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<SEC-DOCUMENT>0000910680-08-000414.txt : 20080522
<SEC-HEADER>0000910680-08-000414.hdr.sgml : 20080522
<ACCEPTANCE-DATETIME>20080522094655
ACCESSION NUMBER:		0000910680-08-000414
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20080520
FILED AS OF DATE:		20080522
DATE AS OF CHANGE:		20080522

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:		08853512

	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>f6k05202008.htm
<DESCRIPTION>MAY 20, 2008
<TEXT>
<html>
    <head>
        <title></title>
    </head>

    <body style="FONT-FAMILY: 'Arial'" bgcolor="#ffffff">
        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.07%; TEXT-INDENT: -3.07%; TEXT-ALIGN: left">
        &nbsp;</p>

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

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

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

        <p></p>

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

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
        <b><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&nbsp;May 2008<br>
        _______________________</font></font></font></b></p>

        <p></p>

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

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
        <b><font face="Arial"><font color="#000000"><b><font style="COLOR: #000000" face="Arial" color="#000000">
        ELBIT SYSTEMS LTD.</font></b></font></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" 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">
        <b><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">x</font>&nbsp;
        <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">o</font>&nbsp;
        <font style="FONT-WEIGHT: normal; FONT-FAMILY: 'ARIAL'">Form
        40-F</font></font></font></b></font></font></b></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>
        &nbsp;</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>
        <strong><font face="Wingdings">x</font>&nbsp;</strong>
        <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 color="#000000"><font style="FONT-WEIGHT: normal; FONT-FAMILY: '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></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">
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached hereto as Exhibit 1 and incorporated herein by
        reference is the Registrant&rsquo;s press release dated&nbsp;May 20, 2008.</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 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 March 31, 2008.
        <!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" --></font></p>

        <p>
        <font face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached
        hereto as Exhibit 3 and incorporated herein by reference is the Registrant&rsquo;s
        condensed interim consolidated financial statements for the quarter ended March 31,
        2008.</font></p>

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

        <p></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
        <font color="#000000"><font style="COLOR: #000000" 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></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; MARGIN-BOTTOM: 24pt; TEXT-ALIGN: center"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.07%; TEXT-INDENT: -3.07%; TEXT-ALIGN: left">
        </p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.07%; TEXT-INDENT: -3.07%; TEXT-ALIGN: left">
        </p>

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

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

        <p><font color="#000000"><font color="#000000">Dated:&nbsp;May 20, 2008</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 color="#000000"><b><u><font style="COLOR: #000000" color="#000000">EXHIBIT INDEX<br>
        </font></u></b></font></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 24pt; TEXT-ALIGN: center"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.07%; TEXT-INDENT: -3.07%; TEXT-ALIGN: left">
        </p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.07%; TEXT-INDENT: -3.07%; TEXT-ALIGN: left">
        </p>

        <table style="MARGIN-LEFT: 0.2in" cellspacing="0" cellpadding="0" width="700" 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" 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" 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" 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">
                    <a href="#exhibit1">Press Release dated&nbsp;May 20, 2008.</a></p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="114">
                2.</td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="499">
                <a href="#exhibit2">Management Report.</a></td>
            </tr>

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

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="499">
                <a href="#exhibit3">Financial Statements.</a></td>
            </tr>
        </table>
        <br>
        <!-- EEDocs PBStart--><!-- 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; TEXT-ALIGN: center">&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; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        </p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="right">
        <font face="Times New Roman, Times, serif"><a name="exhibit1"></a>Exhibit 1</font></p>

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

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <font face="Times New Roman, Times, serif"><img src="img1.gif"><br>
        <img src="img10.gif"><br>
        </font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 50%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="30%" border="0">
                <tr>
                    <td valign="top" nowrap width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="87%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font face="Times New Roman, Times, serif" size="4">Earning
                        Release</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: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font face="Times New Roman, Times, serif" size="5">ELBIT SYSTEMS REPORTS
        RECORD</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font face="Times New Roman, Times, serif" size="5">FIRST QUARTER 2008
        RESULTS</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.83%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: -3.06%; LINE-HEIGHT: 150%; TEXT-ALIGN: center">
        <i><b><font face="Times New Roman, Times, serif" size="2">Record Backlog of Order over $4.9
        Billion;</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: -3.06%; LINE-HEIGHT: 150%; TEXT-ALIGN: center">
        <i><b><font face="Times New Roman, Times, serif" size="2">Revenues Increased by 52.6% YoY
        to $616.1 Million;</font></b></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: -3.06%; LINE-HEIGHT: 150%; TEXT-ALIGN: center">
        <i><b><font face="Times New Roman, Times, serif" size="2">Net Profit Increased by 68.3% YoY
        to $32.2 Million;</font></b></i></p>

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

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
        <font face="Times New Roman, Times, serif"><b><font size="2">Haifa, Israel, May 20, 2008
        &ndash; Elbit Systems Ltd. (the &ldquo;Company&rdquo;) (NASDAQ: ESLT, TASE:
        ESLT)</font></b><font size="2">, the international defense company, today reported its
        consolidated results for the first quarter ended March 31, 2008.</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 face="Times New Roman, Times, serif"><b><font size="2">The Company&rsquo;s backlog of
        orders</font></b> <b><font size="2">as of March 31, 2008</font></b> <font size="2">totaled
        $4,922 million, as compared with $4,624 million as of December 31, 2007. Approximately 68%
        of the backlog relates to orders outside of Israel. Approximately 69% of the
        Company&rsquo;s backlog as of March 31, 2008, is scheduled to be performed during the
        upcoming three quarters of 2008 and during 2009.</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 face="Times New Roman, Times, serif"><b><font size="2">Consolidated revenues for the
        first quarter of 2008</font></b> <font size="2">increased by 52.6% to $616.1 million, from
        $403.6 million in the first quarter of 2007. The first quarter of 2007 results did not
        include the revenues of Tadiran Communications Ltd., which were consolidated beginning in
        May 2007.</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 face="Times New Roman, Times, serif"><b><font size="2">Gross profit for the first
        quarter of 2008</font></b> <font size="2">increased by 62.6% to $168.4 million (27.3% of
        revenues), as compared with gross profit of $103.5 million (25.7% of revenues) in the first
        quarter of 2007.</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 face="Times New Roman, Times, serif"><b><font size="2">Consolidated net income for
        the first quarter of 2008</font></b> <font size="2">increased by 68.3% to $32.2 million
        (5.2% of revenues), as compared with $19.1 million (4.7% of revenues) in the first quarter
        of 2007. Diluted earnings per share for thefirst quarter of 2008 were $0.75, as compared
        with $0.45 for thefirst quarter of 2007.</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 face="Times New Roman, Times, serif"><b><font size="2">Operating Cash flow</font></b>
        <font size="2">during the first quarter of 2008 was $65.2 million, as compared to $86.8
        million in the first quarter of 2007.</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">
        <font face="Times New Roman, Times, serif"><img src="img2.gif"><br>
        <img src="img9.gif"><br>
        </font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 50%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="30%" border="0">
                <tr>
                    <td valign="top" nowrap width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="87%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font face="Times New Roman, Times, serif" size="4">Earning
                        Release</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

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

        <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: justify">
        <font face="Times New Roman, Times, serif" size="2">The President and CEO of Elbit Systems,
        Joseph Ackerman, commented: &ldquo;I am pleased to report another quarter of strong growth
        with record financial results. We also had a record quarter of over $914 million in
        bookings, enabling our backlog to reach just shy of the $5 billion
        milestone.&rdquo;</font></p>

