'">
        : Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if
        submitted solely to provide an attached annual report to security holders.<br>
        &nbsp;<br>
         Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted
        by Regulation S-T Rule 101(b)(7):</font>&nbsp;<font face="Wingdings">o</font><br>
        &nbsp;</font></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in; FONT-FAMILY: 'ARIAL'" align="left">
        <font face="Arial"><font color="#000000"><font face="Arial"><font color="#000000"><font style="FONT-FAMILY: 'ARIAL'">
        Note</font></font></font>
        <font style="FONT-WEIGHT: normal; FONT-FAMILY: 'ARIAL'" face="Arial" color="#000000">:
        Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K submitted
        to furnish a report or other document that the registrant foreign private issuer must
        furnish and make public under the laws of the jurisdiction in which the registrant is
        incorporated, domiciled or legally organized (the registrant&rsquo;s &ldquo;home
        country&rdquo;), or under the rules of the home country exchange on which the
        registrant&rsquo;s securities are traded, as long as the report or other document is not a
        press release, is not required to be and has not been distributed to the registrant&rsquo;s
        security holders, and, if discussing a material event, has already been the subject of a
        Form 6-K submission or other Commission filing on EDGAR.<br>
        &nbsp;<br>
         Indicate by check mark whether the registrant by furnishing the information contained in
        this form is also thereby furnishing the information to the Commission pursuant to Rule
        12g3-2(b) under the Securities Exchange Act of 1934:</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in; FONT-FAMILY: 'ARIAL'" align="left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in; FONT-FAMILY: 'ARIAL'" align="center">
        <font face="Arial"><font color="#000000"><font style="FONT-WEIGHT: normal; FONT-FAMILY: 'ARIAL'">
        <font face="Arial"><font color="#000000"><strong><font face="Wingdings">o</font>
        <font size="+0">&nbsp;</font></strong>
        &nbsp;<font style="FONT-WEIGHT: normal; FONT-FAMILY: 'ARIAL'">&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
        <font size="+0"><strong><font face="Wingdings">x</font>&nbsp;</strong></font>
        <font style="FONT-WEIGHT: normal; FONT-FAMILY: 'ARIAL'">No</font></font></font></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in; FONT-FAMILY: 'ARIAL'" align="left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in; FONT-FAMILY: 'ARIAL'" align="left">
        <font face="Arial"><font color="#000000"><font style="FONT-WEIGHT: normal; FONT-FAMILY: 'ARIAL'" face="Arial" color="#000000">
        If &ldquo;Yes&rdquo; is marked, indicate below the file number assigned to the registrant
        in connection with Rule 12g3-2(b): 82-______________</font></font></font></p>
        <!-- NEXT PAGE SECTION BREAK  --><!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

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

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
        <font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached hereto as Exhibit 1 and
        incorporated herein by reference is the Registrant&rsquo;s press release dated&nbsp;March
        11, 2008.</font></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
        <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <font face="Arial" size="3">Attached
        hereto as Exhibit 2 and incorporated herein by reference is the Registrant&rsquo;s
        Management Report with respect to the results of operations of the Registrant for the
        quarter ended December 31, 2007.</font></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
        <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <font face="Arial" size="3">Attached
        hereto as Exhibit 3 and incorporated herein by reference is the Registrant&rsquo;s
        condensed interim consolidated financial statements as of December 31, 2007.</font></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
        <font face="Arial"><font color="#000000"><font style="COLOR: #000000" face="Arial" color="#000000">
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-TRANSFORM: uppercase; TEXT-INDENT: 0px" align="center">
        <font face="Arial"><font color="#000000"><b><u><font style="COLOR: #000000" face="Arial" color="#000000">
        SIGNATURE</font></u></b></font></font></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
        <font face="Arial"><font color="#000000"><font style="COLOR: #000000" face="Arial" color="#000000">
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act
        of 1934, the Registrant has duly caused this report to be signed on its behalf by the
        undersigned, thereunto duly authorized.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
        &nbsp;</p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="top">
                <td width="50%">
                </td>

                <td width="50%">
                    <p><font face="Arial" color="#000000">ELBIT SYSTEMS LTD.<br>
                    (Registrant)<br>
                    <br>
                    By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/&nbsp;&nbsp;Ronit
                    Zmiri&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

                    </u> Name:&nbsp;&nbsp;Ronit Zmiri<br>
                    Title:&nbsp; &nbsp;&nbsp;&nbsp;Corporate Secretary<br>
                    <br>
                    </font></p>
                </td>
            </tr>
        </table>
        <!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->

        <p><font face="Arial"><font color="#000000"><font face="Arial" color="#000000">Dated: March
        12, 2008</font></font></font></p>
        <!-- PAGE BREAK  --><!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

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

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
        <font face="Arial"><font color="#000000"><b><u><font style="COLOR: #000000" face="Arial" color="#000000">
        EXHIBIT INDEX<br>
        </font></u></b></font></font></p>

        <p></p>

        <table style="MARGIN-LEFT: 0.2in" cellspacing="0" cellpadding="0" width="613" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="114">
                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    <b><u><font style="COLOR: #000000" face="Arial" color="#000000">Exhibit No.<br>
                    </font></u></b></p>
                </td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="499">
                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    <b><u><font style="COLOR: #000000" face="Arial" color="#000000">Description</font></u></b></p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    &nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    &nbsp;</p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="114">
                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    <font style="COLOR: #000000" face="Arial" color="#000000">1.</font></p>
                </td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="499">
                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    <font face="Arial">Press Release dated March 11, 2008.</font></p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="114">
                <font face="Arial" color="#000000">2.&nbsp;</font> </td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="499">
                <font face="Arial" color="#000000">Management Report.&nbsp;</font> </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="114">
                <font face="Arial" color="#000000">3.</font></td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="499">
                <font face="Arial" color="#000000">Financial Statements.</font></td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="114">
                <font face="Arial" color="#000000">&nbsp;</font> </td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="499">
                <font face="Arial" color="#000000">&nbsp;</font> </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="114">
                <font face="Arial" color="#000000">&nbsp;</font> </td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="499">
                <font face="Arial" color="#000000">&nbsp;</font> </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="114">
                <font face="Arial" color="#000000">&nbsp;</font> </td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="499">
                <font face="Arial" color="#000000">&nbsp;</font> </td>
            </tr>
        </table>

        <p></p>
        <!-- NEXT PAGE SECTION BREAK  --><!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

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

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="right">
        <font face="Arial"><font color="#000000"><font size="2"><u>Exhibit
        1</u></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: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="right">
        <b><font size="2"><img height="91" src="elbitlogo032008.jpg" width="162"></font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="right"><b><font size="2">Earnings
        Release</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: center">
        <u><b><font size="4">ELBIT SYSTEMS REPORTS FOURTH QUARTER</font></b></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><u><b><font size="4">AND
        FULL YEAR RESULTS FOR 2007</font></b></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-ALIGN: center">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-ALIGN: center">
        <b><font size="5">Record Revenues, Net Profit, Backlog and Operating Cash
        Flow</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-ALIGN: center">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-ALIGN: center">
        <b><font size="5">2007 revenues increased by 30% to $1.98 billion with year-end backlog
        over $4.6 billion</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: -0.2in; TEXT-ALIGN: center">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-ALIGN: center">
        <b><font size="5">2007 EPS increased to $1.81 with operating cash flow of $261
        million</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">
        <b><font size="2">Haifa, Israel, March 11, 2008 &ndash; Elbit Systems Ltd. (the
        &ldquo;Company&rdquo;) (NASDAQ: ESLT, TASE: ESLT)</font></b><font size="2">, the
        international defense electronics company, today reported its consolidated results for the
        fourth quarter and 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"><b><font size="2">The
        Company&rsquo;s backlog of orders</font></b> <b><font size="2">as of December 31,
        2007</font></b> <font size="2">reached $4.62 billion, an increase of 22%, as compared to
        $3.79 billion at the end of 2006. 70% of the backlog relates to orders outside of Israel.
        Approximately 70% of the Company&rsquo;s backlog as of December 31, 2007 is scheduled to be
        performed during 2008 and 2009.</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">
        <u><b><font size="2">Full year 2007 results</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-ALIGN: justify">
        <b><font size="2">Consolidated revenues for the year ended December 31, 2007</font></b>
        <font size="2">increased by 30% to $1,982 million, as compared to $1,523 million 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-ALIGN: justify"><b><font size="2">Gross
        profit for the year ended December 31, 2007</font></b> <font size="2">was $516.4 million,
        as compared to gross profit of $373.5 million in 2006, and the gross profit margin in 2007
        was 26.1%, as compared to 24.5% 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-ALIGN: justify"><font size="2">The
        annual results were negatively affected by one-time charges related to the completion of
        the acquisition of Tadiran Communications on April 26, 2007, which were charged in the
        second quarter of 2007. The Company recorded $27.1 million in expenses in relation to the
        acquisition as follows: In-Process Research &amp; Development (&ldquo;IPR&amp;D&rdquo;)
        write-off of $16.6 million recorded under operating expenses, and restructuring expenses of
        $10.5 million recorded under cost of goods sold, which negatively affected the gross profit
        rate by 0.5%.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&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" align="right">
        <img height="91" src="elbitlogo032008.jpg" width="162"></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: justify">
        <b><font size="2">Consolidated net earnings for the year ended December 31, 2007</font></b>
        <font size="2">increased by 6.2% to $76.7 million, as compared to $72.2 million in 2006.
        Diluted earnings per share (&ldquo;EPS&rdquo;) in 2007 were $1.81, 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-ALIGN: justify">
        <font size="2">Excluding the above one-time, net charges related to the acquisition of
        Tadiran Communications, net earnings for the year ended December 31, 2007 were $101
        million, and EPS was $2.39.</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">
        <b><font size="2">Operating cash flow</font></b> <font size="2">produced by the Company in
        2007 was $261 million, as compared to $201 million 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-ALIGN: justify">
        <u><b><font size="2">Fourth quarter 2007 results</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-ALIGN: justify">
        <b><font size="2">Consolidated revenues</font></b> <font size="2">for the fourth quarter of
        2007 increased by 26.5% to $591.1 million, as compared to $467.4 million in the
        corresponding quarter of 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: justify"><b><font size="2">Gross
        profit</font></b> <font size="2">for the fourth quarter of 2007 was $156.2 million, as
        compared to gross profit of $100.2 million in the fourth quarter of 2006, and the gross
        profit margin in the fourth quarter of 2007 was 26.4%, as compared to 21.4% in the fourth
        quarter of 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: justify"><font size="2">During
        the fourth quarter of 2007, the Company had a $10 million financial expense related to the
        write-off of investments Auction Rate Securities, which were rated AAA or AA when acquired,
        and which have experienced multiple failed auctions due to a lack of liquidity in the
        market for these securities.</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">The
        Company gained a one-time tax benefit of approximately $10 million, related to prior
        years&rsquo; adjustments arising from executing tax settlements by the Company and some of
        its subsidiaries in the last quarter of 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">
        <b><font size="2">Consolidated net earnings</font></b> <font size="2">for the fourth
        quarter of 2007 increased by 33.2% to $31.9 million, as compared to $24.0 million for the
        same period of 2006. Diluted EPS for the fourth quarter of 2007 was $0.75, as compared to
        $0.57 for the fourth quarter of 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: justify"><font size="2">The
        President and CEO of Elbit Systems, Joseph Ackerman, commented: &ldquo;2007 was a banner
        year in which we continued our top line growth while producing record net profit, EPS,
        backlog and operating cash flow. We have been very successful in further globalizing our
        business, with strong growth in Europe, and we now have presence in important and
        diversified geographic regions, with a cutting edge comprehensive product portfolio for the
        evolving needs of the markets in which we are active.&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: right">&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" align="right">
        <img height="91" src="elbitlogo032008.jpg" width="162"></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">He
        added: &ldquo;The synergies of our recent acquisitions with the rest of the Company are
        already bearing fruit, including implementing the successful integration of Tadiran
        Communications and Ferranti Technologies into the Elbit Systems family. We are gaining
        access to increased business opportunities, by utilizing our ability to offer more
        comprehensive and integrated solutions. We have been able to leverage and utilize our
        ability to offer even more wide-ranging end-to-end systems and solutions for the benefit of
        our customers and to compete for even larger projects. With our dedicated and professional
        worldwide workforce, we believe there are still further underlying synergies between our
        businesses and opportunities to grow. I am confident that we will continue to be able to
        meet our goals in the years ahead.&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: justify"><font size="2">The
        Board of Directors has declared a dividend of $0.18 per share for the fourth quarter of
        2007. The dividend will be paid on April 14, 2008, net of taxes and levies, at the rate of
        16.29%. The record date of the dividend is April 1, 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">
        <u><b><font size="2">Conference Call</font></b></u></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">The
        Company will be hosting a conference call on Tuesday, March 11, at 10.00 am EDT.</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">To
        participate, please call one of the following teleconferencing numbers. Please begin
        placing your calls at least 5 minutes before the conference call commences. If you are
        unable to connect using the toll-free numbers, please try the international dial-in
        number.</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"><b><font size="2">US
        Dial-in Numbers: 1 888 407 2553</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">UK
        Dial-in Number: 0 800 917 9141</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">ISRAEL
        Dial-in Number: 03 918 0610</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font size="2">INTERNATIONAL Dial-in Number: +972 3 918 0610</font></b></p>