        <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: justify">
        <font face="Times New Roman, Times, serif" size="2">Continued Mr.&nbsp;Ackerman, &ldquo;Our
        margins reflect a number of factors including efficiency processes in the Company, as part
        of the synergy with recently acquired companies. Our acquisition policy has proved it
        successful and has contributed to a larger scale and broader product offering to customers,
        enabling us to win more strategic and larger contracts, and helping us to further expand
        our network of customers and business partners. We continue to globalize our business with
        80% of our revenues from outside Israel, and we now have presence in many important and
        diversified geographic regions, with a broad product portfolio for the evolving needs of
        the defense electronics, homeland security and commercial aviation
        industries.&rdquo;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
        <font face="Times New Roman, Times, serif" size="2">The Board of Directors declared a
        dividend of $0.20 per share for the first quarterof 2008. The dividend&rsquo;s record date
        is June 3, 2008, and the dividend will be paid on June 16, 2008, net of taxes and levies,
        at the rate of 16.29%.</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="25%" border="0">
                <tr>
                    <td valign="top" nowrap width="10%">
                        <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="89%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" size="2">Conference
                        Call</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
        <font face="Times New Roman, Times, serif" size="2">The Company will also be hosting a
        conference call today, Tuesday, May 20, 2008 at 09:00 am ET. On the call, management will
        review and discuss its first quarter 2008 results and will be available to answer
        questions.</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 face="Times New Roman, Times, serif" size="2">To participate, please call one of the
        following teleconferencing numbers. Please begin placing your calls at least 10 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: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font face="Times New Roman, Times, serif" 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 face="Times New Roman, Times, serif" 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 face="Times New Roman, Times, serif" 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 face="Times New Roman, Times, serif" 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 face="Times New Roman, Times, serif" size="2">at:</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -1.53%; TEXT-ALIGN: center">
        <font face="Times New Roman, Times, serif" size="2">09:00 am Eastern Time; 6:00 am Pacific
        Time; 2:00 pm UK time and 4:00 pm Israel time</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">
        <font face="Times New Roman, Times, serif"><font size="2">This call will be broadcast live
        on Elbit Systems&rsquo; web-site at</font>
        <font color="#0000ff"><u><font size="2">http://www.elbitsystems.com</font></u></font>
        <font size="2">. An online replay will be available from 24 hours after the call
        ends.</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 face="Times New Roman, Times, serif" 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.
        The dial-in numbers: 1 888 254 7270 (US); or +972 3 925 5929 (Israel and
        International).</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">
        <font face="Times New Roman, Times, serif"><img src="img3.gif"><br>
        <img src="img8.gif"><br>
        </font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 50%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="30%" border="0">
                <tr>
                    <td valign="top" nowrap width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="87%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font face="Times New Roman, Times, serif" size="4">Earning
                        Release</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: justify"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
        <b><font face="Times New Roman, Times, serif" size="2">About Elbit Systems
        Ltd.</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
        <font face="Times New Roman, Times, serif" 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: justify">&nbsp;</p>

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

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="70%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font face="Times New Roman, Times, serif" size="2">Company
                        Contact:</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: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font face="Times New Roman, Times, serif" size="2">IR
                        Contact:</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Joseph Gaspar,
                        Executive VP &amp; CFO</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">
                        <font face="Times New Roman, Times, serif" size="2">Ehud Helft / Kenny
                        Green</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Dalia Rosen, Head 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="46%">
                        <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" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" 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="46%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">GK 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" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Tel: +972-4
                        831-6663</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Fax:
                        +972-4-831-6944</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">
                        <font face="Times New Roman, Times, serif" size="2">Tel: 1 646 201
                        9246</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="47">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">E-mail:</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="326">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif"><font color="#0000ff"><u><font size="2">
                        j.gaspar@elbitsystems.com</font></u></font><br>
                        <font color="#0000ff"><u><font size="2">Dalia.rosen@elbitsystems.com</font></u></font></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="46%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif"><font size="2">E-mail:</font>
                        <font color="#0000ff"><u><font size="2">info@gkir.com</font></u></font></font></p>
                    </td>
                </tr>

                <tr>
                    <td width="47">
                    </td>

                    <td width="326">
                    </td>

                    <td width="375">
                    </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><b><font face="Times New Roman, Times, serif" 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; and
        the outcome of legal and/or regulatory proceedings. 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></b></i></p>

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

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <i><b><font face="Times New Roman, Times, serif" size="2">(FINANCIAL TABLES TO
        FOLLOW)</font></b></i></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">
        <font face="Times New Roman, Times, serif"><img src="img4.gif"><br>
        <img src="img7.gif"><br>
        </font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 50%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="30%" border="0">
                <tr>
                    <td valign="top" nowrap width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="87%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font face="Times New Roman, Times, serif" size="4">Earning
                        Release</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: center"></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: left">&nbsp;</p>

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

        <div align="center">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="71%" border="0">
                <tr style="page-break-inside: avoid">
                    <td width="53%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="57">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="99">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">March
                        31</font></p>
                    </td>

                    <td valign="bottom" width="29">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="30">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td width="93">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">December
                        31</font></p>
                    </td>

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

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td width="53%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="57">
                        <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" width="99">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">2008</font></p>
                    </td>

                    <td valign="bottom" width="29">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="30">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" width="93">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">2007</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td width="53%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="57">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="99">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Unaudited</font></p>
                    </td>

                    <td valign="bottom" width="29">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="30">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td width="93">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Audited</font></p>
                    </td>

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

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="53%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="57">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="99">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="29">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="30">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td width="93">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="53%">
                        <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">Assets</font></b></u></p>
                    </td>

                    <td valign="bottom" width="57">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="99">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="29">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="30">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td width="93">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="53%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="57">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="99">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="29">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="30">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td width="93">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="53%">
                        <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 valign="bottom" width="57">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="99">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="29">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="30">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td width="93">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="53%">
                        <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 valign="bottom" width="57">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="99">
                        <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">357,267</font></p>
                    </td>

                    <td valign="bottom" width="29">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="30">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td width="93">
                        <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 valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="53%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; 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 valign="bottom" width="57">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="99">
                        <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">598,819</font></p>
                    </td>

                    <td valign="bottom" width="29">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="30">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td width="93">
                        <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 valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="53%">
                        <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
                        customer advances</font></p>
                    </td>

                    <td valign="bottom" width="57">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" width="99">
                        <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">519,531</font></p>
                    </td>

                    <td valign="bottom" width="29">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="30">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" width="93">
                        <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>
                    </td>

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

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="53%">
                        <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 valign="bottom" width="57">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="99">
                        <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">1,475,617</font></p>
                    </td>

                    <td valign="bottom" width="29">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="30">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td width="93">
                        <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 valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="53%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="57">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="99">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="29">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="30">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td width="93">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="53%">
                        <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 valign="bottom" width="57">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="99">
                        <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">66,270</font></p>
                    </td>

                    <td valign="bottom" width="29">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="30">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td width="93">
                        <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 valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="53%">
                        <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 valign="bottom" width="57">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="99">
                        <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">308,433</font></p>
                    </td>

                    <td valign="bottom" width="29">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="30">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td width="93">
                        <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 valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="53%">
                        <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 valign="bottom" width="57">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="99">
                        <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">359,741</font></p>
                    </td>

                    <td valign="bottom" width="29">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="30">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td width="93">
                        <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 valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="53%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; 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 valign="bottom" width="57">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" width="99">
                        <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">621,082</font></p>
                    </td>

                    <td valign="bottom" width="29">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="30">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" width="93">
                        <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>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="53%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="57">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 2.25pt double" width="99">
                        <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">2,831,143</font></p>
                    </td>

                    <td valign="bottom" width="29">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="30">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 2.25pt double" width="93">
                        <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>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="53%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="57">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="99">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="29">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="30">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td width="93">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="53%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="57">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="99">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="29">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="30">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td width="93">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="53%">
                        <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 valign="bottom" width="57">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="99">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="29">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="30">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td width="93">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="53%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="57">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="99">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="29">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="30">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td width="93">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="53%">
                        <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 valign="bottom" width="57">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="99">
                        <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">1,321,448</font></p>
                    </td>

                    <td valign="bottom" width="29">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="30">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td width="93">
                        <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">1,267,945</font></p>
                    </td>

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

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="53%">
                        <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 valign="bottom" width="57">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="99">
                        <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">920,834</font></p>
                    </td>

                    <td valign="bottom" width="29">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="30">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td width="93">
                        <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 valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="53%">
                        <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 valign="bottom" width="57">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="99">
                        <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">30,576</font></p>
                    </td>

                    <td valign="bottom" width="29">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="30">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td width="93">
                        <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 valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="53%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; 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 valign="bottom" width="57">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" width="99">
                        <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">558,285</font></p>
                    </td>

                    <td valign="bottom" width="29">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="30">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" width="93">
                        <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">536,262</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="53%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="57">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 2.25pt double" width="99">
                        <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">2,831,143</font></p>
                    </td>

                    <td valign="bottom" width="29">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="30">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 2.25pt double" width="93">
                        <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>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

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

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <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">
        <font face="Times New Roman, Times, serif"><img src="img5.gif"><br>
        <img src="img6.gif"><br>
        </font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 50%; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="30%" border="0">
                <tr>
                    <td valign="top" nowrap width="12%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="87%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font face="Times New Roman, Times, serif" size="4">Earning
                        Release</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