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

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">10:00
        am Eastern Daylight Time 7:00 am Pacific Time</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">2:00
        pm Greenwich Mean Time 4:00 pm Israel Time</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">This
        call will also be broadcast live on Elbit Systems&rsquo; web-site at</font>
        <u><font size="2">http://www.elbitsystems.com</font></u><font size="2">. An online replay
        will be available from 24 hours after the call ends.</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">Alternatively, for two days following the end of the call, investors will be
        able to dial a replay number to listen to the call. Please dial either: 1 888 254 7270 (US)
        0 800 917 4256 (UK) or +972 3 925 5938 (Israel and International).</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>
        <!-- EEDocs PBStart-->
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        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="right">
        <img height="91" src="elbitlogo032008.jpg" width="162"></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">About
        Elbit Systems Ltd.</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">Elbit
        Systems Ltd. is an international defense electronics company engaged in a wide range of
        defense-related programs throughout the world. The Company, which includes Elbit Systems
        and its subsidiaries, operates in the areas of aerospace, land and naval systems, command,
        control, communications, computers, intelligence surveillance and reconnaissance
        (&ldquo;C4ISR&rdquo;), unmanned air vehicle (UAV) systems, advanced electro-optics,
        electro-optic space systems, EW suites, airborne warning systems, ELINT systems, data links
        and military communications systems and radios. The Company also focuses on the upgrading
        of existing military platforms and developing new technologies for defense, homeland
        security and commercial aviation 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-ALIGN: justify">
        <u><b><font size="2">Contacts:</font></b></u></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="659" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="404">
                        <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">
                        <u><b><font size="2">Company
                        Contact</font></b></u><b><font size="2">:</font></b></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Joseph Gaspar, Corporate VP &amp; CFO</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Dalia Rosen, Director of Corporate Communications</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; 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>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><b><font size="2">IR
                        Contact</font></b></u><b><font size="2">:</font></b></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <strong><strong>Ehud Helft</strong></strong></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <strong><strong>Kenny Green</strong></strong></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="404">
                        <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>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; 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: justify">
                        <font size="2">G.K. Investor Relations</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="404">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Tel: +972-4-8316663</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; 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: justify">
                        <strong><strong>Tel:</strong> 1-866-704&ndash;6710</strong></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 20.85pt">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 20.85pt" valign="top" width="404">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Fax: +972-4-8316944</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 20.85pt" valign="top" width="255">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <strong><strong>Fax:</strong></strong><font size="2">+ 972-3-607&ndash;
                        711</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 13.05pt">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 13.05pt" valign="top" width="404">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">E-mail:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
                        <font color="#0000ff"><u><font size="2">gspr@elbit.co.il</font></u></font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.75in; TEXT-ALIGN: left">
                        <font color="#0000ff"><u><font size="2">daliarosen@elbit.co.il</font></u></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 13.05pt" valign="top" width="255">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <strong><strong>E-mail:</strong></strong><font color="#0000ff"><u><font size="2">
                        info@gkir.com</font></u></font></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">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><i><font size="2">This
        press release 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 Elbit Systems Ltd. and/or its subsidiaries (collectively 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. Forward-looking statements are made pursuant to the safe
        harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended.
        These statements 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:scope and length of customer
        contracts;governmental regulations and approvals;changes in governmental budgeting
        priorities;general market, political and economic conditions in the countries in which the
        Company operates or sells, including Israel and the United States among others;differences
        in anticipated and actual program performance, including the ability to perform under
        long-term fixed-price contracts; andthe outcome of legal and/or regulatory
        proceedings</font><b><font size="2">.</font></b> <font size="2">The factors listed above
        are not all-inclusive, and further information is contained in Elbit Systems Ltd.&rsquo;s
        latest annual report on Form 20-F, which is on file with the U.S. Securities and Exchange
        Commission.All forward-looking statements speak only as of the date of this release. The
        Company does not undertake to update its forward-looking statements.</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: center">
        <i><font size="2">(FINANCIAL TABLES TO FOLLOW)</font></i></p>

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

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="right">
        <img height="91" src="elbitlogo032008.jpg" width="162"></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 face="Times New Roman, Times, serif" size="3">ELBIT SYSTEMS LTD.</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <u><b><font face="Times New Roman, Times, serif" size="3">CONSOLIDATED BALANCE
        SHEETS</font></b></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font face="Times New Roman, Times, serif" size="2">(In thousand of US Dollars)</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: 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="650" align="center" border="0">
                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: white" width="328">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font face="Times New Roman, Times, serif" size="1">December
                        31</font></b></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font face="Times New Roman, Times, serif" size="1">December
                        31</font></b></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: white" width="328">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" width="80">
                        <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 face="Times New Roman, Times, serif" size="1">2007</font></b></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" width="80">
                        <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 face="Times New Roman, Times, serif" size="1">2006</font></b></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: #dfdfdf" valign="top" width="328">
                        <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: #dfdfdf" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" size="2">Audited</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" size="2">Audited</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: white" valign="top" width="328">
                        <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: white" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: white" valign="top" width="328">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">
                        <u><b><font face="Times New Roman, Times, serif" size="2">Assets</font></b></u></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: white" valign="top" width="328">
                        <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: white" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: #dfdfdf" valign="top" width="328">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Current
                        Assets:</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: white" valign="top" width="328">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Cash and short term
                        deposits</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">373,955</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">85,400</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: #dfdfdf" valign="top" width="328">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Trade receivable and
                        others</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">569,533</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">465,429</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: white" valign="top" width="328">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Inventories, net of
                        advances</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" width="80">
                        <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 face="Times New Roman, Times, serif" size="2">480,603</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" width="80">
                        <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 face="Times New Roman, Times, serif" size="2">371,962</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: #dfdfdf" valign="top" width="328">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Total current
                        assets</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">1,424,091</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">922,791</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: white" valign="top" width="328">
                        <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: white" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: white" valign="top" width="328">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Affiliated Companies
                        &amp; other Investments</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">66,161</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">235,723</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: #dfdfdf" valign="top" width="328">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Long-term receivables
                        &amp; others</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">309,991</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">190,963</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: white" valign="top" width="328">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Fixed Assets,
                        net</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">350,514</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">294,628</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: #dfdfdf" valign="top" width="328">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Other assets,
                        net</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" width="80">
                        <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 face="Times New Roman, Times, serif" size="2">630,735</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" width="80">
                        <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 face="Times New Roman, Times, serif" size="2">128,995</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: white" valign="top" width="328">
                        <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: white" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" width="80">
                        <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 face="Times New Roman, Times, serif" size="2">2,781,492</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" width="80">
                        <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 face="Times New Roman, Times, serif" size="2">1,773,100</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: white" valign="top" width="328">
                        <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: white" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: white" valign="top" width="328">
                        <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: white" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: #dfdfdf" valign="top" width="328">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <u><b><font face="Times New Roman, Times, serif" size="2">Liabilities and
                        Shareholder&rsquo;s Equity</font></b></u></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: white" valign="top" width="328">
                        <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: white" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: white" valign="top" width="328">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Current
                        liabilities</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">1,267,198</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">810,885</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: #dfdfdf" valign="top" width="328">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Long-term
                        liabilities</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">957,200</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">461,760</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: white" valign="top" width="328">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Minority
                        Interest</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">20,085</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" width="80">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">6,871</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: #dfdfdf" valign="top" width="328">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Shareholder&rsquo;s
                        equity</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" width="80">
                        <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 face="Times New Roman, Times, serif" size="2">537,009</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" width="80">
                        <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 face="Times New Roman, Times, serif" size="2">493,584</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: white" valign="top" width="328">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="21">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" width="80">
                        <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 face="Times New Roman, Times, serif" size="2">2,781,492</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" width="80">
                        <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 face="Times New Roman, Times, serif" size="2">1,773,100</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="58">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &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>
        <!-- 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" align="right">
        <img height="91" src="elbitlogo032008.jpg" width="162"></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 face="Times New Roman, Times, serif" size="3">ELBIT SYSTEMS LTD.</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <u><b><font face="Times New Roman, Times, serif" size="3">CONSOLIDATED STATEMENTS OF
        INCOME</font></b></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font face="Times New Roman, Times, serif" size="2">(In thousand of US Dollars, except for
        per share amounts)</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>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="650" align="center" border="0">
                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: white" valign="bottom" width="289">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="61">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="68">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="52">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="65">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="65">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: white" valign="bottom" width="289">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" 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"><font size="2">For the Year
                        Ended</font><br>
                        <font size="2">December 31</font></font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="52">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" 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"><font size="2">Three Months
                        Ended</font><br>
                        <font size="2">December 31</font></font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: white" valign="bottom" width="289">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="61">
                        <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">
                            <font face="Times New Roman, Times, serif" size="2">2007</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="68">
                        <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">
                            <font face="Times New Roman, Times, serif" size="2">2006</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="52">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="65">
                        <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">
                            <font face="Times New Roman, Times, serif" size="2">2007</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="65">
                        <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">
                            <font face="Times New Roman, Times, serif" size="2">2006</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: white" valign="bottom" width="289">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" 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" size="2">Audited</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="52">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" 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" size="2">Audited</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: white" valign="bottom" width="289">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Revenues</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="61">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 43.5pt; TEXT-INDENT: -43.5pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">1,981,761</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="68">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">1,523,243</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="52">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="65">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">591,056</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="65">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">467,388</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: white" valign="bottom" width="289">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Cost of
                        revenues</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="61">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">1,454,913</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="68">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">1,149,768</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="52">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="65">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">434,891</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="65">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">367,163</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: #dfdfdf" valign="top" width="289">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Restructuirng
                        expenses</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="61">
                        <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 face="Times New Roman, Times, serif" size="2">10,482</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="68">
                        <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 face="Times New Roman, Times, serif" size="2">&mdash;</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="52">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="65">
                        <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 face="Times New Roman, Times, serif" size="2">&mdash;</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="65">
                        <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 face="Times New Roman, Times, serif" size="2">&mdash;</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: white" valign="top" width="289">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Gross Profit</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="61">
                        <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 face="Times New Roman, Times, serif" size="2">516,366</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="68">
                        <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 face="Times New Roman, Times, serif" size="2">373,475</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="52">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="65">
                        <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 face="Times New Roman, Times, serif" size="2">156,165</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="65">
                        <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 face="Times New Roman, Times, serif" size="2">100,225</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: white" valign="top" width="289">
                        <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: white" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="61">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="68">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="52">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="65">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="65">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: #dfdfdf" valign="top" width="289">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Research and
                        development, net</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="61">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">126,995</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="68">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">92,232</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="52">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="65">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">39,401</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="65">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">27,869</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: white" valign="top" width="289">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Marketing and
                        selling</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="61">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">157,411</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="68">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">111,880</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="52">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="65">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">44,277</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="65">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">30,853</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: #dfdfdf" valign="top" width="289">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">General and
                        administrative</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="61">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">107,447</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="68">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">77,505</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="52">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="65">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">34,265</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="65">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">20,051</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: white" valign="top" width="289">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">IPR&amp;D
                        write-off</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="61">
                        <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 face="Times New Roman, Times, serif" size="2">16,560</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="68">
                        <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 face="Times New Roman, Times, serif" size="2">&mdash;</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="52">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="65">
                        <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 face="Times New Roman, Times, serif" size="2">&mdash;</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="65">
                        <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 face="Times New Roman, Times, serif" size="2">&mdash;</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: #dfdfdf" valign="top" width="289">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Total operating
                        expenses</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="61">
                        <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 face="Times New Roman, Times, serif" size="2">408,413</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="68">
                        <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 face="Times New Roman, Times, serif" size="2">281,617</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="52">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="65">
                        <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 face="Times New Roman, Times, serif" size="2">117,943</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="65">
                        <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 face="Times New Roman, Times, serif" size="2">78,773</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: white" valign="top" width="289">
                        <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: white" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="61">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="68">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="52">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="65">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="65">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: white" valign="top" width="289">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Operating
                        income</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="61">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">107,953</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="68">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">91,858</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="52">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="65">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">38,222</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="65">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">21,452</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: white" valign="top" width="289">
                        <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: white" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="61">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="68">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="52">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="65">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="65">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: #dfdfdf" valign="top" width="289">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Financial expenses,
                        net</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="61">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(19,329</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="68">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(21,456</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="52">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="65">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(10,632</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="65">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(6,093</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: white" valign="top" width="289">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Other income
                        (expenses), net</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="61">
                        <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 face="Times New Roman, Times, serif" size="2">368</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="68">
                        <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 face="Times New Roman, Times, serif" size="2">1,814</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="52">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="65">
                        <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 face="Times New Roman, Times, serif" size="2">286</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="65">
                        <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 face="Times New Roman, Times, serif" size="2">1,423</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: #dfdfdf" valign="top" width="289">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Income before income
                        taxes</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="61">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">88,992</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="68">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">72,216</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="52">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="65">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">27,876</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="65">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">16,782</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: white" valign="top" width="289">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Provisions for income
                        taxes</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="61">
                        <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 face="Times New Roman, Times, serif" size="2">(13,810</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="68">
                        <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 face="Times New Roman, Times, serif" size="2">(20,694</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="52">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="65">
                        <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 face="Times New Roman, Times, serif" size="2">7,501</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="65">
                        <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 face="Times New Roman, Times, serif" size="2">(4,049</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: #dfdfdf" valign="top" width="289">
                        <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: #dfdfdf" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="61">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">75,182</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="68">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">51,522</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="52">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="65">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">35,377</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="65">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">12,733</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: white" valign="top" width="289">
                        <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: white" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="61">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="68">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="52">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="65">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="65">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: white" valign="top" width="289">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Equity in net earnings
                        (losses) of affiliated companies and partnership</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="61">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">14,565</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="68">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">14,743</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="52">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="65">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">4,544</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="65">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">6,554</font></p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: #dfdfdf" valign="top" width="289">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Minority
                        rights</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="61">
                        <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 face="Times New Roman, Times, serif" size="2">(13,038</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="68">
                        <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 face="Times New Roman, Times, serif" size="2">5,977</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="52">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="65">
                        <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 face="Times New Roman, Times, serif" size="2">(7,995</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="65">
                        <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 face="Times New Roman, Times, serif" size="2">4,673</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: white" valign="top" width="289">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 24pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Net income</font></p>
                    </td>