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

        <p align="center"><b><font face="Times New Roman, Times, serif" size="3">ELBIT SYSTEMS
        LTD.<br>
        </font></b><font face="Times New Roman, Times, serif"><u><b><font size="3">CONSOLIDATED
        STATEMENTS OF INCOME<br>
        </font></b></u><font size="2">(In thousand of US Dollars, except for per share
        amounts)</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: left">&nbsp;</p>

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

        <div align="center">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="80%" border="0">
                <tr style="page-break-inside: avoid">
                    <td width="439">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="28">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td colspan="3">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Three
                        Months Ended<br>
                        March 31</font></p>
                    </td>

                    <td 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 width="89">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Year
                        Ended<br>
                        December 31</font></p>
                    </td>

                    <td valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td width="439">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="28">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" width="83">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">2008</font></p>
                    </td>

                    <td valign="bottom" width="31">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" width="81">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">2007</font></p>
                    </td>

                    <td valign="bottom" width="19">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" width="89">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">2007</font></p>
                    </td>

                    <td valign="bottom" width="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 width="439">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="28">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" colspan="3">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Unaudited</font></p>
                    </td>

                    <td 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="BORDER-BOTTOM: #000000 1px solid" width="89">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Audited</font></p>
                    </td>

                    <td valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="439">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="28">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="83">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="31">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="81">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td 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 width="89">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="439">
                        <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">Revenues</font></p>
                    </td>

                    <td valign="bottom" width="28">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="83">
                        <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">616,063</font></p>
                    </td>

                    <td valign="bottom" width="31">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="81">
                        <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">403,600</font></p>
                    </td>

                    <td 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 width="89">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">1,981,761</font></p>
                    </td>

                    <td valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff" height="20">
                    <td valign="top" width="439">
                        <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">Cost of
                        revenues</font></p>
                    </td>

                    <td valign="bottom" width="28">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="83">
                        <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">447,710</font></p>
                    </td>

                    <td valign="bottom" width="31">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="81">
                        <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">300,062</font></p>
                    </td>

                    <td 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 width="89">
                        <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 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="439">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; 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 valign="bottom" width="28">
                        <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" width="83">
                        <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>
                    </td>

                    <td valign="bottom" width="31">
                        <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" width="81">
                        <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>
                    </td>

                    <td valign="bottom" 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-BOTTOM: black 1pt solid" width="89">
                        <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>
                    </td>

                    <td valign="bottom" width="18">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="439">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; 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 valign="bottom" width="28">
                        <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" width="83">
                        <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">168,353</font></p>
                    </td>

                    <td valign="bottom" width="31">
                        <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" width="81">
                        <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">103,538</font></p>
                    </td>

                    <td valign="bottom" 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-BOTTOM: black 1pt solid" width="89">
                        <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>
                    </td>

                    <td valign="bottom" width="18">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="439">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="28">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="83">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="31">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="81">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td 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 width="89">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="439">
                        <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 expenses, net</font></p>
                    </td>

                    <td valign="bottom" width="28">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="83">
                        <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">38,035</font></p>
                    </td>

                    <td valign="bottom" width="31">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="81">
                        <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">24,093</font></p>
                    </td>

                    <td 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 width="89">
                        <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 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="439">
                        <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
                        expenses</font></p>
                    </td>

                    <td valign="bottom" width="28">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="83">
                        <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">49,664</font></p>
                    </td>

                    <td valign="bottom" width="31">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="81">
                        <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">32,371</font></p>
                    </td>

                    <td 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 width="89">
                        <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 valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="439">
                        <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 expenses</font></p>
                    </td>

                    <td valign="bottom" width="28">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="83">
                        <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">32,149</font></p>
                    </td>

                    <td valign="bottom" width="31">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="81">
                        <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">20,318</font></p>
                    </td>

                    <td 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 width="89">
                        <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 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="439">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Acquired
                        IPR&amp;D</font></p>
                    </td>

                    <td valign="bottom" width="28">
                        <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" width="83">
                        <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>
                    </td>

                    <td valign="bottom" width="31">
                        <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" width="81">
                        <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>
                    </td>

                    <td valign="bottom" 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-BOTTOM: black 1pt solid" width="89">
                        <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>
                    </td>

                    <td valign="bottom" width="18">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="439">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; 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 valign="bottom" width="28">
                        <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" width="83">
                        <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">119,848</font></p>
                    </td>

                    <td valign="bottom" width="31">
                        <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" width="81">
                        <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">76,782</font></p>
                    </td>

                    <td valign="bottom" 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-BOTTOM: black 1pt solid" width="89">
                        <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>
                    </td>

                    <td valign="bottom" width="18">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="439">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="28">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="83">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="31">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="81">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td 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 width="89">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="439">
                        <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">Operating
                        income</font></p>
                    </td>

                    <td valign="bottom" width="28">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="83">
                        <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">48,505</font></p>
                    </td>

                    <td valign="bottom" width="31">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="81">
                        <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">26,756</font></p>
                    </td>

                    <td 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 width="89">
                        <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 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="439">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="28">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="83">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="31">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="81">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td 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 width="89">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="439">
                        <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 valign="bottom" width="28">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="83">
                        <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">(4,600</font></p>
                    </td>

                    <td valign="bottom" width="31">
                        <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 width="81">
                        <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">(2,928</font></p>
                    </td>

                    <td valign="bottom" width="19">
                        <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 width="89">
                        <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 valign="bottom" width="18">
                        <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 valign="top" width="439">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Other income,
                        net</font></p>
                    </td>

                    <td valign="bottom" width="28">
                        <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" width="83">
                        <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">4,096</font></p>
                    </td>

                    <td valign="bottom" width="31">
                        <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" width="81">
                        <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">113</font></p>
                    </td>

                    <td valign="bottom" 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-BOTTOM: black 1pt solid" width="89">
                        <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>
                    </td>

                    <td valign="bottom" width="18">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="439">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 27pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Income before taxes on
                        income</font></p>
                    </td>

                    <td valign="bottom" width="28">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="83">
                        <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">48,001</font></p>
                    </td>

                    <td valign="bottom" width="31">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="81">
                        <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">23,941</font></p>
                    </td>

                    <td 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 width="89">
                        <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 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="439">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Taxes on
                        income</font></p>
                    </td>

                    <td valign="bottom" width="28">
                        <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" width="83">
                        <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">7,922</font></p>
                    </td>

                    <td valign="bottom" width="31">
                        <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" width="81">
                        <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">6,733</font></p>
                    </td>

                    <td valign="bottom" 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-BOTTOM: black 1pt solid" width="89">
                        <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>
                    </td>

                    <td valign="bottom" width="18">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="439">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="28">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="83">
                        <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">40,079</font></p>
                    </td>

                    <td valign="bottom" width="31">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="81">
                        <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">17,208</font></p>
                    </td>

                    <td 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 width="89">
                        <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 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="439">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="28">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="83">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="31">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="81">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td 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 width="89">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="439">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif"><font size="2">Equity in net
                        earnings of affiliated<br>
                        </font><font size="2">&nbsp;&nbsp;&nbsp;companies and
                        partnership</font></font></p>
                    </td>

                    <td valign="bottom" width="28">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="83">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <br>
                        <font face="Times New Roman, Times, serif" size="2">2,565</font></p>
                    </td>

                    <td valign="bottom" width="31">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="81">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <br>
                        <font face="Times New Roman, Times, serif" size="2">3,400</font></p>
                    </td>

                    <td 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 valign="bottom" width="89">
                        <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 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="439">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Minority interests in
                        earnings of subsidiaries</font></p>
                    </td>

                    <td valign="bottom" width="28">
                        <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" width="83">
                        <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">(10,491</font></p>
                    </td>

                    <td valign="bottom" width="31">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" width="81">
                        <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">(1,509</font></p>
                    </td>

                    <td valign="bottom" width="19">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" width="89">
                        <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>
                    </td>

                    <td valign="bottom" width="18">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; 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" bgcolor="#ccffff">
                    <td valign="top" width="439">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; 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 valign="bottom" width="28">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 2.25pt double" width="83">
                        <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">32,153</font></p>
                    </td>

                    <td valign="bottom" width="31">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 2.25pt double" width="81">
                        <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">19,099</font></p>
                    </td>

                    <td valign="bottom" 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-BOTTOM: #000000 2.25pt double" width="89">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">76,709</font></p>
                    </td>