                    <td style="BACKGROUND: white" 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: white" valign="bottom" width="61">
                        <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 face="Times New Roman, Times, serif" size="2">76,709</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="68">
                        <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 face="Times New Roman, Times, serif" size="2">72,242</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="52">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="65">
                        <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 face="Times New Roman, Times, serif" size="2">31,926</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="65">
                        <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 face="Times New Roman, Times, serif" size="2">23,960</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: white" valign="top" width="289">
                        <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: white" 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: white" valign="bottom" width="61">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="68">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="52">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="65">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="65">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: #dfdfdf" valign="top" width="289">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Earnings per
                        share</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="61">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="68">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="52">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="65">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="65">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: white" valign="top" width="289">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Basic net earnings per
                        share</font></p>
                    </td>

                    <td style="BACKGROUND: white" 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: white" valign="bottom" width="61">
                        <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 face="Times New Roman, Times, serif" size="2">1.82</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="68">
                        <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 face="Times New Roman, Times, serif" size="2">1.75</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="52">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="65">
                        <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 face="Times New Roman, Times, serif" size="2">0.75</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="65">
                        <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 face="Times New Roman, Times, serif" size="2">0.57</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: white" valign="top" width="289">
                        <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: white" 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: white" valign="bottom" width="61">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="68">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="52">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="65">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="65">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: white" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BACKGROUND: #dfdfdf" valign="top" width="289">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Diluted net earnings
                        per share</font></p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="61">
                        <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 face="Times New Roman, Times, serif" size="2">1.81</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="68">
                        <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 face="Times New Roman, Times, serif" size="2">1.72</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="52">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="65">
                        <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 face="Times New Roman, Times, serif" size="2">0.75</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="65">
                        <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 face="Times New Roman, Times, serif" size="2">0.57</font></p>
                        </div>
                    </td>

                    <td style="BACKGROUND: #dfdfdf" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &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>

        <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: left"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="right">
        <font face="Arial"><font color="#000000"><font size="2"><u>Exhibit
        2</u></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: -0.98in; TEXT-INDENT: 0.98in; TEXT-ALIGN: center">
        <u><font size="2"><u><b><font size="4">Elbit Systems Ltd.</font></b></u></font></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <u><u><b><font size="4">Management&rsquo;s Report</font></b></u>
        <font size="4">&nbsp;</font></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><u><b><font size="4">For
        the Year Ended December 31, 2007</font></b></u></p>

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

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <b><font size="2">This report should be read together with the audited consolidated
        financial statements and related notes of Elbit Systems Ltd. (&ldquo;Elbit Systems&rdquo;
        and together with its subsidiaries, the &ldquo;Company&rdquo;) for the year ended December
        31, 2007 and the Company&rsquo;s Form 20-F for the year ended December 31, 2006, filed by
        the Company with the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;) and with
        the Israeli Securities Authority.</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <b><font size="2">Forward looking statements with respect to the Company&rsquo;s business,
        financial condition and results of operations in this document are subject to risks and
        uncertainties that could cause actual results to differ materially from those contemplated
        in such forward looking statements, including, but not limited to, product demand, pricing,
        market acceptance, changing economic conditions, governmental authorizations, risks in
        product and technology development, the effect of the Company&rsquo;s accounting policies
        as well as certain other risk factors which are detailed from time to time in the
        Company&rsquo;s SEC filings.</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="217" 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="31">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">A.</font></b></p>
                    </td>

                    <td valign="top" nowrap width="171">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <u><b><font size="2">Executive Overview</font></b></u></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <u><b><font size="2">Business Description</font></b></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <font size="2">The Company operates in the areas of aerospace, land and naval systems,
        command, control, communications, computers, intelligence, surveillance and reconnaissance
        (&ldquo;C<sup>4</sup>ISR&rdquo;), unmanned air vehicles (&ldquo;UAVs&rdquo;), advanced
        electro-optic and space technologies, electronic warfare (&ldquo;EW&rdquo;) suites,
        airborne warning systems, electronic intelligence (&ldquo;ELINT&rdquo;) systems, data
        links, military communications systems and equipment and radios. The Company also focuses
        on the upgrading of existing military platforms and developing new technologies for
        defense, homeland security and commercial aviation applications.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <font size="2">The Company provides support services for the platforms it upgrades as well
        as the systems and products it supplies. In addition, the Company offers a wide range of
        logistic support services as well as advanced engineering and manufacturing services to
        various customers, utilizing its significant logistic and manufacturing capabilities. The
        Company often cooperates with industries in Israel and in various other
        countries.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <font size="2">The Company tailors and adapts its 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, the Company provides customers with cost-effective
        solutions, and its 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-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <font size="2">The Company operates in a competitive environment for most of its projects,
        systems and products. Competition is based on product and program performance, price,
        reputation, reliability, maintenance costs and responsiveness to customer requirements.
        This includes the ability to respond to rapid changes in technology. In addition, its
        competitive position sometimes is affected by specific requirements in particular
        markets.</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">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; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <u><b><font size="2">Financial Highlights</font></b></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <font size="2">On April 26, 2007, the Company completed the acquisition of 100% of the
        shares of Tadiran Communications Ltd. (&ldquo;Tadiran&rdquo;). The financial statements
        include the consolidation of Tadiran commencing May 1, 2007. The Company&rsquo;s financial
        statements include an In-Process Research and Development (&ldquo;IPR&amp;D&rdquo;)
        write-off and restructuring costs in the second quarter, due to the acquisition, in the
        amount (net) of $24.4 million, which amounts to $0.58 per share of the Company.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <font size="2">The Company&rsquo;s revenues increased by 30% and reached $1,982 million in
        2007, as compared to $1,523 million in 2006.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <font size="2">Net earnings in 2007 (including the $24.4 million in IPR&amp;D write-off and
        restructuring costs, net, amounting to $0.58 per share, mentioned above) were $76.7 million
        and the diluted earnings per share were $1.81, as compared to $72.2 million and $1.72,
        respectively in 2006.</font></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; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <font size="2">The Company&rsquo;s backlog as of December 31, 2007 reached $4.62 billion,
        as compared to $3.79 billion as of December 31, 2006, an increase of 22%.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <font size="2">The Company&rsquo;s cash flow generated from operations in the year ended
        December 31, 2007 was $261 million, as compared to $201 million in the year ended December
        31, 2006.</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-ALIGN: justify">
        <font size="2">The Board of Directors declared a dividend of $0.18 per share for the last
        quarter of 2007, resulting in a cumulative dividend for 2007 of $ 0.67 per
        share.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="188" 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="32">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">B.</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: justify">
                        <u><b><font size="2">Market Trends</font></b></u></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: 0.5in; TEXT-ALIGN: justify">
        <font size="2">Trends in the defense electronics and homeland security markets in which the
        Company operates 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: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <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 UAV. Accordingly, while the
        Company continues to perform platform upgrades, in recent years it has placed more emphasis
        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, space and satellite based defense capabilities and homeland security
        systems.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <font size="2">The Company believes that its core technologies and abilities enable it 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 its customers.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <font size="2">In recent years consolidations in the defense industry have affected
        competition. This has decreased the number but increased the relative size and resources of
        the Company's competitors. The Company adapts to evolving market conditions by adjusting
        its business strategy to changing defense market conditions. It also anticipates continued
        competition in defense markets due to declining defense budgets in some
        countries.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <font size="2">The Company believes in its ability to compete on the basis of its systems
        development and technological expertise, combat-proven performance and policy of offering
        customers overall solutions to technological, operational and financial needs and at the
        same time in many cases enhancing the industrial capabilities at these
        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-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: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="209" 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="32">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">C.</font></b></p>
                    </td>

                    <td valign="top" nowrap width="161">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <u><b><font size="2">Backlog of Orders</font></b></u></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: 0.5in; TEXT-ALIGN: justify">
        <font size="2">The Company&rsquo;s backlog of orders as of December 31, 2007 reached $4,624
        million, of which approximately 70% were for orders outside Israel. The Company&rsquo;s
        backlog as of December 31, 2006 was $3,786 million, of which approximately 68% were for
        orders outside Israel.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <font size="2">Approximately 70% of the Company&rsquo;s 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.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="397" 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="34">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">D.</font></b></p>
                    </td>

                    <td valign="top" nowrap width="347">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><b><font size="2">Operating Subsidiaries and Affiliated
                        Entities</font></b></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: 0.49in; TEXT-ALIGN: left">
        <font size="2">As of December 31, 2007, the Company had the following major operating
        subsidiaries and affiliated entities:</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="47">
                        <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="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">Elbit Systems Electro-Optics Industries Elop Ltd.
                        (&ldquo;Elop&rdquo;) - a wholly-owned subsidiary based in Israel, is
                        engaged in the area of advanced electro-optical products and systems for
                        military and civilian use. Elop&rsquo;s business areas include thermal
                        imaging products, lasers, image intelligence (&ldquo;IMINT&rdquo;)
                        solutions, head-up displays, integrated sights for ground forces, space and
                        airborne reconnaissance systems and electro-optical homeland security and
                        defense security systems.</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="47">
                        <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="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">Elbit Systems of America, LLC (&ldquo;ESA&rdquo;) &ndash; is
                        the headquarters for the U.S. operations of the Company and includes the
                        following subsidiaries:</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="95">
                        <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="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">EFW Inc. (&ldquo;EFW&rdquo;), a wholly-owned subsidiary
                        based in Fort Worth, Texas, provides combat-proven design, development,
                        production and life-cycle support of mission critical systems for U.S. and
                        allied military tactical platforms.</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="95">
                        <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="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">Kollsman, Inc. (&ldquo;Kollsman&rdquo;), a wholly-owned
                        subsidiary located in Merrimack, New Hampshire, is a supplier of avionic
                        equipment, electro-optic systems and subsystems, vision based solutions and
                        surveillance systems to the commercial aviation, defense and homeland
                        security markets, as well as a supplier of medical
                        instrumentation.</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="95">
                        <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="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">International Enterprises, Inc. (&ldquo;IEI&rdquo;), a
                        wholly-owned subsidiary based in Talladega, Alabama, provides depot level
                        repair, manufacturing and logistics support for military electronic systems
                        and components.</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="95">
                        <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="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">Vision Systems International LLC (&ldquo;VSI&rdquo;), a 50%
                        joint venture with Rockwell Collins, located in San Jose, California, is a
                        supplier of helmet mounted cueing systems for fixed-wing, tactical fighter
                        aircraft.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; 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="47">
                        <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="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">Tadiran &ndash; a wholly-owned subsidiary based in Israel,
                        is engaged in the worldwide market for military communications systems and
                        equipment and is also active in the civilian communications market, which
                        as of December 31, 2007, had wholly-owned operating facilities in the U.S.
                        and Germany. 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></p>
                    </td>
                </tr>
            </table>
        </div>

        <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; MARGIN-LEFT: 0.49in; 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">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; MARGIN-LEFT: 0.49in; 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="47">
                        <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="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">Cyclone Aviation Products Ltd. (&ldquo;Cyclone&rdquo;)
                        &ndash; a wholly-owned subsidiary based in Israel, is engaged in the
                        production of aerostructure components and parts for leading aerospace
                        companies. Cyclone also performs maintenance, repair and customized
                        upgrading of light airplanes and helicopters.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; 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="47">
                        <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="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">Silver Arrow LP &ndash; a wholly-owned limited partnership
                        based in Israel, is engaged in UAV systems development, production and
                        support and produces a full range of UAV systems for tactical
                        use.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; 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="47">
                        <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="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">Elbit Security Systems Ltd. (&ldquo;Elsec&rdquo;) (formerly
                        Ortek Ltd.) &ndash; a wholly-owned subsidiary based in Israel, is engaged
                        in the development and production of optical security systems and products
                        and performs a range of projects for homeland security and defense
                        applications.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; 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="47">
                        <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="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">European subsidiary &ndash; a wholly-owned subsidiary based
                        in Belgium, is involved mainly in development, manufacturing and support of
                        electro-optical products for defense and space markets.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; 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="47">
                        <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="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">Ferranti Technologies (Group) Limited (&ldquo;FTL&rdquo;)
                        &ndash; a wholly-owned subsidiary based in the U.K., provides engineering,
                        manufacturing and customer logistic support to the aerospace and defense
                        industry.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; 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="47">
                        <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="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">Elisra Electronic Systems Ltd. (&ldquo;Elisra&rdquo;)
                        &ndash; in which Elbit Systems owns a 70% interest, with the balance being
                        owned by a subsidiary of Israel Aerospace Industries Ltd., is a privately
                        held Israeli company, which together with its two wholly-owned Israeli
                        subsidiaries &ndash; Tadiran Electronic Systems Ltd. and Tadiran
                        Spectralink Ltd. specializes in the design, manufacture, integration and
                        support of advanced defense solutions and its main business areas include
                        EW suites, airborne warning systems, ELINT systems, artillery C4I systems
                        and data links for UAVs and guided munitions.</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="47">
                        <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="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">UAV Tactical Systems Ltd. (&ldquo;U-TacS&rdquo;) &ndash; a
                        51% owned subsidiary based in the U.K., with the balance being owned by
                        Thales U.K. Limited. U-TacS main business is to perform a major part of the
                        U.K. Watchkeeper Program and other related programs.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; 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="47">
                        <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="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">Kinetics Ltd. (&ldquo;Kinetics&rdquo;) &ndash; a 51%-owned
                        subsidiary based in Israel, is involved mainly in the development and
                        production of systems and components for combat vehicles.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; 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="47">
                        <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="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">Semi-Conductor Devices (&ldquo;SCD&rdquo;) &ndash; an
                        Israeli affiliated partnership held in equal part by each of the Company
                        and Rafael Armaments Development Authority Ltd. (&ldquo;Rafael&rdquo;), is
                        engaged in the development and production of infrared detectors and laser
                        diodes.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; 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="47">
                        <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="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">Opgal Optronic Industries Ltd. (&ldquo;Opgal&rdquo;) &ndash;
                        an Israeli affiliated company, owned 50.1% by the Company and 49.9% by
                        Galram Technologies Ltd., a wholly-owned subsidiary of Rafael, is engaged
                        mainly in the area of thermal imaging systems for commercial
                        applications.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <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; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <font size="2">The Company has holdings, directly and indirectly, in several relatively
        small companies in various countries. These companies are engaged mainly in the
        manufacturing, marketing and servicing of defense avionics and electronics as well as
        defense related software.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-INDENT: -0.3in; 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">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; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <font size="2">The Company also has holdings, directly and indirectly, in certain
        non-defense technologies, mainly spin-off, companies whose activities are usually based on
        technologies that were developed within the Company. The companies are involved primarily
        in the areas of computer technology, medical equipment, and space satellites.</font></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; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <font size="2">The Company evaluates investments in affiliates, partnerships and other
        companies, and when relevant factors indicate other than temporary decline in the fair
        value of the investments below their carrying value, the Company adjusts the investment to
        the estimated fair value. The value of these companies is subject to ongoing changes
        resulting from their business conditions.</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="181" 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="31">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">E.</font></b></p>
                    </td>

                    <td valign="top" nowrap width="134">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <u><b><font size="2">Recent Events</font></b></u></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; 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="48">
                        <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="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">On December 2, 2007, the Company announced that its
                        subsidiary Cyclone was awarded a contract to supply the US Navy 330-gallon
                        fuel tanks to be installed on F-18 aircraft. The first phase of this
                        contract amounts to $2.4 million and the total value is estimated at
                        approximately $60 million. Deliveries are scheduled to take place between
                        2009 and 2013.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; 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="48">
                        <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="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">On December 17, 2007, the Company announced that
                        Skylark&reg; II was selected by the South Korean military as a preferred
                        solution in a tender involving extensive technical tests and including UAV
                        manufacturers from all over the world. The first phase of the contract
                        includes a comprehensive Skylark&reg; II system with additional systems
                        expected in the future.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; 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="48">
                        <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="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">On January 20, 2008, the Company announced that it's
                        subsidiary Elop recently was awarded contracts valued at a total of
                        approximately $40 million from several customers for the supply of its
                        CORAL and CORAL-CR hand-held lightweight thermal imaging
                        cameras.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; 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="48">
                        <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="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">On January 27, 2008, the Company announced that it has been
                        awarded a contract in the amount of approximately $40 million from the
                        Netherlands MoD for the supply of advanced Battlefield Management Systems
                        &ndash; BMS. The contract calls for deliveries over a five-year
                        period.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; 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="48">
                        <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="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">On February 11, 2008, the Company announced that its U.S.
                        subsidiary Kollsman was awarded a $26.5 million delivery order under a
                        previous Indefinite-Delivery/Indefinite-Quantity (ID/IQ) contract from the
                        U.S. Marine Corp Systems Command for thermal laser spot imagers with
                        accessories and logistic support.</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="48">
                        <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="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">On March 4, 2008, the Company announced that its subsidiary,
                        Cyclone, was awarded a contract by Spirit AeroSystems to supply doors for
                        commercial aircraft. The contract, valued at approximately $160 million, is
                        Cyclone's largest contract ever, with deliveries scheduled between 2009 and
                        2016.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="374" 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="32">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">F.</font></b></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">
                        <u><b><font size="2">Critical Accounting Policies and
                        Estimates</font></b></u></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <font size="2">The Company&rsquo;s 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: 0.49in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <font size="2">The Company&rsquo;s results of operations and financial condition are based
        on the preparation of consolidated financial statements in conformity with generally
        accepted accounting principles in the United States (&ldquo;U.S. GAAP&rdquo;). The
        preparation of the consolidated financial statements requires management to select
        accounting policies for critical accounting areas as well as estimates and assumptions 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 the Company&rsquo;s operating results 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: center">
        <font size="2">5</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: 0.49in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <font size="2">The Company believes its most critical accounting policies relate
        to:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; 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="48">
                        <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: 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="48">
                        <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: 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="48">
                        <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: 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="48">
                        <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: 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="48">
                        <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: 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>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; 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="47">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="49">
                        <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">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <u><b><font size="2">Revenue Recognition</font></b></u></p>
                    </td>
                </tr>
            </table>
        </div>

        <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; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <font size="2">The Company generates revenues, mainly from long-term contracts involving
        the design, development, manufacture and integration of defense systems and products and
        providing support and services for such systems and products.</font></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; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <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></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; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <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></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; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <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: 0.49in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <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, the Company considers other factors, such as
        achievement of performance milestones.</font></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; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <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: 0.49in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <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: 0.49in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <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: 0.49in; TEXT-ALIGN: justify">
        &nbsp;</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-ALIGN: center">
        <font size="2">6</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: 0.49in; TEXT-ALIGN: justify">
        <font size="2">The Company believes that the use of the percentage-of-completion method is
        appropriate as the Group 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></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; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <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 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: 0.49in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <font size="2">In certain circumstances, sales under short-term fixed-price production type
        contracts are accounted for in accordance with SAB No. 104, "Revenue Recognition in
        Financial Statements" ("SAB 104"), and recognized when 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></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; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <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></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; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <font size="2">A number of internal and external factors affect the Company&rsquo;s 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></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="485" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in" valign="top" nowrap width="48">
                        <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in" valign="top" nowrap width="48">
                        <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 style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in" valign="top" nowrap width="389">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><b><font size="2">Business Combinations and Purchase Price
                        Allocation</font></b></u></p>
                    </td>
                </tr>
            </table>
        </div>

        <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; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <font size="2">Business combinations are accounted for using the purchase method of
        accounting, under which the total purchase price is allocated to proportional interest in
        the acquired company&rsquo;s assets and liabilities based on their estimated fair values,
        and the remainder, if any, is attributed to goodwill.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <font size="2">The aggregate purchase price of any investment accounted for under either
        the consolidation or the equity method of accounting is being allocated to identifiable net
        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, "Applicability of FASB Statement
        No. 2 to Business Combinations Accounted for by the Purchase Method" (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: 0.49in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <font size="2">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. 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</font></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-ALIGN: center">
        <font size="2">7</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: 0.49in; TEXT-ALIGN: justify">
        <font size="2">and a terminal growth rate. Another area which requires judgment which can
        impact the Company&rsquo;s results of operations is estimating the expected useful lives of
        the intangible assets.</font></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; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <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&rsquo;s
        entities operate 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 a charge to the Company&rsquo;s results of
        operations.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="489" border="0">
                <tr>
                    <td valign="top" nowrap width="48">
                        <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="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">(3)</font></b></p>
                    </td>

                    <td valign="top" nowrap width="393">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <u><b><font size="2">Impairment of Goodwill and Other Long-Lived
                        Assets</font></b></u></p>
                    </td>
                </tr>
            </table>
        </div>

        <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; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <font size="2">Consistent with Statement of Financial Accounting Standards ("SFAS") No.
        142, "Goodwill and Other Intangible Assets," goodwill is not amortized and is tested at
        least annually for impairment. According to SFAS 142, an impairment loss will be recognized
        when the carrying value of the goodwill is not recoverable and exceeds its fair value. The
        Company conducts a goodwill impairment review at least annually and on an interim basis
        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. The Company tests 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, the Company may use a number of valuation methods.</font></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; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <font size="2">The methods commonly used to value a closely held company are the Income,
        Market and Cost approaches. The Company&rsquo;s reported units fair market value was
        estimated using 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: 0.49in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <font size="2">As of December 31, 2007, the Company&rsquo;s goodwill amounted to $332
        million. The Company tested its goodwill as of December 31, 2007 and concluded that no
        impairment loss has been identified.</font></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; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <font size="2">Consistent with SFAS No. 144, "Accounting for the Impairment or Disposal of
        Long-Lived Assets," the Company evaluates long-lived assets for impairment and assesses
        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, the Company uses significant
        estimates and assumptions such as projected future cash flows which are subject to high
        degree of judgment. If the carrying value of the intangible asset exceeds its fair value,
        an impairment loss is recognized in an amount equal to that excess. In the valuation of
        fair value the Company uses 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 the Company operates 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 additional impairment charge to the Company&rsquo;s results of
        operations. As of December 31, 2007, the Company&rsquo;s long-lived assets amounted to
        $649.4 million, including $298.9 million in intangible assets, and the Company concluded
        that there were no indicators for impairment.</font></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; MARGIN-LEFT: 0.47in; TEXT-ALIGN: justify">
        <font size="2">Should future impairment tests made by the Company determine that impairment
        has occurred in the value of the Company&rsquo;s goodwill or long-lived assets, such
        impairment may have a material effect on the financial results of the Company in the period
        in which the impairment is determined. See also &ldquo;Finance Expenses (Net)&rdquo;
        below.</font></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-ALIGN: center">
        <font size="2">8</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="45">
                        <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">
                        <b><font size="2">(4)</font></b></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <u><b><font size="2">Other-Than-Temporary Decline in Value of Investments
                        in Investee Companies</font></b></u></p>
                    </td>
                </tr>
            </table>
        </div>

        <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; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <font size="2">At the end of each reported period the Company evaluates 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 the
        Company&rsquo;s results of operations.</font></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; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <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 the Company weighs 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 which 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 will not be required in the future.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; 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="47">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="45">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">(5)</font></b></p>
                    </td>

                    <td valign="top" width="893">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <u><b><font size="2">Useful Life of Long-Lived Assets</font></b></u></p>
                    </td>
                </tr>
            </table>
        </div>

        <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; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <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 the Company takes into account
        various factors such as the expected use of the assets, effects of obsolescence,
        competition, demand, changes in business, acquisitions and other economic factors. If the
        Company&rsquo;s estimates changes and the useful lives of such assets increase or decrease,
        it will affect the Company&rsquo; results of operations.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="220" 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="32">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">G.</font></b></p>
                    </td>

                    <td valign="top" nowrap width="172">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <u><b><font size="2">Sarbanes-Oxley Act</font></b></u></p>
                    </td>
                </tr>
            </table>
        </div>

        <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; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <font size="2">According to Section 404 of the U.S. Sarbanes-Oxley Act of 2002, the Company
        is required to include in its annual report for the fiscal year ending December 31, 2007 an
        assessment, as of the end of the fiscal year, of the effectiveness of its internal controls
        over financial reporting.</font></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; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <font size="2">During 2007, the Company took steps to assure compliance of its
        documentation and internal controls over financial reporting with the guidelines stipulated
        in the Sarbanes-Oxley Act. The Company has completed the required activities for the 2007
        year end financial statements.</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="270" 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="32">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">H.</font></b></p>
                    </td>

                    <td valign="top" nowrap width="223">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <u><b><font size="2">New Accounting Standards</font></b></u></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: 0.5in; TEXT-ALIGN: justify">
        <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></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; 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="19">
                        <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">In September 2006, the FASB issued SFAS&nbsp;No.&nbsp;157,
                        "Fair Value Measurements" (&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,
                        "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" FSP
                        157-1 and FSP 157-2, "Effective Date of FASB Statement No.&nbsp;157"
                        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 style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.99in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">9</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: 0.99in; 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: 0.49in; 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="19">
                        <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">In February 2007, the FASB issued SFAS&nbsp;No.&nbsp;159,
                        "The Fair Value Option for Financial Assets and Financial Liabilities"
                        (&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. It is not anticipated that the adoption of
                        SFAS&nbsp;No.&nbsp;159 will 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: 0.49in; 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="19">
                        <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">In June 2007, the FASB ratified EITF&nbsp;07-3, Accounting
                        for Non-Refundable Advance Payments for Goods or Services Received for Use
                        in Future Research and Development Activities
                        (&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 it to have a 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; MARGIN-LEFT: 0.49in; 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="19">
                        <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">In December 2007, the FASB issued SFAS&nbsp;No.&nbsp;141
                        (revised 2007), "Business Combinations"
                        (&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 business combinations
                        consumed beginning in the first quarter of 2009.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; 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="19">
                        <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">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. 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: 0.98in; TEXT-INDENT: -0.2in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">10</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">&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="597" 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="33">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">I.</font></b></p>
                    </td>