                    <td valign="bottom" width="18">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="439">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="28">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="83">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="31">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="81">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td 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 width="89">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="439">
                        <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 valign="bottom" width="28">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="83">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="31">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="81">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td 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 width="89">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="439">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24pt; 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 valign="bottom" width="28">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 2.25pt double" width="83">
                        <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">0.76</font></p>
                    </td>

                    <td valign="bottom" width="31">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 2.25pt double" width="81">
                        <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">0.45</font></p>
                    </td>

                    <td valign="bottom" 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-BOTTOM: #000000 2.25pt double" width="89">
                        <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>
                    </td>

                    <td valign="bottom" width="18">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="439">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="28">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="83">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="31">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="81">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td 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 width="89">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="18">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="439">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24pt; 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 valign="bottom" width="28">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 2.25pt double" width="83">
                        <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>
                    </td>

                    <td valign="bottom" width="31">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 2.25pt double" width="81">
                        <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">0.45</font></p>
                    </td>

                    <td valign="bottom" 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-BOTTOM: #000000 2.25pt double" width="89">
                        <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>
                    </td>

                    <td valign="bottom" width="18">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

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

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -3.06%; 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">&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; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        </p>

        <p align="right"><font face="Times New Roman, Times, serif"><a name="exhibit2"></a>Exhibit
        2</font></p>

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

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

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <u><b><font face="Times New Roman, Times, serif" size="4">For The Quarter Ended March 31,
        2008</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 face="Times New Roman, Times, serif" size="2">This report should be read together
        with the unaudited financial statements for the quarter ended March 31, 2008 of Elbit
        Systems Ltd. (&ldquo;Elbit Systems&rdquo; and together with its subsidiaries, the
        &ldquo;Company&rdquo;), the Company&rsquo;s audited consolidated financial statements and
        related notes for the year ended December 31, 2007, the Company&rsquo;s management report
        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
        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"><font face="Times New Roman, Times, serif" size="2"><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></font></font></b></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="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 face="Times New Roman, Times, serif" 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 face="Times New Roman, Times, serif" 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 face="Times New Roman, Times, serif" 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 face="Times New Roman, Times, serif" 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 face="Times New Roman, Times, serif" 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 face="Times New Roman, Times, serif" 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 face="Times New Roman, Times, serif" 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; MARGIN-LEFT: 0.5in; 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 face="Times New Roman, Times, serif" 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">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <u><b><font face="Times New Roman, Times, serif" 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 face="Times New Roman, Times, serif" size="2">The Company&rsquo;s revenues increased
        by 52.6% and reached $616.1 million in the first quarter of 2008, as compared to $403.6
        million in the first quarter of 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: 0.49in; TEXT-ALIGN: justify">
        <font face="Times New Roman, Times, serif" size="2">Net earnings in the first quarter of
        2008 were $32.2 million (5.2% of revenues) and the diluted earnings per share were $0.75,
        as compared to $19.1 million (4.7% of revenues) and $0.45 in the first quarter of 2007. Net
        earnings and EPS increased by 68% and 67%, respectively.</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 face="Times New Roman, Times, serif" size="2">The Company&rsquo;s backlog as of March
        31, 2008 reached $4.92 billion as compared to $4.62 billion as of December 31,
        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 face="Times New Roman, Times, serif" size="2">The Company&rsquo;s cash flow generated
        from operations in the quarter ended March 31, 2008 was $65.2 million, as compared to $86.8
        million in the quarter ended March 31, 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 face="Times New Roman, Times, serif" size="2">The Board of Directors declared a
        dividend of $0.20 per share for the first quarter of 2008.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.2in; TEXT-INDENT: -0.2in; 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="32">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" size="2">B.</font></b></p>
                    </td>

                    <td valign="top" nowrap width="133">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <u><b><font face="Times New Roman, Times, serif" size="2">Recent
                        Events</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>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="24">
                        <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 face="Times New Roman, Times, serif" 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 face="Times New Roman, Times, serif" size="2">On March 17, 2008 the
                        District Court of Tel-Aviv approved a Settlement Agreement between Elisra
                        Electronic Systems Ltd. and its subsidiaries Tadiran Electronic Systems
                        Ltd. and Tadiran Spectralink Ltd. (collectively "Elisra"), in which the
                        Company holds a 70% ownership interest, and The Phoenix Insurance Company
                        Ltd. (the "Phoenix"). The Settlement Agreement relates to a claim by Elisra
                        for insurance payments for damages caused in a 2001 fire at the
                        manufacturing facilities of Elisra's subsidiaries in Holon, Israel. Under
                        the Settlement Agreement the Phoenix will pay Elisra approximately $38
                        million in addition to approximately $10 million in insurance proceeds
                        already paid. In accordance with the terms of the agreement signed in 2005
                        between the Company and Koor Industries Ltd. ("Koor") in connection with
                        the acquisition by the Company of Elisra's shares held by Koor, as part of
                        the consideration for the purchase price of the Elisra shares, the Company
                        agreed to pay Koor a portion of any insurance proceedings received as a
                        result of the claim against the Phoenix. Accordingly, as a result of the
                        Settlement Agreement, the Company will pay Koor a sum of approximately $13
                        million.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 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="24">
                        <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 face="Times New Roman, Times, serif" 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 face="Times New Roman, Times, serif" size="2">On March 24, 2008, the
                        Company announced that it will supply Skylark&reg; I UAV systems to
                        France's Special Forces, as it won a tender involving 10 of the leading UAV
                        manufacturers worldwide. This contract marks Elbit Systems' first UAV
                        contract with France.</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="24">
                        <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 face="Times New Roman, Times, serif" 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 face="Times New Roman, Times, serif" size="2">On April 2, 2008, the
                        Company was listed as the top ranked &ldquo;Best Government Contractor
                        Ethics Program for a Foreign Supplier&rdquo; for its ethics and compliance
                        initiatives in the 2008 U.S. Government Contractor Ethics Program Ratings
                        released by the Ethisphere Institute.</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="24">
                        <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 face="Times New Roman, Times, serif" 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 face="Times New Roman, Times, serif" size="2">On April 9, 2008, the
                        Company announced that its wholly-owned subsidiary Elbit Systems
                        Electro-Optics Elop Ltd. (&ldquo;Elop&rdquo;) was selected by Lockheed
                        Martin Aeronautics to supply new generation Head-Up Displays (HUDs) for the
                        new F-16 aircraft. The multi-year project is a continuation of ongoing
                        cooperation between the two companies in the area of HUDs for F-16
                        aircraft. An initial order valued at approximately $3.8 million has been
                        placed. The full potential value of the master purchase order is dependent
                        on the level of future F-16 sales.</font></p>
                    </td>
                </tr>
            </table>
        </div>

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

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

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font face="Times New Roman, Times, serif" 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="100%" border="0">
                <tr>
                    <td valign="top" width="24">
                        <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 face="Times New Roman, Times, serif" 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 face="Times New Roman, Times, serif" size="2">On May 5, 2008, the
                        Company announced that its wholly-owned subsidiary, Tadiran Communications
                        Ltd. (&ldquo;Tadiran&rdquo;), received a $127 million contract to supply
                        tactical communications radio equipment and systems from a European
                        customer. The systems include high frequency (HF) and very high frequency
                        (VHF) tactical radio equipment designed for use by ground forces for data
                        transfer and voice communications. The project will be performed over a
                        17-month period.</font></p>
                    </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="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 face="Times New Roman, Times, serif" 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 face="Times New Roman, Times, serif" 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 face="Times New Roman, Times, serif" size="2">The Company&rsquo;s backlog of orders
        as of March 31, 2008 reached $4,922 million, of which 68% were for orders outside of
        Israel. The Company&rsquo;s backlog as of December 31, 2007 was $4,624 million, of which
        70% were for orders outside of 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 face="Times New Roman, Times, serif" size="2">Approximately 69% of the
        Company&rsquo;s backlog as of March 31, 2008 is scheduled to be performed in the following
        three quarters of 2008 and during 2009. The majority of the 31% balance is scheduled to be
        performed in 2010 and 2011.</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="274" 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 face="Times New Roman, Times, serif" size="2">D.</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">
                        <u><b><font face="Times New Roman, Times, serif" size="2">Critical
                        Accounting Policies</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 face="Times New Roman, Times, serif" 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. See also the Company&rsquo;s management
        report for the year ended December 31, 2007.</font></p>

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

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <font face="Times New Roman, Times, serif" size="2">The Company adopted Statement of
        Financial Accounting Standards No.&nbsp;157, The Fair Value Measurements, which defines
        fair value, establishes a framework for measuring fair value and expands disclosures about
        fair value measurements, as of January 1, 2008.</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: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font face="Times New Roman, Times, serif" 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>
        <!-- EEDocs PBEnd-->

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

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="290" 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 face="Times New Roman, Times, serif" size="2">E.</font></b></p>
                    </td>

                    <td valign="top" nowrap width="243">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <u><b><font face="Times New Roman, Times, serif" size="2">Summary of
                        Financial Results</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: 0.49in; TEXT-ALIGN: justify">
        <font face="Times New Roman, Times, serif" size="2">The following table sets forth the
        consolidated statements of operations of the Company and its subsidiaries for the
        three-month periods ended March 31, 2008 and March 31, 2007. The financial statements of
        the Company in the three-month period ended March 31, 2008 include consolidation of 100% of
        Tadiran&rsquo;s financial results. In the three-month period of ended March 31, 2007, 42%
        of Tadiran&rsquo;s results is included as equity in net earnings of affiliated companies
        and partnership, net of amortization.</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: 6.67%; 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="90%" align="center" border="0">
                <tr style="page-break-inside: avoid">
                    <td width="52%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

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

                    <td style="BORDER-BOTTOM: black 1pt solid" colspan="7">
                        <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 three
                        months ended</font><br>
                        <font size="2">March 31</font></font></p>
                    </td>

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

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="BORDER-BOTTOM: #000000 0px" width="52%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

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

                    <td style="BORDER-BOTTOM: black 1pt solid" colspan="3">
                        <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="2">2008</font></b></p>
                    </td>

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

                    <td style="BORDER-BOTTOM: black 1pt solid" 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">2007</font></p>
                    </td>

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

                <tr style="page-break-inside: avoid">
                    <td width="52%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

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

                    <td style="BORDER-BOTTOM: black 1pt solid" width="10%">
                        <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="2">$</font></b></p>
                    </td>

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

                    <td style="BORDER-BOTTOM: black 1pt solid" width="7%">
                        <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="2">%</font></b></p>
                    </td>

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

                    <td style="BORDER-BOTTOM: black 1pt solid" width="10%">
                        <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">$</font></p>
                    </td>

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

                    <td style="BORDER-BOTTOM: black 1pt solid" width="7%">
                        <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">%</font></p>
                    </td>

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

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td width="52%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

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

                    <td colspan="7">
                        <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">(In thousands of U.S.
                        dollars, except per share data)</font></p>
                    </td>

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

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="52%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; LINE-HEIGHT: 162%; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" size="2">Total
                        revenues</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font face="Times New Roman, Times, serif" size="2">616,063</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">100.0</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font face="Times New Roman, Times, serif" size="2">403,600</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">100.0</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="52%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; LINE-HEIGHT: 162%; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" size="2">Cost of
                        revenues</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font face="Times New Roman, Times, serif" size="2">447,710</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">72.7</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font face="Times New Roman, Times, serif" size="2">300,062</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">74.3</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="52%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; LINE-HEIGHT: 162%; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" size="2">Gross profit</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font face="Times New Roman, Times, serif" size="2">168,353</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">27.3</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font face="Times New Roman, Times, serif" size="2">103,538</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">25.7</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="52%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; LINE-HEIGHT: 162%; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" size="2">Research and
                        development (R&amp;D) expenses</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font face="Times New Roman, Times, serif" size="2">45,906</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">7.5</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font face="Times New Roman, Times, serif" size="2">29,699</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">7.4</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="52%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Less &amp;#65533;
                        participation</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font face="Times New Roman, Times, serif" size="2">(7,871</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        <b><font face="Times New Roman, Times, serif" size="2">)</font></b></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(1.3</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font face="Times New Roman, Times, serif" size="2">(5,606</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        <b><font face="Times New Roman, Times, serif" size="2">)</font></b></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(1.4</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="52%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">R&amp;D expenses,
                        net</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font face="Times New Roman, Times, serif" size="2">38,035</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">6.2</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font face="Times New Roman, Times, serif" size="2">24,093</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">6.0</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="52%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Marketing and selling
                        expenses</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font face="Times New Roman, Times, serif" size="2">49,664</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">8.1</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font face="Times New Roman, Times, serif" size="2">32,371</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">8.0</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="52%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">General and
                        administrative expenses</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font face="Times New Roman, Times, serif" size="2">32,149</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">5.2</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font face="Times New Roman, Times, serif" size="2">20,318</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">5.0</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="52%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font face="Times New Roman, Times, serif" size="2">119,848</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">19.5</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font face="Times New Roman, Times, serif" size="2">76,782</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">19.0</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="52%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Operating
                        income</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font face="Times New Roman, Times, serif" size="2">48,505</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">7.8</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font face="Times New Roman, Times, serif" size="2">26,756</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">6.7</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="52%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Finance expenses,
                        net</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font face="Times New Roman, Times, serif" size="2">(4,600</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        <b><font face="Times New Roman, Times, serif" size="2">)</font></b></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(0.7</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font face="Times New Roman, Times, serif" size="2">(2,928</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        <b><font face="Times New Roman, Times, serif" size="2">)</font></b></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(0.7</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="52%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Other income,
                        net</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font face="Times New Roman, Times, serif" size="2">4,096</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">0.7</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font face="Times New Roman, Times, serif" size="2">113</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                        <font face="Times New Roman, Times, serif" size="2"></font>

                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2"><font face="Times New Roman, Times, serif" size="2">
                        &mdash;</font></font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="52%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Income before taxes on
                        income</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font face="Times New Roman, Times, serif" size="2">48,001</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">7.8</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font face="Times New Roman, Times, serif" size="2">23,941</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">6.0</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="52%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Taxes on
                        income</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font face="Times New Roman, Times, serif" size="2">7,922</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(1.3</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font face="Times New Roman, Times, serif" size="2">6,733</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(1.7</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="52%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font face="Times New Roman, Times, serif" size="2">40,079</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">6.5</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font face="Times New Roman, Times, serif" size="2">17,208</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">4.3</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="52%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Minority interest in
                        gains of subsidiaries</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font face="Times New Roman, Times, serif" size="2">(10,491</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        <b><font face="Times New Roman, Times, serif" size="2">)</font></b></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(1.7</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font face="Times New Roman, Times, serif" size="2">(1,509</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        <b><font face="Times New Roman, Times, serif" size="2">)</font></b></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(0.4</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="52%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Equity in net earnings
                        of affiliated companies and partnership</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font face="Times New Roman, Times, serif" size="2">2,565</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">0.4</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font face="Times New Roman, Times, serif" size="2">3,400</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">0.8</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="52%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Net earnings</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 2.25pt double" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font face="Times New Roman, Times, serif" size="2">32,153</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 2.25pt double" valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">5.2</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 2.25pt double" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font face="Times New Roman, Times, serif" size="2">19,099</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 2.25pt double" valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">4.7</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="52%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Diluted earnings per
                        share</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 2.25pt double" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font face="Times New Roman, Times, serif" size="2">0.75</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 2.25pt double" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        <b><font face="Times New Roman, Times, serif" size="2">0.45</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 6.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 6.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 6.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font face="Times New Roman, Times, serif" 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: 0.5in; TEXT-ALIGN: justify">
        </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">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <u><b><font face="Times New Roman, Times, serif" 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 face="Times New Roman, Times, serif" 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 face="Times New Roman, Times, serif" size="2">The Company&rsquo;s consolidated
        revenues increased by 52.6%, from $403.6 million in the first quarter of 2007 to $616.1
        million in the first quarter of 2008.</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 face="Times New Roman, Times, serif" size="2">The following table sets forth the
        Company&rsquo;s revenue distribution by areas of operation:</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">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 6.67%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 40.85pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="80%" border="0">
                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="49%">
                        <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 face="Times New Roman, Times, serif" size="2">Three-Month Period
                            ended</font></p>
                        </div>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="49%">
                        <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 face="Times New Roman, Times, serif" size="2">March 31,
                            2008</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 face="Times New Roman, Times, serif" size="2">March 31,
                            2007</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="49%">
                        <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="119">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" 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="96">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">%</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: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" 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="90">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">%</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="49%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" 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="119">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">155.3</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="96">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">25.2</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: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">151.7</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="90">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">37.6</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="49%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" 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="119">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">156.0</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="96">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">25.3</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: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">81.5</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="90">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">20.2</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="49%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" 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="119">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">164.5</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="96">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">26.7</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">86.9</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="90">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">21.5</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="49%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" 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="119">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">88.1</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="96">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">14.3</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: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">52.3</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="90">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">13.0</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 9.75pt" valign="bottom" width="49%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 17.65pt; TEXT-INDENT: -17.65pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Other (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" valign="bottom" width="119">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">52.2</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; MARGIN-TOP: 0pt; PADDING-LEFT: 5.4pt; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 0in; MARGIN-LEFT: 0pt; PADDING-TOP: 0in" valign="bottom" width="96">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">8.5</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">31.2</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="90">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">7.7</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="49%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" 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="119">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; BORDER-BOTTOM: #000000 2.25pt double; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">616.1</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="96">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; BORDER-BOTTOM: #000000 2.25pt double; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" 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="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; BORDER-BOTTOM: #000000 2.25pt double; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">403.6</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="90">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; BORDER-BOTTOM: #000000 2.25pt double; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" 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: 0.49in; TEXT-INDENT: -0.49in; TEXT-ALIGN: justify">
        &nbsp;</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 face="Times New Roman, Times, serif" size="2">The changes in revenue distribution by
        areas of operation were the result of ordinary quarterly fluctuations, the inclusion of
        Tadiran in the C<sup>4</sup>ISR area of operation and increased revenues in the
        electro-optics area relating to night vision equipment, mainly to European and other
        countries customers. The increase in the Land systems area of operations is mainly related
        to growth in deliveries of products to the U.S. Government.&nbsp;</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"><font face="Times New Roman, Times, serif" size="2">The following table sets
        forth the Company&rsquo;s distribution of revenues by geographical
        regions:</font></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: 6.53%; TEXT-INDENT: -6.53%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 40.85pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="80%" border="0">
                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="49%">
                        <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 face="Times New Roman, Times, serif" size="2">Three-Month Period
                            ended</font></p>
                        </div>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="49%">
                        <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 face="Times New Roman, Times, serif" size="2">March 31,
                            2008</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 face="Times New Roman, Times, serif" size="2">March 31,
                            2007</font></p>
                        </div>
                    </td>
                </tr>