                    <td valign="top" nowrap width="548">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <u><b><font size="2">Off Balance Sheet and Other Long-Term Arrangements and
                        Commitments</font></b></u></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="47">
                        <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="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">Elbit Systems and certain Israeli subsidiaries partially
                        finance their research and development expenditures under programs
                        sponsored by the Government of Israel Chief Scientist Office
                        (&ldquo;OCS&rdquo;) 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>
                    </td>
                </tr>
            </table>
        </div>

        <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; MARGIN-LEFT: 0.79in; 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 obligation to pay these royalties is contingent on actual
        sales of the products.</font></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; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        <font size="2">Elbit Systems and some of its subsidiaries may also be obligated to pay
        certain amounts to the Israeli Ministry of Defense (&ldquo;IMOD&rdquo;) and others on
        certain sales including sales resulting from the development of some of the technologies
        developed with the IMOD&rsquo;s or such other parties&rsquo; participation.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; 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="47">
                        <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="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">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 specified percentages (typically up to 100%) of the amount of
                        the specific contract. 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 $883 million to be performed over a period of up to 10
                        years. 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>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; 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="47">
                        <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="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">The future minimum lease commitments of the Company under
                        various non-cancelable operating lease agreements in respect of premises,
                        motor vehicles and office equipment are as of December 31, 2007 as follows:
                        $26 million for 2008, $23 million for 2009, $19 million for 2010 and $28
                        million for 2011 and thereafter.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; 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="47">
                        <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="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">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 compliance with all
                        covenants.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <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; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        <font size="2">As at December 31, 2007 and 2006, Elisra did not comply with the
        above-mentioned 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></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; 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="47">
                        <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="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">As of December 31, 2007, guarantees in the amount of
                        approximately $963 million were issued by banks on behalf of the Company 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; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">11</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: 0.49in; TEXT-ALIGN: justify">
        </p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="47">
                        <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="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">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 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 the
                        Company&rsquo;s 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 the
                        Company&rsquo;s right to terminate the order or subcontract for the Company
                        &lsquo;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.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; 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="47">
                        <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="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">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. As of December 31, 2007, the
                        total amounted to approximately $7 million (as of December 31, 2006 - $10
                        million). Elisra&rsquo;s and the Company&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. 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 (&ldquo;IFTRIC&rdquo;) (since renamed &ldquo;ASHRA&rdquo;) 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 the
                        Company&rsquo;s management, no provisions are required in respect of these
                        indemnity letters.</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="372" 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="33">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">J.</font></b></p>
                    </td>

                    <td valign="top" nowrap width="323">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <u><b><font size="2">Acquisitions and Divestitures During
                        2007</font></b></u></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="48">
                        <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: 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">On April 26, 2007, the Company 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 the Company and recorded the investment as
                        an equity investee.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <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; MARGIN-LEFT: 0.69in; TEXT-ALIGN: justify">
        <font size="2">Tadiran is active mainly in the defense communication area. The Company is
        active in the radio communication and computer area, and is using integrated communication
        equipment in its systems. The Company foresees synergies between its land C<sup>4</sup>I
        systems operations and Tadiran, by providing advanced integrated network and communication
        solutions to its customers.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.69in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.69in; TEXT-ALIGN: justify">
        <font size="2">As a result, Tadiran became a private, wholly-owned subsidiary of the
        Company. The total amount paid by the Company for the Tadiran shares relating to the Offer
        was approximately $383 million. The results of Tadiran are consolidated in the
        Company&rsquo;s financial statements commencing the beginning of the month after the date
        of completion of the Offer.</font></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; MARGIN-LEFT: 0.69in; TEXT-ALIGN: justify">
        <font size="2">The table below summarizes the Purchase Price Allocation
        (&ldquo;PPA&rdquo;), for the aggregate assets acquired, and liabilities assumed, in
        connection with the acquisition of the Tadiran shares as follows:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.69in; 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">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; MARGIN-LEFT: 0.69in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 52.15pt; BORDER-COLLAPSE: collapse" 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; 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="109">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; 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; 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="bottom" width="71">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">Excess</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; 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="bottom" width="75">
                        <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="bottom" width="161">
                        <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="231">
                        <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" colspan="4">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">(in thousands of U.S. dollars)</font></p>
                    </td>
                </tr>

                <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; 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="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: 2.5pt; 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: 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="231">
                        <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="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: 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="231">
                        <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="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: justify">
                        <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="231">
                        <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: 2.5pt; 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: 2.5pt; 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: 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="231">
                        <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="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: justify">
                        <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" width="231">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="left">
                        <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: justify">
                        <font size="2">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="231">
                        <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="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: justify">
                        <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="231">
                        <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="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: justify">
                        <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="231">
                        <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="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: 2.5pt; 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: 2.5pt; 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: 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="231">
                        <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; BORDER-BOTTOM: 0px" valign="top" width="109" rowspan="1">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right">
                        <font size="2">32,800</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="71" rowspan="1">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right">
                        <font size="2">161,300</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="75" rowspan="1">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right">
                        <font size="2">194,100</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="161" rowspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <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: justify">
                        <font size="2">annual impairment test</font></p>
                    </td>
                </tr>

                <tr>
                    <td>
                    </td>

                    <td>
                    </td>

                    <td>
                    </td>

                    <td>
                    </td>
                </tr>

                <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; 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="109">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; BORDER-BOTTOM: #000000 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: 0pt; TEXT-INDENT: 0pt; BORDER-BOTTOM: #000000 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: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; BORDER-BOTTOM: #000000 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: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &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: 0.69in; TEXT-ALIGN: justify">
        <font size="2">The assets and liabilities recorded in connection with the PPA for the
        Tadiran 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; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.69in; TEXT-ALIGN: justify">
        <font size="2">Following the acquisition of the Tadiran shares in the second quarter of
        2007, the Company 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></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; MARGIN-LEFT: 0.69in; TEXT-ALIGN: justify">
        <font size="2">The following unaudited proforma data is based on historical financial
        statements of the Company 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></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; MARGIN-LEFT: 0.69in; TEXT-ALIGN: justify">
        <font size="2">The proforma information reflects the results of the Company's operations
        assuming that Tadiran&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; MARGIN-LEFT: 0.98in; 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="66">
                        <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">(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: 0.49in; 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="66">
                        <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">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>

        <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="66">
                        <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">The cost attributed to purchase IPR&amp;D projects, in the
                        amount of approximately $16,560, was charged to operations immediately as a
                        non-recurring item and is not included in the proforma consolidated
                        results.</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
            &nbsp;</p>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="563" border="0">
                <tr>
                    <td valign="top" nowrap width="67">
                        <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="29">
                        <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="467">
                        <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; MARGIN-LEFT: 0.69in; 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">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; MARGIN-LEFT: 0.69in; TEXT-ALIGN: justify">
        </p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="400" align="center" 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="196">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; 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">
                        <font size="2">Year ended</font></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">
                            <font size="2">December 31,</font></p>
                        </div>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="196">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="98">
                        <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">2007</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="94">
                        <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">2006</font></p>
                        </div>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="196">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; 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">(in thousands of U.S. dollars)</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="left" width="196">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <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="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 151.2%">
                        <font size="2">$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="94">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 151.2%">
                        <font size="2">$1,775,247</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="left" width="196">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">Proforma 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="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 151.2%">
                        <font size="2">$96,802</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="94">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 151.2%">
                        <font size="2">$79,534</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="left" width="196">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <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="98">
                        <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="94">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 151.2%">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="left" width="196">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 11.25pt">
                        <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="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 151.2%">
                        <font size="2">$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="94">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 151.2%">
                        <font size="2">$1.92</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="left" width="196">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 11.25pt">
                        <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="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 151.2%">
                        <font size="2">$2.29</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="94">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 151.2%">
                        <font size="2">$1.90</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.69in; 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>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="48">
                        <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: 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">On July 27, 2007, the Company reported that it acquired the
                        entire share capital of the U.K. company FTL for &pound;15 million
                        (approximately $31 million).</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <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; MARGIN-LEFT: 0.69in; 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; MARGIN-LEFT: 0.69in; TEXT-INDENT: -0.19in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 68.15pt; BORDER-COLLAPSE: collapse" 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="bottom" 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="bottom" 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; TEXT-ALIGN: center">
                        <font size="2">Expected<br>
                        <u>useful</u></font> <font size="2"><u>lives</u></font></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: 237pt; TEXT-ALIGN: left">
                        <font size="2">(in thousands of U.S. dollars)</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">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" align="right" width="75">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">$ 4,455&nbsp;</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 year</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">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" align="right" width="75">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">7,221&nbsp;</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" width="248">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Non-competition</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" align="right" width="75">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">436&nbsp;</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" align="right" width="75">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">1,119&nbsp;</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" 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" align="right" width="75">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">8,933&nbsp;</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" align="right" width="75">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">750&nbsp;</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" 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: 2.5pt; 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: 2.5pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="75">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                        <font size="2">(4,559)&nbsp;</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">
                        <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: right">
                            <font size="2">-</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; 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">12,055</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="75">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: 3.4pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                            <font size="2">12,055</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">
                        <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: 81%; TEXT-ALIGN: left">
                        <font size="2">annual impairment test</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">
                        &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; BORDER-BOTTOM: black 1.5pt double">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 9.1pt; TEXT-INDENT: -9.1pt; 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; BORDER-BOTTOM: black 1.5pt double">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 9.1pt; TEXT-INDENT: -9.1pt; 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" align="right" width="75">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: 3.4pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt double">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
                            <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: 0.49in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.69in; TEXT-ALIGN: justify">
        <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></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.69in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="286" 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="32">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">K.</font></b></p>
                    </td>

                    <td valign="top" nowrap width="239">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <u><b><font size="2">Employee Stock Option Plans</font></b></u></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="48">
                        <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: 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">On January 11, 2007, the Company&rsquo;s shareholders
                        approved the Company&rsquo;s 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 and certain of its subsidiaries&rsquo;
                        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 Ordinary 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; shares during 30 trading days proceeding 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 are granted.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.7in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.7in; 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; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; 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; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.99in; TEXT-INDENT: -0.3in; 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: 0.99in; TEXT-INDENT: -0.3in; 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: 0.99in; TEXT-INDENT: -0.3in; 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: 0.7in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.7in; TEXT-ALIGN: justify">
        <font size="2">The Company grants options to Israeli participants 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; MARGIN-LEFT: 0.7in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.7in; TEXT-ALIGN: justify">
        <font size="2">In 2007, the Company granted to its employees 2,381,300 option under the
        Plan. The weighted average exercise price of the options was $33.27.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.7in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.7in; TEXT-ALIGN: justify">
        <font size="2">The compensation cost related to the options granted in 2007 is estimated at
        approximately $20 million. That cost is expected to be recognized over a period of four
        years. During 2007, the Company recognized expenses related to the Plan in the amount of
        $4.8 million.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; 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="48">
                        <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: 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">In December 2007, Elbit Systems U.S. Corp ("ESC"), a
                        wholly-owned U.S. subsidiary of the Company, adopted a Stock Appreciation
                        Rights Plan for Non-Employee Directors of Elbit Systems of America, LLC
                        (the "SAR Plan"). ESC owns the shares of Elbit Systems of America, LLC
                        ("ESA"). The purpose of the SAR Plan is to facilitate the retention of
                        qualified and experienced persons to serve as "Non-Employee Directors" of
                        ESA by providing them additional financial incentives. A "Non-Employee
                        Director" 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: 0.49in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.7in; TEXT-ALIGN: justify">
        <font size="2">Under the Plan, the Board of ESC may grant Stock Appreciation Rights
        ("SARs") 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 "Fair Market Value" of the
        "Stock" corresponding to the SAR at the time of exercise of the SAR over the "Initial Value
        of the Stock". "Stock" means Elbit Systems. Ordinary Shares. Each SAR corresponds to a
        share of Stock. "Fair Market Value" with respect to the Stock means the closing price of
        the Stock on the Nasdaq on the applicable date. "Initial Value" 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: 0.7in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.7in; 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 of 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.</font></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; MARGIN-LEFT: 0.7in; TEXT-ALIGN: justify">
        <font size="2">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: 0.7in; TEXT-ALIGN: justify">
        &nbsp;</p>

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

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

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="372" 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="33">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">L.</font></b></p>
                    </td>

                    <td valign="top" nowrap width="323">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <u><b><font size="2">Summary of Financial Results</font></b></u></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: 0.49in; TEXT-ALIGN: justify">
        <font size="2">The following table sets forth the consolidated statements of operations of
        the Company for the three-month periods and years ended December 31, 2007 and December 31,
        2006. The financial statements of the Company include consolidation of Tadiran&rsquo;s
        financial results, commencing May 1, 2007, therefore Tadiran&rsquo;s results are included
        in 2007 results and are not included in the 2006 results, which were prior to the date of
        the acquisition.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="751" align="center" 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="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 35.45pt; 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" 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">For the year</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">ended on December 31</font></p>
                        </div>
                    </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: 0.5in; TEXT-ALIGN: center">
                            <font size="2">For the three months</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 30.75pt; TEXT-ALIGN: center">
                            <font size="2">ended on December 31</font></p>
                        </div>

                        <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 style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="280">
                        <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">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">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">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">2006</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="280">
                        <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="73">
                        <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: 4.05pt; TEXT-ALIGN: center">
                            <font size="2">$</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <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: 4.05pt; TEXT-ALIGN: center">
                            <font size="2">%</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="73">
                        <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: 4.05pt; TEXT-ALIGN: center">
                            <font size="2">$</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <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: 4.05pt; TEXT-ALIGN: center">
                            <font size="2">%</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="62">
                        <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">$</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="61">
                        <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">%</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="62">
                        <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">$</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <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">%</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="280">
                        <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" colspan="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">(In thousands of U.S. dollars except per share
                        data)</font></p>

                        <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="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: justify">
                        <font size="2">Total revenues</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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font size="2">1,981,761</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; 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" valign="top" width="73">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font size="2">1,523,243</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; 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" valign="top" width="62">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font size="2">591,056</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="61">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; 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" valign="top" width="62">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font size="2">467,388</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">100.0</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: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: justify">
                        <font size="2">Cost of revenues</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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">1,454,913</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">73.4</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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font size="2">1,149,768</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">75.5</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="62">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font size="2">434,891</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="61">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">73.6</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="62">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font size="2">367,163</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">78.5</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: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: justify">
                        <font size="2">Restructuring expenses</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="73">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <font size="2">10,482</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <font size="2">0.5</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="73">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <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="top" width="47">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <font size="2">-</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="62">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <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="top" width="61">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <font size="2">-</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="62">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <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="top" width="47">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <font size="2">-</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="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: justify">
                        <font size="2">Gross profit</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="73">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <b><font size="2">516,366</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <font size="2">26.1</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="73">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <b><font size="2">373,475</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <font size="2">24.5</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="62">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <b><font size="2">156,165</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="61">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <font size="2">26.4</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="62">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <b><font size="2">100,225</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <font size="2">21.5</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="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Research and development (R&amp;D)</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: justify">
                        <font size="2">expenses</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">
                        <b><font size="2">155,303</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <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">7.8</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">
                        <b><font size="2">115,648</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <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">7.6</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="62">
                        <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">
                        <b><font size="2">49,284</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="61">
                        <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">8.3</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="62">
                        <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">
                        <b><font size="2">33,283</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <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">7.1</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: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: justify">
                        <font size="2">Less - participation</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="73">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -2.1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <b><font size="2">(28,308)</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -2.05pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <font size="2">(1.4)</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="73">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -2.1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <b><font size="2">(23,416)</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -2.05pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <font size="2">(1.5)</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="62">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -2.1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <b><font size="2">(9,883)</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="61">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -3.15pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <font size="2">(1.7)</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="62">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -2.1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <b><font size="2">(5,414)</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -3.15pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <font size="2">(1.2)</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="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: justify">
                        <font size="2">R&amp;D expenses, net</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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font size="2">126,995</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">6.4</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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font size="2">92,232</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">6.1</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="62">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font size="2">39,401</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="61">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">6.6</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="62">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font size="2">27,869</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">5.9</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: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: justify">
                        <font size="2">Marketing and selling expenses</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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font size="2">157,411</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">7.9</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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font size="2">111,880</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">7.3</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="62">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font size="2">44,277</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="61">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">7.5</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="62">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font size="2">30,853</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">6.6</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: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: justify">
                        <font size="2">General and administrative expenses</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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font size="2">107,447</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">5.4</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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font size="2">77,505</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">5.1</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="62">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font size="2">34,265</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="61">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">5.8</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="62">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font size="2">20,051</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">4.3</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: justify">
                        <font size="2">IPR&amp;D write-off</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="73">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <b><font size="2">16,560</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <font size="2">0.8</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="73">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <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="top" width="47">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <font size="2">-</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="62">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <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="top" width="61">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <font size="2">-</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="62">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <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="top" width="47">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <font size="2">-</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="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; 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="73">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <b><font size="2">408,413</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <font size="2">20.6</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="73">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <b><font size="2">281,617</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <font size="2">18.5</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="62">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <b><font size="2">117,943</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="61">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <font size="2">19.9</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="62">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <b><font size="2">78,773</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <font size="2">16.9</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="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: justify">
                        <font size="2">Operating income</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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font size="2">107,953</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; 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" valign="top" width="73">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font size="2">91,858</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">6.0</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="62">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font size="2">38,222</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="61">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">6.5</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="62">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font size="2">21,452</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">4.6</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: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: justify">
                        <font size="2">Finance expenses, net</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="73">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font size="2">(19,329)</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">(1.0)</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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font size="2">(21,456)</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">(1.4)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="62">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font size="2">(10,632)</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="61">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">(1.8)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="62">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font size="2">(6,093)</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">(1.3)</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: justify">
                        <font size="2">Other income (expenses), net</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="73">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -2.1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <b><font size="2">368</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -2.05pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <font size="2">0.0</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="73">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -2.1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <b><font size="2">1,814</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -2.05pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <font size="2">0.1</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="62">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -2.1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <b><font size="2">286</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="61">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -2.05pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <font size="2">0.0</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="62">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -2.1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <b><font size="2">1,423</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -2.05pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <font size="2">0.3</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="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: justify">
                        <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="bottom" width="73">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font size="2">88,992</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">4.5</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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font size="2">72,216</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">4.7</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="62">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font size="2">27,876</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="61">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">4.7</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="62">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font size="2">16,782</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">3.6</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: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: justify">
                        <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="bottom" width="73">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <b><font size="2">13,810</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <font size="2">0.7</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="73">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <b><font size="2">20,694</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <font size="2">1.3</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="62">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <b><font size="2">(7,501)</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="61">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <font size="2">1.3</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="62">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <b><font size="2">4,049</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <font size="2">0.9</font></p>
                        </div>
                    </td>
                </tr>

                <tr style="HEIGHT: 16.4pt">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 16.4pt" valign="top" width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 16.4pt" valign="top" width="73">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font size="2">75,182</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 16.4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">3.8</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 16.4pt" valign="top" width="73">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font size="2">51,522</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 16.4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">3.4</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 16.4pt" valign="top" width="62">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font size="2">35,377</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 16.4pt" valign="top" width="61">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">6.0</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 16.4pt" valign="top" width="62">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font size="2">12,733</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 16.4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font size="2">2.7</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 14.45pt">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 14.45pt" valign="top" width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Minority interest in loses (gains) of</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: justify">
                        <font size="2">Subsidiaries</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 14.45pt" 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">
                        <b><font size="2">(13,038)</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 14.45pt" valign="top" width="47">
                        <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">(0.7)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 14.45pt" 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">
                        <b><font size="2">5,977</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 14.45pt" valign="top" width="47">
                        <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">0.4</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 14.45pt" valign="top" width="62">
                        <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">
                        <b><font size="2">(7,995)</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 14.45pt" valign="top" width="61">
                        <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">(1.4)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 14.45pt" valign="top" width="62">
                        <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">
                        <b><font size="2">4,673</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 14.45pt" valign="top" width="47">
                        <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">1.0</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 25.45pt">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 25.45pt" valign="top" width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">
                        <font size="2">Equity in net earnings (losses) of</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -12pt; TEXT-ALIGN: justify">
                        <font size="2">affiliated companies and partnership</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 25.45pt" valign="top" width="73">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -2.1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="2">14,565</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 25.45pt" valign="top" width="47">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -2.1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">0.7</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 25.45pt" valign="top" width="73">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -2.1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="2">14,743</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 25.45pt" valign="top" width="47">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -2.1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">1.0</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 25.45pt" valign="top" width="62">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -2.1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="2">4,544</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 25.45pt" valign="top" width="61">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -2.05pt; 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">
                            &nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">0.8</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 25.45pt" valign="top" width="62">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -2.1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="2">6,554</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 25.45pt" valign="top" width="47">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -2.05pt; 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">
                            &nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">1.4</font></p>
                        </div>
                    </td>
                </tr>

                <tr style="HEIGHT: 19pt; page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 19pt" valign="top" width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: justify">
                        <font size="2">Net earnings</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 19pt" valign="top" width="73">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <b><font size="2">76,709</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 19pt" valign="top" width="47">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <font size="2">3.9</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 19pt" valign="top" width="73">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <b><font size="2">72,242</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 19pt" valign="top" width="47">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <font size="2">4.7</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 19pt" valign="top" width="62">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <b><font size="2">31,926</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 19pt" valign="top" width="61">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -2.05pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <font size="2">5.4</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 19pt" valign="top" width="62">
                        <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; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <b><font size="2">23,960</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 19pt" valign="top" width="47">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: -2.05pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                            <font size="2">5.1</font></p>
                        </div>
                    </td>
                </tr>

                <tr style="HEIGHT: 20.5pt; page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 20.5pt" valign="top" width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Diluted earnings per share</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 20.5pt" valign="top" width="73">
                        <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: right">
                            <b><font size="2">1.81</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 20.5pt" valign="top" width="47">
                        <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; HEIGHT: 20.5pt" valign="top" width="73">
                        <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: right">
                            <b><font size="2">1.72</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 20.5pt" valign="top" width="47">
                        <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; HEIGHT: 20.5pt" valign="top" width="62">
                        <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: right">
                            <b><font size="2">0.75</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 20.5pt" valign="top" width="61">
                        <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; HEIGHT: 20.5pt" valign="top" width="62">
                        <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: right">
                            <b><font size="2">0.57</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 20.5pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &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; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; 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; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <u><b><font size="2">Revenues</font></b></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <font size="2">The Company&rsquo;s sales are primarily to governmental entities and prime
        contractors under government defense programs. Accordingly, the level of the
        Company&rsquo;s revenues is subject to governmental budgetary constraints.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <font size="2">The Company&rsquo;s 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; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="633" border="0">
                <tr>
                    <td valign="top" nowrap width="48">
                        <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" nowrap width="585">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: justify">
                        <font size="2">The following table sets forth the Company&rsquo;s revenue
                        distribution by areas of operation:</font></p>
                    </td>
                </tr>
            </table>
        </div>

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

        <div align="left">
            <table style="MARGIN-LEFT: 36.1pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="717" 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="318">
                        <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">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="318">
                        <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="318">
                        <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: 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="86">
                        <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="113">
                        <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="92">
                        <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">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="318">
                        <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="108">
                        <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="86">
                        <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="113">
                        <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="92">
                        <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="318">
                        <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="108">
                        <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="86">
                        <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="113">
                        <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="92">
                        <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">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="318">
                        <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="108">
                        <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="86">
                        <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="113">
                        <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="92">
                        <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="318">
                        <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="108">
                        <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="86">
                        <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="113">
                        <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="92">
                        <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">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 18.75pt" valign="top" width="318">
                        <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="108">
                        <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; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
                        <font size="2">151.5</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="86">
                        <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; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
                        <font size="2">7.6</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="113">
                        <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; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
                        <font size="2">120.9</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="92">
                        <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; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
                        <font size="2">7.9</font></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="318">
                        <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; HEIGHT: 16.5pt" valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">
                        <font size="2">1,981.8</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 16.5pt" valign="top" width="86">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; BORDER-BOTTOM: black 2.25pt double; 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; HEIGHT: 16.5pt" valign="top" width="113">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; BORDER-BOTTOM: black 2.25pt double; 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; HEIGHT: 16.5pt" valign="top" width="92">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">
                        <font size="2">100.0</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; TEXT-INDENT: -0.49in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <font size="2">The changes in revenue distribution by areas of operation are due mainly to
        the inclusion of the results of Tadiran 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; MARGIN-LEFT: 0.49in; TEXT-INDENT: -0.49in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="677" border="0">
                <tr>
                    <td valign="top" nowrap width="48">
                        <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" nowrap width="629">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: justify">
                        <font size="2">The following table sets forth the Company&rsquo;s
                        distribution of revenues by geographical regions:</font></p>
                    </td>
                </tr>
            </table>
        </div>