                <tr style="HEIGHT: 17.05pt; page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 17.05pt" valign="top" width="49%">
                        <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="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" 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="89">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" 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="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" 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="97">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">%</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="49%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" 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="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">123.1</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="89">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">20.0</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 face="Times New Roman, Times, serif" size="2">94.1</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="97">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">23.3</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="49%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" 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="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">215.1</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="89">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">34.9</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 face="Times New Roman, Times, serif" size="2">150.9</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="97">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">37.4</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="49%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" 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="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">137.1</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="89">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">22.2</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 face="Times New Roman, Times, serif" size="2">83.7</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="97">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">20.8</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 15.6pt; page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.6pt" valign="top" width="49%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" 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="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">140.8</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="89">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">22.9</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="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">74.9</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="97">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">18.5</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 15.6pt; page-break-inside: avoid" bgcolor="#ccffff">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.6pt" valign="top" width="49%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" 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="14%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; BORDER-BOTTOM: #000000 2.25pt double; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">616.1</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="89">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; BORDER-BOTTOM: #000000 2.25pt double; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" 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="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; BORDER-BOTTOM: #000000 2.25pt double; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">403.6</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="97">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; BORDER-BOTTOM: #000000 2.25pt double; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">100.0</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 6.53%; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <font face="Times New Roman, Times, serif" size="2">The changes in revenues by geographic
        distribution were the result of standard quarterly fluctuations and revenues to customers
        as mentioned above.</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 face="Times New Roman, Times, serif" 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 face="Times New Roman, Times, serif" 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 face="Times New Roman, Times, serif" size="2">Gross profit in the quarter ended March
        31, 2008 was $168.4 million, as compared to $103.5 million in the quarter ended March 31,
        2007. The gross profit margin in the first quarter of 2008 was 27.3%, as compared to 25.7%
        in the first quarter of 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 face="Times New Roman, Times, serif" 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">
        </p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <font face="Times New Roman, Times, serif" size="2">The increase in the gross profit margin
        was a result of a mix of projects performed with higher gross profit.</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="321" 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="273">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <u><b><font face="Times New Roman, Times, serif" size="2">Research and
                        Development (&ldquo;R&amp;D&rdquo;)</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 face="Times New Roman, Times, serif" 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: 0.49in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <font face="Times New Roman, Times, serif" 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, communications, electronic warfare (EW) 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 face="Times New Roman, Times, serif" size="2">Gross R&amp;D expenses in the quarter
        ended March 31, 2008 totaled $45.9 million (7.5% of revenues), as compared $29.7 million
        (7.4% of revenues) in the quarter ended March 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 face="Times New Roman, Times, serif" size="2">Net R&amp;D expenses (after reduction
        of third party participation) in the quarter ended March 31, 2008 totaled $38.0 million
        (6.2% of revenues), as compared to $24.1 million (6.0% of revenues) in the quarter ended
        March 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">
        <u><b><font face="Times New Roman, Times, serif" 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 face="Times New Roman, Times, serif" 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 face="Times New Roman, Times, serif" size="2">Marketing and selling expenses in the
        quarter ended March 31, 2008 were $49.7 million (8.1% of revenues), as compared to $32.4
        million (8.0% of revenues) in the quarter ended March 31, 2007.</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">
        <font face="Times New Roman, Times, serif"><u><b><font size="2">General and Administrative
        (&ldquo;G&amp;A&rdquo;) Expenses</font></b></u> <font size="2">&nbsp;</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: 0.5in; TEXT-ALIGN: justify">
        <font face="Times New Roman, Times, serif" size="2">G&amp;A expenses were $32.1 million
        (5.2% of revenues) in the quarter ended March 31, 2008, as compared to $20.3 million (5.0%
        of revenues) in the quarter ended March 31, 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; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
        <u><b><font face="Times New Roman, Times, serif" size="2">Finance Expense
        (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 face="Times New Roman, Times, serif" size="2">Net finance expense in the quarter
        ended March 31, 2008 was $4.6 million, as compared to $2.9 million in the quarter ended
        March 31, 2007. The net finance expense in 2008 includeS the impact of a write-off relating
        to Auction Rate Securities in the amount of $1.8 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">
        <u><b><font face="Times New Roman, Times, serif" 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 face="Times New Roman, Times, serif" size="2">Provision for taxes in the quarter
        ended March 31, 2008 was $7.9 million (effective tax rate of 16.5%), as compared to a
        provision for taxes of $6.7 million (effective tax rate of 28.1%) in the quarter ended
        March 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; TEXT-ALIGN: center">
        <font face="Times New Roman, Times, serif" 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 face="Times New Roman, Times, serif" 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: 0.49in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.49in; TEXT-ALIGN: justify">
        <font face="Times New Roman, Times, serif"><u><b><font size="2">Company&rsquo;s Share in
        Earnings of Affiliated Entities</font></b></u> <font size="2">&nbsp;</font></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 face="Times New Roman, Times, serif" size="2">In the first quarter of 2008 the
        Company had net income of $2.6 million from its share in earnings of affiliated companies
        and partnerships, as compared to $3.4 million in the first quarter of 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 face="Times New Roman, Times, serif" 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.</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">
        <u><b><font face="Times New Roman, Times, serif" 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 face="Times New Roman, Times, serif" size="2">Net earnings in the quarter ended March
        31, 2008 were $32.2 million (5.2% of revenues), as compared to net earnings of $19.1
        million (4.7% of revenues) in the quarter ended March 31, 2007. Diluted EPS in the quarter
        ended March 31, 2008 was $0.75, as compared to $0.45 in the quarter ended March 31,
        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 face="Times New Roman, Times, serif" size="2">Net earnings in the quarter ended March
        31, 2008 include a net gain of approximately $2 million ($0.05 per share) related to the
        settlement agreement that was signed by Elisra for the Phoenix fire damage claim. This was
        the net result of an amount of $4.1 million included in other income and an amount of $2.1
        million that was included in Elisra&rsquo;s minority rights in Elisra&rsquo;s gain related
        to the settlement.</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 face="Times New Roman, Times, serif" size="2">The number of shares used for
        computation of diluted EPS in the quarter ended March 31, 2008 was 42,876 thousand shares,
        as compared to 42,175 thousand shares in the quarter ended March 31, 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="304" 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 face="Times New Roman, Times, serif" size="2">F.</font></b></p>
                    </td>