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

        <div align="left">
            <table style="MARGIN-LEFT: 40.85pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="717" 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="298">
                        <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>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="298">
                        <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>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 17.05pt" valign="top" width="298">
                        <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="121">
                        <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="88">
                        <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="110">
                        <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="99">
                        <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>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="298">
                        <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="121">
                        <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="88">
                        <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="110">
                        <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="99">
                        <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>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="298">
                        <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="121">
                        <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="88">
                        <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="110">
                        <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="99">
                        <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>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="298">
                        <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="121">
                        <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="88">
                        <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="110">
                        <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="99">
                        <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; HEIGHT: 15.6pt" valign="top" width="298">
                        <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="121">
                        <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">385.0</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="88">
                        <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">19.4</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="110">
                        <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">272.9</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="99">
                        <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">18.0</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.6pt" valign="top" width="298">
                        <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; HEIGHT: 15.6pt" valign="top" width="121">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">
                        <font size="2">1,981.8</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="88">
                        <p style="MARGIN: 0pt; TEXT-INDENT: 0pt; BORDER-BOTTOM: black 2.25pt double; 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; HEIGHT: 15.6pt" valign="top" width="110">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; BORDER-BOTTOM: black 2.25pt double; 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; HEIGHT: 15.6pt" valign="top" width="99">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">
                        <font size="2">100.0</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <font size="2">The changes in revenues by geographic distribution were influenced by the
        consolidation of Tadiran&rsquo;s results with strong international content, and increased
        revenues in Europe, mainly from United Kingdom UAV operations related revenues.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
        <u><b><font size="2">Gross Profit</font></b></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <font size="2">The Company&rsquo;s gross profit represents the aggregate results of the
        Company&rsquo;s activities and projects and is based on the mix of programs in which the
        Company is engaged during the reported period.</font></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; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <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 constitute 0.5% of
        revenues).</font></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-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; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: justify">
        <u><b><font size="2">Research and Development (&ldquo;R&amp;D&rdquo;)</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; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <font size="2">The Company continually invests in R&amp;D in order to maintain and further
        advance its technologies, in accordance with a long-term plan, based on its estimate of
        future market needs.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <font size="2">The Company&rsquo;s R&amp;D included programs which are partially funded by
        third parties, including the Israeli Ministry of Defense (&ldquo;IMOD&rdquo;), the Office
        of the Chief Scientist (&ldquo;OCS&rdquo;) 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; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; 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; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; 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; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; 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; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <font size="2">The Company maintains its activities in developing new markets and pursues
        at any given time various business opportunities according to the Company&rsquo;s
        plan.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; 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: 0.5in; TEXT-ALIGN: justify">
        <u><b><font size="2">General and Administrative (&ldquo;G&amp;A&rdquo;)
        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; MARGIN-LEFT: 0.5in; 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; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <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; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
        <u><b><font size="2">Operating Income</font></b></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; TEXT-INDENT: 0.01in; TEXT-ALIGN: justify">
        <font size="2">The Company&rsquo;s operating income in 2007 was $108 million, as compared
        to $92 million in 2006. As a result of the restructuring expenses and an IPR&amp;D
        write-off of $27 million (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-INDENT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; 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: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; 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; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <font size="2">The net finance expenses include the impact of a write-off relating to
        Auction Rate Securities in the amount of $10 million (see Liquidity and Capital Resources
        below).</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">18</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: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; 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: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <font size="2">Other income in 2007 was a $0.4 million gain, as compared to a $1.8 million
        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; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; 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: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <font size="2">The Company&rsquo;s 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; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <font size="2">Provision for taxes in 2007 was $13.8 million (tax rate of 15.5%), as
        compared to a provision for taxes of $20.7 million (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 adjustments raised from executing tax settlements by Elbit
        Systems and some of its 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 was partly offset by the IPR&amp;D write-off in the second
        quarter of 2007, related to the acquisition of the Tadiran shares not being deductible for
        tax purposes.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; 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: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <font size="2">In 2007, the Company had income of $14.6 million from its share in earnings
        of affiliated entities, as compared to $14.7 million in 2006.</font></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; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <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 its financial statements,
        operate in complementary areas to the Company&rsquo;s core business activities, including
        electro-optics and airborne systems. The Company&rsquo;s share in Tadiran&rsquo;s earnings
        was included until the date of acquisition.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <u><b><font size="2">Net Earnings and Earnings Per Share
        (&ldquo;EPS&rdquo;)</font></b></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <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; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <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; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; 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
        Tadiran in April 2007.</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="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: 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">
                        <b><font size="2">M</font></b><font size="2">.</font></p>
                    </td>

                    <td valign="top" nowrap width="258">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <u><b><font size="2">Liquidity and Capital Resources</font></b></u></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <font size="2">The Company&rsquo;s net cash flow generated from operating activities in
        2007 was $261 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; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <font size="2">Net cash flow used for investment activities in 2007 was $262.6 million,
        which was used mainly for the acquisition of the Tadiran and FTL shares.</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">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; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <font size="2">Net cash flow from financing activities in 2007 was $281 million, resulting
        mainly from long-term loans received.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <font size="2">On December 31, 2007, the Company 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 its behalf by banks, mainly in respect of advance payment and performance
        guarantees provided in the regular course of business. On December 31, 2007, the Company
        had a cash balance amounting to $363.9 million.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <font size="2">As of December 31, 2007, the Company had working capital of $156.9 million
        and its current ratio was 1.12.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <font size="2">In addition, the Company (through Tadiran) had $31.7 million of principal
        invested in Auction Rate Securities (&ldquo;ARS&rdquo;). 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'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; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <font size="2">ARS investments held by the Company 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>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <font size="2">The estimated market value of the Company's ARS holdings at December 31,
        2007 was $20.8 million, which reflects a $10.9 million adjustment to the principal value of
        $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 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; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; 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's
        balance sheet.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="245" 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="33">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">N.</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: justify">
                        <u><b><font size="2">Derivatives and Hedges</font></b></u></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: 0.5in; TEXT-ALIGN: justify">
        <font size="2">Market risks relating to the Company&rsquo;s operations result primarily
        from changes in interest rates and exchange rates. The Company typically uses financial
        instruments to limit its exposure to those changes. The Company also typically enters into
        forward contracts in connection with transactions that are denominated in currencies other
        than U.S. dollars and New Israeli Shekels (&ldquo;NIS&rdquo;). The Company may enter from
        time to time into forward contracts related to NIS, based on market conditions.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; 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; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <font size="2">On December 31, 2007, the Company&rsquo;s liquid assets were comprised of
        bank deposits and short and long-term bonds. The Company&rsquo;s 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 the Company&rsquo;s results of operations due to changes in the cost
        of the liabilities and the return on the assets that are based on variable
        rates.</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: 0.5in; TEXT-ALIGN: justify">
        <font size="2">The Company&rsquo;s functional currency is the U.S. dollar. On December 31,
        2007, the Company had exposure due to liabilities denominated in NIS of $144.7 million in
        excess of its NIS denominated assets. These liabilities represent mostly wages and trade
        payables. The amount of the Company&rsquo;s exposure to the changes in the NIS-U.S. dollar
        exchange rate varies from time to time, and as indicated above, impacted the
        Company&rsquo;s expenses for 2007.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <font size="2">Most of the Company&rsquo;s assets and liabilities which are 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, the Company had forward contracts for the sale and
        purchase of such foreign currencies totaling $354.2 million ($176.3 million in Euro, $170.4
        million in GBP and $7.5 million in other currencies). The financial derivative activities
        in 2007 resulted in an unrealized net loss of approximately $15.1 million, which was
        recorded as other comprehensive income.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="318" 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="33">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">O.</font></b></p>
                    </td>

                    <td valign="top" nowrap width="270">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <u><b><font size="2">Corporate Secretary Appointment</font></b></u></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: 0.49in; TEXT-ALIGN: justify">
        <font size="2">On February 1, 2008, the Company appointed Ronit Zmiri as Corporate
        Secretary, replacing Yaniv Baram who accepted the position of General Counsel of
        Elisra.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="152" 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="32">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font size="2">P.</font></b></p>
                    </td>

                    <td valign="top" nowrap width="104">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <u><b><font size="2">Dividends</font></b></u></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: 0.5in; TEXT-ALIGN: justify">
        <font size="2">The Board of Directors declared on March 10, 2008 a dividend of $0.18 per
        share for the last quarter of 2007. The total dividend declared for 2007 was $0.67 per
        share.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: center">
        <font size="2">* * * * * * * * * * * * * *</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; 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="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; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; LINE-HEIGHT: 50%; TEXT-ALIGN: center">
        &nbsp;</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: 5pt; MARGIN-BOTTOM: 5pt; LINE-HEIGHT: 50%; TEXT-ALIGN: center">
        &nbsp;</p>

        <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; LINE-HEIGHT: 50%; TEXT-ALIGN: center">
        <b><font size="3">Management report on Internal Control over Financial
        Reporting</font></b></p>

        <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; LINE-HEIGHT: 50%; TEXT-ALIGN: center">
        <b><font size="3">for the Year-ended December 31, 2007</font></b></p>

        <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: justify"><font size="2">Elbit
        Systems&rsquo; management is responsible for establishing and maintaining adequate internal
        control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the
        Exchange Act. &nbsp;Our internal control over financial reporting is a process 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. &nbsp;Our internal control over financial reporting includes those
        policies and procedures that:</font></p>

        <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="39">
                    <font size="4"><strong>&bull;</strong></font><font size="2">&nbsp;</font> </td>

                    <td valign="top" width="946">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">pertain to the maintenance of records that, in reasonable
                        detail, accurately and fairly reflect the transactions and dispositions of
                        our assets,</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="39">
                    </td>

                    <td valign="top" width="946">&nbsp;</td>
                </tr>

                <tr>
                    <td valign="top" width="39"><strong><font size="4">&bull;</font></strong></td>

                    <td valign="top" width="946"><font size="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 our receipts and expenditures are being made only in accordance with
                    authorizations of our management and directors, and</font></td>
                </tr>

                <tr>
                    <td valign="top" width="39">
                    </td>

                    <td valign="top" width="946">&nbsp;</td>
                </tr>

                <tr>
                    <td valign="top" width="39"><strong><font size="4">&bull;</font></strong></td>

                    <td valign="top" width="946"><font size="2">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></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">Our
        management recognizes that there are inherent limitations in the effectiveness of any
        system of internal control over financial reporting, including the possibility of human
        error and the circumvention or override of internal control. &nbsp;Accordingly, even
        effective internal control over financial reporting can provide only reasonable assurance
        with respect to financial statement preparation, and may not prevent or detect all
        misstatements. &nbsp;Further, because of changes in conditions, the effectiveness of
        internal control over financial reporting may vary over time.</font></p>

        <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: justify"><font size="2">Our
        management assessed the effectiveness of our internal control over financial reporting as
        of December 31, 2007. &nbsp;In conducting its assessment of internal control over financial
        reporting, management based its evaluation on the framework in &ldquo;Internal Control
        &ndash; Integrated Framework&rdquo; issued by the Committee of Sponsoring Organizations of
        the Treadway Commission (COSO.) &nbsp;In conducting such assessment, our management has
        excluded from its assessment the effectiveness of internal control over financial reporting
        of Tadiran Communications Ltd. (&ldquo;Tadiran&rdquo;), and Ferranti Technologies (Group)
        Limited (&ldquo;FTL&rdquo;), as Tadiran and FTL were acquired by us in 2007, and because we
        have not integrated Tadiran and FTL&rsquo;s internal control over financial reporting and
        related processes by December 31, 2007.&nbsp; Tadiran and FTL are now wholly-owned
        subsidiaries of Elbit, and are included in our 2007 consolidated financial statements, and
        constituted approximately $560 million, or 20% of our total assets, as of December 31,
        2007, and $188 million of our revenues in 2007. &nbsp;Refer to Notes 1(D) and 1(E) to our
        consolidated financial statements for further discussion of this acquisition and its impact
        on our consolidated financial statements. &nbsp;Our management has concluded, based on its
        assessment, that our internal control over financial reporting was effective as of December
        31, 2007, based on the framework in &ldquo;Internal Control &ndash; Integrated
        Framework&rdquo; issued by COSO.</font></p>

        <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: justify"><font size="2">The
        effectiveness of our internal control over financial reporting as of December 31, 2007, has
        been audited by Kost, Forer, Gabbay &amp; Kasierer (A Member of Ernst &amp; Young Global),
        an independent registered public accounting firm. &nbsp;Kost, Forer, Gabbay &amp;
        Kasierer&rsquo;s attestation report with respect to the Company&rsquo;s internal control
        over financial reporting is set forth within its Report of Independent Registered Public
        Accounting Firm included with 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: center">
        <font size="2">22</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>
        <!-- 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="right">
        <font size="1"><font face="Arial"><font color="#000000"><font size="2"><u>Exhibit
        3</u></font></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="right">&nbsp;</p>

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

        <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>CONSOLIDATED FINANCIAL STATEMENTS</b></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="1"><font size="2"><u><b><font face="Times New Roman, Times, serif">as of
        December 31, 2007</font></b></u></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>
        <!-- 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-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1px; BORDER-BOTTOM: 0.75pt solid; TEXT-ALIGN: center">
        <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: left">&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">2 - 3</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">4 - 5</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">6</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">7 - 8</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">9 - 10</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">11 &ndash; 63</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">1</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>

        <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="441">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <br>
                        <img src="img1.gif"></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="295">
                        <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;</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="247">
                        <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;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>

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

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

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" nowrap width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="977">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%" align="center">
                        <b><font size="2">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
                        FIRM</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">
        <font size="1"><font size="2"><b><font size="2">To the Shareholders and Board of Directors
        of</font></b></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <font size="1"><font size="2"><b><font size="2">Elbit Systems
        Ltd.</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">
        <font size="1"><font size="2"><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. These consolidated financial statements are the responsibility of
        Elbit Systems&rsquo; management. Our responsibility is to express an opinion on these
        consolidated financial statements 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></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="1"><font size="2"><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. Our audit included consideration of
        internal control over financial reporting as a basis for designing audit procedures that
        are appropriate in the circumstances, and for the purpose of expressing an opinion on the
        effectiveness of Elbit Systems&rsquo; internal control over financial reporting. 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, and 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></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="1"><font size="2"><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.</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="1"><font size="2"><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></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="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
        effectiveness of Elbit Systems' 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></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: 3.82in; TEXT-ALIGN: right">
        <font size="1"><font size="2"><b><font size="2">Kost Forer Gabbay &amp; Kasierer<br>
        </font></b><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
        <b><font size="2">A member of Ernst &amp; Young Global</font></b></font></font></p>