                    <td valign="top" nowrap width="256">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <u><b><font face="Times New Roman, Times, serif" 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 face="Times New Roman, Times, serif" size="2">The Company&rsquo;s net cash flow
        generated from operating activities in the quarter ended March 31, 2008 was $65.2 million,
        resulting mainly from net income and an increase in trade and other payables. The cash
        inflows 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 face="Times New Roman, Times, serif" size="2">Net cash flow used for investment
        activities in the quarter ended March 31, 2008 was $56.8 million, which was used mainly for
        procurement of various assets and equipment.</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 face="Times New Roman, Times, serif" size="2">Net cash flow used for financing
        activities in the quarter ended March 31, 2008 was $47.2 million, which was used mainly for
        repayment of long-term bank loans.</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 face="Times New Roman, Times, serif" size="2">On March 31, 2008, the Company had
        total borrowings in the amount of $413.0 million, including $397.7 million in long-term
        loans, and $1,007 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
        March 31, 2008, the Company had a cash balance amounting to $325.1 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 face="Times New Roman, Times, serif" size="2">As of March 31, 2008, the Company had
        working capital of $154.2 million, and its current ratio was 1.12.</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 face="Times New Roman, Times, serif" 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: 0.5in; TEXT-ALIGN: justify">
        </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="32">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" size="2">G.</font></b></p>
                    </td>

                    <td valign="top" nowrap width="197">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <u><b><font face="Times New Roman, Times, serif" 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 face="Times New Roman, Times, serif" 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; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
        <font face="Times New Roman, Times, serif" size="2">On March 31, 2008, the Company&rsquo;s
        liquid assets were comprised of bank deposits, and it had no investments in liquid equity
        securities that were subject to market fluctuations, except for Auction Rate Securities
        (see Finance Expense, net above). The Company&rsquo;s deposits and loans are based on
        variable interest rates, and their value as of March 31, 2008 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 face="Times New Roman, Times, serif" size="2">The Company&rsquo;s functional currency
        is the U.S. dollar. On March 31, 2008, the Company had exposure due to liabilities
        denominated in NIS of $192.9 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
        impacted the Company&rsquo;s expenses for the first quarter of 2008.</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 face="Times New Roman, Times, serif" 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 March 31, 2008 by forward contracts. On March 31, 2008, the Company had
        $197.4 million in Euro, $152.5 million in GBP and $8 million in other
        currencies.</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="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 face="Times New Roman, Times, serif" size="2">H.</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 face="Times New Roman, Times, serif" 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 face="Times New Roman, Times, serif" size="2">The Board of Directors declared on May
        19, 2008 a dividend of $0.20 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; TEXT-ALIGN: center">
        <font face="Times New Roman, Times, serif" 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 face="Times New Roman, Times, serif" size="2">8</font></p>

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

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

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&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 face="Times New Roman, Times, serif"><a name="exhibit3"></a>Exhibit 3</font></p>

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

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

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

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

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

        <p style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; PADDING-BOTTOM: 1px; MARGIN: 0pt 3in; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center">
        <b><font face="Times New Roman, Times, serif" size="3">ELBIT SYSTEMS LTD. AND ITS
        SUBSIDIARIES</font></b></p>

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

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font face="Times New Roman, Times, serif" size="2">CONDENSED INTERIM
        CONSOLIDATED</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font face="Times New Roman, Times, serif" size="2">FINANCIAL STATEMENTS</font></b></p>

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

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <u><b><font face="Times New Roman, Times, serif" size="2">AS OF MARCH 31,
        2008</font></b></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font face="Times New Roman, Times, serif" size="2">(Unaudited)</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font face="Times New Roman, Times, serif" size="2">(In thousands of U.S.
        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: 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">&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">&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>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

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

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&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="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; PADDING-BOTTOM: 1px; MARGIN: 0pt 3in; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center">
        <b><font face="Times New Roman, Times, serif" size="2">ELBIT SYSTEMS LTD. AND ITS
        SUBSIDIARIES</font></b></p>

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

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&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">
        <u><b><font face="Times New Roman, Times, serif" size="2">C O N T E N T
        S</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; TEXT-ALIGN: center">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="664" align="center" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="550">
                        <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="115">
                        <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 face="Times New Roman, Times, serif" size="2">P a g
                            e</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="550">
                        <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="115">
                        <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="550">
                        <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="115">
                        <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="550">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" 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="115">
                        <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="550">
                        <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="115">
                        <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="550">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 12pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" 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="115">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" 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="550">
                        <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="115">
                        <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="550">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 12pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" 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="115">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" size="2">4</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="550">
                        <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="115">
                        <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="550">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 12pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Consolidated Statements
                        of Changes in Shareholder&rsquo;s Equity</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; 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: center">
                        <font face="Times New Roman, Times, serif" size="2">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="550">
                        <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="115">
                        <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="550">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 12pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" 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="115">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" size="2">6-7</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.35pt; PADDING-LEFT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="550">
                        <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="115">
                        <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="550">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 12pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" 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="115">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" size="2">8-10</font></p>
                    </td>
                </tr>
            </table>
        </div>

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

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

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-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">&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">
        <b><font face="Times New Roman, Times, serif" size="2"># # # # # #</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: -0.22in; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: -0.22in; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: -0.22in; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: -0.22in; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: -0.02in; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: -0.02in; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font face="Times New Roman, Times, serif" 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: -0.02in; TEXT-ALIGN: right">
        <b><font face="Times New Roman, Times, serif" size="3">ELBIT SYSTEMS LTD. AND ITS
        SUBSIDIARIES</font></b></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="683">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" 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="683">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" 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: left">
        <font face="Times New Roman, Times, serif"><br>
        </font></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="587">
                        <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" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font face="Times New Roman, Times, serif" size="1">March
                        31</font></b></p>
                    </td>

                    <td 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 valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; 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>
                </tr>

                <tr>
                    <td valign="top" width="587">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="22">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font face="Times New Roman, Times, serif" size="1">2008</font></b></p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; 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>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="587">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="22">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font face="Times New Roman, Times, serif" size="1">(Unaudited)</font></b></p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font face="Times New Roman, Times, serif" size="1">(Audited)</font></b></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="587">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" 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" width="22">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="top" width="98">
                        <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">
                        &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 style="BORDER-TOP: black 1pt solid" valign="top" width="108">
                        <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="587">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Cash and cash
                        equivalents</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" width="22">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" size="2">$</font></p>
                    </td>

                    <td valign="top" width="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">325,103</font></p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 9.75pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" size="2">$</font></p>
                    </td>

                    <td valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">363,887</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="587">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Short-term bank
                        deposits</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" 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="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">32,164</font></p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">10,068</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="587">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 14.2pt; TEXT-INDENT: -14.2pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Available for sale
                        marketable securities</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" 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="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">756</font></p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">2,830</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="587">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 14.2pt; TEXT-INDENT: -14.2pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Trade receivables (net
                        of allowance for doubtful accounts in the amount of $3,956 and $3,794 as of
                        March 31, 2008 and December 31, 2007, respectively)</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" width="22">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">444,576</font></p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">439,370</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="587">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Other receivables and
                        prepaid expenses</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" 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="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">153,487</font></p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">127,333</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="587">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Inventories, net of
                        customer advances</font></p>
                    </td>

                    <td valign="top" width="22">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="22">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">519,531</font></p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="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: right">
                        <font face="Times New Roman, Times, serif" size="2">480,603</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="587">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Total current
                        assets</font></p>
                    </td>

                    <td valign="top" width="22">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" 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 style="BORDER-BOTTOM: black 1pt solid" valign="top" width="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">1,475,617</font></p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="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: right">
                        <font face="Times New Roman, Times, serif" size="2">1,424,091</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="587">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; 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" 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="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="587">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.5pt; TEXT-INDENT: -7.5pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">LONG-TERM INVESTMENTS
                        AND RECEIVABLES:</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" 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="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="587">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Investments in
                        affiliated companies, partnership and other</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">companies</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" 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="98">
                        <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 face="Times New Roman, Times, serif" size="2">66,270</font></p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td 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; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">66,161</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="587">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Compensation
                        receivables in respect of fire damages, net</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" 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="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">-</font></p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">15,530</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="587">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Long-term bank deposits
                        and trade receivables</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" 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="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">19,315</font></p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">13,338</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="587">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Marketable
                        securities</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" 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="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">19,098</font></p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">20,885</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="587">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Deferred income
                        taxes</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" 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="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">15,554</font></p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">22,155</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="587">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Severance pay
                        fund</font></p>
                    </td>