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

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1in; TEXT-INDENT: -1in; TEXT-ALIGN: left">
        <font size="1"><font size="2"><font size="2">Haifa, Israel</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1in; TEXT-INDENT: -1in; TEXT-ALIGN: left">
        <font size="1"><font size="2"><font size="2">March 10, 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: center">
        <font size="1"><font size="2"><font size="2">2</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-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="392">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <br>
                        <img src="img1.gif"></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: center">
        <font size="1"><font size="2"><b><font size="2">REPORT OF INDEPENDENT REGISTERED PUBLIC
        ACCOUNTING FIRM</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">ON INTERNAL CONTROL OVER FINANCIAL
        REPORTING</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: left">
        <font size="1"><font size="2"><b><font size="2">To the Shareholders and Board of Directors
        of</font></b></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <font size="1"><font size="2"><b><font size="2">Elbit Systems
        Ltd.</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: justify">
        <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></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="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></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="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></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="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></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="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></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="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></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="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></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">
                        <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="1"><font size="2"><font size="2">Haifa, Israel</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 85%; TEXT-ALIGN: left">
        <font size="1"><font size="2"><font size="2">March 10, 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: center">
        <font size="1"><font size="2"><font size="2">3</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="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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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">4</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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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">454,549</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="#c0c0c0">
                    <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">1,267,198</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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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">258,949</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">537,009</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="#c0c0c0">
                    <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">5</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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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">6</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: #ffffff" 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: #ffffff" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="16">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="18">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" 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>
                <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: #dfdfdf" 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: #dfdfdf" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="16">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="14">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="18">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="17">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="71">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="16">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="14">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="18">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="17">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="71">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="16">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="14">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="18">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="17">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="71">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="16">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="14">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="18">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" 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: #ffffff" valign="bottom" width="17">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="71">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="70">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="43">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="56">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="16">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="14">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="74">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="18">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="51">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="42">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="63">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="17">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="71">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="16">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="14">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="18">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="16">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="14">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" 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: #dfdfdf" valign="bottom" width="17">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" 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: #ffffff" 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: #ffffff" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="16">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="14">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" 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: #ffffff" valign="bottom" width="17">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" 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: #dfdfdf" 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: #dfdfdf" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="16">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="14">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="18">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="17">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="70">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="43">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="56">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="16">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="14">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="74">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="18">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="51">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="42">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="63">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" 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: #dfdfdf" valign="bottom" width="16">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" 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: #dfdfdf" 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: #dfdfdf" 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: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" 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: #dfdfdf" 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: #dfdfdf" 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: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="17">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="71">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="16">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="14">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="18">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="17">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="71">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="16">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="14">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="18">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="17">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="71">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="16">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="14">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="18">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="17">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="71">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="16">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="14">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="18">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" 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: #dfdfdf" valign="bottom" width="17">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="71">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="70">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="43">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="56">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="16">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="14">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="74">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="18">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="51">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="42">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="63">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="17">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="71">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="16">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="14">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" 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: #dfdfdf" 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: #dfdfdf" 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: #dfdfdf" 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: #ffffff" 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: #ffffff" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="16">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="14">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="18">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="17">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="16">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="14">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="18">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="17">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="16">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="14">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" 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: #ffffff" valign="bottom" width="17">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="16">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="14">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" 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: #dfdfdf" valign="bottom" width="17">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="16">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="14">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="18">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="17">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="16">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="14">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="18">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="17">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND: #ffffff" 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: #ffffff" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="70">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="43">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="56">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="16">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="14">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="74">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="18">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="51">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="42">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="63">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #ffffff" 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: #ffffff" 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: #ffffff" valign="bottom" width="13">&nbsp;</td>
            </tr>

            <tr>
                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" valign="bottom" width="12">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" 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: #dfdfdf" valign="bottom" width="16">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" 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: #dfdfdf" 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: #dfdfdf" 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: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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: #dfdfdf" 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: #dfdfdf" 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: #dfdfdf" 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: #dfdfdf" 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: #dfdfdf" valign="bottom" width="13">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="17">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" valign="bottom" width="71">&nbsp;</td>

                <td style="BACKGROUND: #dfdfdf" 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">7</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="#c0c0c0">
                <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="#c0c0c0">
                <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="#c0c0c0">
                <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">
                    (26,663</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">
                    (26,663</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="#c0c0c0">
                <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="#c0c0c0">
                <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="#c0c0c0">
                <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="#c0c0c0">
                <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">
                    258,949</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">
                    537,009</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="#c0c0c0">
                <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="#c0c0c0">
                <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="#c0c0c0">
                <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">8</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>
                <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="#c0c0c0">
                <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="#c0c0c0">
                <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="#c0c0c0">
                <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="#c0c0c0">
                <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 and reserve</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">
                    (20,162</p>
                </td>

                <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="#c0c0c0">
                <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="#c0c0c0">
                <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="#c0c0c0">
                <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="#c0c0c0">
                <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">
                    (59,883</p>
                </td>

                <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="#c0c0c0">
                <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">
                    130,518</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="#c0c0c0">
                <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="#c0c0c0">
                <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">
                    260,961</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="#c0c0c0">
                <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="#c0c0c0">
                <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="#c0c0c0">
                <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="#c0c0c0">
                <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="#c0c0c0">
                <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="#c0c0c0">
                <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="#c0c0c0">
                <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="#c0c0c0">
                <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">
                    (26,663</p>
                </td>

                <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="#c0c0c0">
                <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="#c0c0c0">
                <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">
                    280,977</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="#c0c0c0">
                <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="#c0c0c0">
                <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="#c0c0c0">
                <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">9</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>
                <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 bgcolor="#c0c0c0">
                <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">
                    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 bgcolor="#c0c0c0">
                <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>
                <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 bgcolor="#c0c0c0">
                <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">
                    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 bgcolor="#c0c0c0">
                <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>
                <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="#c0c0c0">
                <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>
                <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="#c0c0c0">
                <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>
                <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 bgcolor="#c0c0c0">
                <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>
                <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 bgcolor="#c0c0c0">
                <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>
                <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 bgcolor="#c0c0c0">
                <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>
                <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 bgcolor="#c0c0c0">
                <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>
                <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 bgcolor="#c0c0c0">
                <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">10</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">11</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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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, 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">12</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>
                    <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 bgcolor="#c0c0c0">
                    <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>
                    <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 bgcolor="#c0c0c0">
                    <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>
                    <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 bgcolor="#c0c0c0">
                    <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>
                    <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 bgcolor="#c0c0c0">
                    <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>
                    <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 bgcolor="#c0c0c0">
                    <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>
                    <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">13</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>
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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>
                    <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 bgcolor="#c0c0c0">
                    <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>
                    <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 bgcolor="#c0c0c0">
                    <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>
                    <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 bgcolor="#c0c0c0">
                    <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>
                    <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 bgcolor="#c0c0c0">
                    <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>
                    <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">14</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">15</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">16</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">17</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">
                    <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" bgcolor="#c0c0c0">
                    <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">
                    <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" bgcolor="#c0c0c0">
                    <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">18</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">19</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">20</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, "Revenue Recognition in Financial Statements" ("SAB 104"), 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">21</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>
                    <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 bgcolor="#c0c0c0">
                    <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>
                    <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 bgcolor="#c0c0c0">
                    <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>
                    <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">22</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, "Accounting for Income Taxes". 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">23</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">24</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">
                    <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" bgcolor="#c0c0c0">
                    <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">
                    <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" bgcolor="#c0c0c0">
                    <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">
                    <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" bgcolor="#c0c0c0">
                    <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">25</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, "Consolidation of Variable
        Interest Entities, an Interpretation of Accounting Research Bulletin No. 51" (&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">26</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,
                        "Fair Value Measurements" (&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,
                        "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"
                        (&ldquo;FSP 157-1&rdquo;) and FSP 157-2, "Effective Date of FASB Statement
                        No.&nbsp;157" (&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,
                        "The Fair Value Option for Financial Assets and Financial Liabilities"
                        (&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">27</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="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), "Business Combinations"
                        (&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>
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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">28</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>
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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>
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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>
                    <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="#c0c0c0">
                    <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">29</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>
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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>
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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>
                    <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="#c0c0c0">
                    <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">30</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">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: 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>
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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>
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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>
                    <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 bgcolor="#c0c0c0">
                    <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>
                    <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">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: 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>
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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>
                    <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>
                    <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 ("the companies"). 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">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; 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">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; 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>
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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>
                    <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="#c0c0c0">
                    <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">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; 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>
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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">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; 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">
                        <b><font size="2">December 31,</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: 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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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">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: 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>
                    <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 bgcolor="#c0c0c0">
                    <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>
                    <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 bgcolor="#c0c0c0">
                    <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>
                    <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">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-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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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>
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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>
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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: 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">126,412</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">45,101</font></p>
                    </td>
                </tr>

                <tr bgcolor="#c0c0c0">
                    <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; 454,549</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">39</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>
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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>
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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">40</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">41</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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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">42</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>
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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>
                    <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 bgcolor="#c0c0c0">
                    <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>
                    <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 bgcolor="#c0c0c0">
                    <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>
                    <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">43</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">
                    <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="#c0c0c0">
                    <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">
                    <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" bgcolor="#c0c0c0">
                    <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">
                    <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" bgcolor="#c0c0c0">
                    <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" 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" bgcolor="#c0c0c0">
                    <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">
                    <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" bgcolor="#c0c0c0">
                    <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">
                    <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" bgcolor="#c0c0c0">
                    <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">
                    <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" bgcolor="#c0c0c0">
                    <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">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" bgcolor="#c0c0c0">
                    <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">
                        &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="#c0c0c0">
                    <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">
                    <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" bgcolor="#c0c0c0">
                    <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">
                    <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" bgcolor="#c0c0c0">
                    <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">
                    <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" bgcolor="#c0c0c0">
                    <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">
                    <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" bgcolor="#c0c0c0">
                    <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">
                    <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" bgcolor="#c0c0c0">
                    <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">
                    <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" bgcolor="#c0c0c0">
                    <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">
                    <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">44</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>
                    <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 bgcolor="#c0c0c0">
                    <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>
                    <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 bgcolor="#c0c0c0">
                    <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>
                    <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 bgcolor="#c0c0c0">
                    <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>
                    <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 bgcolor="#c0c0c0">
                    <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>
                    <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" bgcolor="#c0c0c0">
                    <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>
                    <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 bgcolor="#c0c0c0">
                    <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>
                    <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">45</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">46</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 "Approved Enterprises". 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; "Approved Enterprises". 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; "Approved
        Enterprises", 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 "Approved Enterprise" 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">47</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>
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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 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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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">48</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: 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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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">49</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: 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>
                    <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="#c0c0c0">
                    <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;48,726</font></p>
                    </td>

                    <td valign="top" width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: 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; 18,363</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;
                        30,363</font></p>
                    </td>
                </tr>

                <tr bgcolor="#c0c0c0">
                    <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">4,158</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">3,192</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="#c0c0c0">
                    <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">7,360</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">2,826</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">4,534</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" 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">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">18,745</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">18,048</font></p>
                        </div>
                    </td>
                </tr>

                <tr bgcolor="#c0c0c0">
                    <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">98,466</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="bottom" width="87">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 23.25pt; TEXT-ALIGN: left">
                        <font size="2">44,555</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">53,911</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">(22,878)</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">(31,757)</font></p>
                        </div>
                    </td>
                </tr>

                <tr bgcolor="#c0c0c0">
                    <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">43,831</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">22,154</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="#c0c0c0">
                    <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">(7,676)</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">(7,676)</font></p>
                    </td>
                </tr>

                <tr bgcolor="#c0c0c0">
                    <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">(81,399)</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">(79,216)</font></p>
                        </div>
                    </td>
                </tr>

                <tr bgcolor="#c0c0c0">
                    <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">(37,568)</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">(57,062)</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="#c0c0c0">
                    <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="#c0c0c0">
                    <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; 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; 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; 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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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;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; (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
                        $35,600.</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">50</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: 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">
                <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" bgcolor="#c0c0c0">
                <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">
                <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" bgcolor="#c0c0c0">
                <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">
                <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">(25,237</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" bgcolor="#c0c0c0">
                <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">2,590</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">
                <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">7,744</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" bgcolor="#c0c0c0">
                <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">15,013</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">
                <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">(2,025</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">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" bgcolor="#c0c0c0">
                <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">
                <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">(349</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">(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" bgcolor="#c0c0c0">
                <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">
                <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>
        <br>
        <br>
        <br>
        <br>

        <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">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-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">52</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. ("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 $4,400. 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">53</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">
                    <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">
                    <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">
                    <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">54</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">55</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">56</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">57</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">
                    <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 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 bgcolor="#c0c0c0">
                    <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>
                    <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 bgcolor="#c0c0c0">
                    <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>
                    <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 bgcolor="#c0c0c0">
                    <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 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 bgcolor="#c0c0c0">
                    <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>
                    <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">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: 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>
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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>
                    <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="#c0c0c0">
                    <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">
                    <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 bgcolor="#c0c0c0">
                    <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>
                    <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 bgcolor="#c0c0c0">
                    <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>
                    <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 bgcolor="#c0c0c0">
                    <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">59</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 ("ESC"), 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 "SAR Plan"). 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 "Non-Employee Directors" of ESA by providing them additional
                        financial incentives. A "Non-Employee Director" 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
        ("SARs") 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 "Fair Market Value" of the
        "Stock" corresponding to the SAR at the time of exercise of the SAR over the "Initial Value
        of the Stock". "Stock" means Elbit Systems Ordinary Shares. Each SAR corresponds to a share
        of Stock. "Fair Market Value" with respect to the Stock means the closing price of the
        Stock on the Nasdaq on the applicable date. "Initial Value" 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">60</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>
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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>
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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>
                    <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 bgcolor="#c0c0c0">
                    <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>
                    <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>
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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">61</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>
                    <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 bgcolor="#c0c0c0">
                    <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>
                    <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 bgcolor="#c0c0c0">
                    <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>
                    </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>
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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>

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

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.81in; TEXT-ALIGN: justify">
        <strong>Related Parties Transactions And Balances</strong></p>

        <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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="#c0c0c0">
                    <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>
                    <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>
                    <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">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-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">63</font></p>
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