                    <td valign="top" width="22">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" 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 style="BORDER-BOTTOM: black 1pt solid" valign="top" width="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">254,466</font></p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="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: right">
                        <font face="Times New Roman, Times, serif" size="2">238,083</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="587">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="22">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" 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 style="BORDER-BOTTOM: black 1pt solid" valign="top" width="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">374,703</font></p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="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: right">
                        <font face="Times New Roman, Times, serif" size="2">376,152</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="587">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; 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" 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="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="587">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">PROPERTY, PLANT AND
                        EQUIPMENT, NET</font></p>
                    </td>

                    <td valign="top" width="22">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" 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 style="BORDER-BOTTOM: black 1pt solid" valign="top" width="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">359,741</font></p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="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: right">
                        <font face="Times New Roman, Times, serif" size="2">350,514</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="587">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; 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" 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="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="587">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; 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" 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="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="587">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; 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" 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="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="587">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">INTANGIBLE ASSETS,
                        NET:</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" 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="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="587">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Goodwill</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" 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="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">331,810</font></p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">331,810</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="587">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Other intangible
                        assets, net</font></p>
                    </td>

                    <td valign="top" width="22">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" 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 style="BORDER-BOTTOM: black 1pt solid" valign="top" width="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">289,272</font></p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="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: right">
                        <font face="Times New Roman, Times, serif" size="2">298,925</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="587">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="22">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" 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 style="BORDER-BOTTOM: black 1pt solid" valign="top" width="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">621,082</font></p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="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: right">
                        <font face="Times New Roman, Times, serif" size="2">630,735</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="587">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; 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" 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="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="587">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="22">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" width="22">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" width="98">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">2,831,143</font></p>
                    </td>

                    <td valign="top" width="19">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.95pt; TEXT-INDENT: -0.95pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 9.75pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">2,781,492</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: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0in" align="center">
        <font face="Times New Roman, Times, serif" size="2">The accompanying notes are an integral
        part of the 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 face="Times New Roman, Times, serif" 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: right">
        <b><font face="Times New Roman, Times, serif" size="3">ELBIT SYSTEMS LTD. AND ITS
        SUBSIDIARIES</font></b></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="657">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" 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="657">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">U. S. dollars (In
                        thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <font face="Times New Roman, Times, serif"><br>
        </font></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr height="15">
                    <td valign="bottom" width="684">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font face="Times New Roman, Times, serif" size="1">March
                        31</font></b></p>
                    </td>

                    <td valign="bottom" width="35">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 0pt; 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>
                </tr>

                <tr>
                    <td valign="bottom" width="684">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font face="Times New Roman, Times, serif" size="1">2008</font></b></p>
                    </td>

                    <td valign="bottom" 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-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 0pt; 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>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" width="684">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font face="Times New Roman, Times, serif" size="1">(Unaudited)</font></b></p>
                    </td>

                    <td valign="bottom" 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-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font face="Times New Roman, Times, serif" size="1">(Audited)</font></b></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="bottom" width="684">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">CURRENT
                        LIABILITIES:</font></p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="45">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="35">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

                    <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="123">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" width="684">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Short-term bank credit
                        and loans</font></p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="45">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">2,302</font></p>
                    </td>

                    <td valign="bottom" width="35">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

                    <td valign="bottom" width="123">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">10,418</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="bottom" width="684">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Current maturities of
                        long-term loans</font></p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="45">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">13,046</font></p>
                    </td>

                    <td valign="bottom" width="35">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

                    <td valign="bottom" width="123">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">18,659</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" width="684">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Dividend
                        payable</font></p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="45">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">7,571</font></p>
                    </td>

                    <td valign="bottom" width="35">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

                    <td valign="bottom" width="123">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">-</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="bottom" width="684">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Trade
                        payables</font></p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="45">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">290,637</font></p>
                    </td>

                    <td valign="bottom" width="35">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

                    <td valign="bottom" width="123">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">273,010</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" width="684">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Other payables and
                        accrued expenses</font></p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="45">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">512,424</font></p>
                    </td>

                    <td valign="bottom" width="35">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

                    <td valign="bottom" width="123">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">455,296</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="bottom" width="684">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Customers advances in
                        excess of costs incurred on</font></p>

                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">contracts in
                        progress</font></p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="45">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">495,468</font></p>
                    </td>

                    <td valign="bottom" width="35">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="123">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">510,562</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" width="684">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Total current
                        liabilities</font></p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="45">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">1,321,448</font></p>
                    </td>

                    <td valign="bottom" width="35">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="123">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">1,267,945</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="bottom" width="684">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="45">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="35">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

                    <td valign="bottom" width="123">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" width="684">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">LONG-TERM
                        LIABILITIES:</font></p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="45">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="35">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

                    <td valign="bottom" width="123">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="bottom" width="684">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Long-term loans, net of
                        current maturities</font></p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="45">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">397,679</font></p>
                    </td>

                    <td valign="bottom" width="35">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

                    <td valign="bottom" width="123">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">431,312</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" width="684">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Customers
                        advances</font></p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="45">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">111,318</font></p>
                    </td>

                    <td valign="bottom" width="35">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

                    <td valign="bottom" width="123">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">137,296</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="bottom" width="684">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Deferred income taxes
                        and tax obligations</font></p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="45">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">87,165</font></p>
                    </td>

                    <td valign="bottom" width="35">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

                    <td valign="bottom" width="123">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">92,193</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" width="684">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Pension and termination
                        indemnities</font></p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="45">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">320,036</font></p>
                    </td>

                    <td valign="bottom" width="35">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

                    <td valign="bottom" width="123">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">293,848</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="bottom" width="684">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Other long-term
                        liabilities</font></p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="45">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">4,636</font></p>
                    </td>

                    <td valign="bottom" width="35">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="123">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">2,551</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" width="684">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="45">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">920,834</font></p>
                    </td>

                    <td valign="bottom" width="35">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="123">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">957,200</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="bottom" width="684">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="45">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="35">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

                    <td valign="bottom" width="123">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" width="684">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">COMMITMENTS AND
                        CONTINGENT LIABILITIES</font></p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="45">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="35">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

                    <td valign="bottom" width="123">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="bottom" width="684">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="45">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="35">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

                    <td valign="bottom" width="123">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" width="684">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">MINORITY
                        INTERESTS</font></p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="45">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">30,576</font></p>
                    </td>

                    <td valign="bottom" width="35">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="123">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">20,085</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="bottom" width="684">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="45">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="35">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

                    <td valign="bottom" width="123">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" width="684">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">SHAREHOLDERS&rsquo;
                        EQUITY:</font></p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="45">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="35">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

                    <td valign="bottom" width="123">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="bottom" width="684">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Share
                        capital:</font></p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="45">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="35">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

                    <td valign="bottom" width="123">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" width="684">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 25.65pt; TEXT-INDENT: -25.65pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Ordinary shares of New
                        Israeli Shekels (NIS) 1 par value;</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.1pt; TEXT-INDENT: -1.1pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Authorized &ndash;
                        80,000,000 shares as of March 31, 2008</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.1pt; TEXT-INDENT: -1.1pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">and December 31, 2007;</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.1pt; TEXT-INDENT: -1.1pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Issued 42,480,894 and
                        42,468,673 shares as</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.1pt; TEXT-INDENT: -1.1pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">of March 31, 2008 and
                        December 31, 2007, respectively;</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.1pt; TEXT-INDENT: -1.1pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Outstanding 42,071,973
                        and 42,059,752 shares as of March 31, 2008 and December 31, 2007,
                        respectively</font></p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="45">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">11,889</font></p>
                    </td>

                    <td valign="bottom" width="35">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

                    <td valign="bottom" width="123">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">11,886</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="bottom" width="684">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Additional paid-in
                        capital</font></p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="45">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">296,274</font></p>
                    </td>

                    <td valign="bottom" width="35">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

                    <td valign="bottom" width="123">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">294,862</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" width="684">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Treasury shares -
                        408,921 shares as of March 31, 2008 and</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">December 31, 2007,
                        respectively</font></p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="45">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(4,321)</font></p>
                    </td>

                    <td valign="bottom" width="35">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

                    <td valign="bottom" width="123">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(4,321)</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="bottom" width="684">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Accumulated other
                        comprehensive loss</font></p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="45">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(28,341)</font></p>
                    </td>

                    <td valign="bottom" width="35">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

                    <td valign="bottom" width="123">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(24,367)</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" width="684">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Retained
                        earnings</font></p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="45">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">282,784</font></p>
                    </td>

                    <td valign="bottom" width="35">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="123">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">258,202</font></p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="bottom" width="684">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="45">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">558,285</font></p>
                    </td>

                    <td valign="bottom" width="35">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="123">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">536,262</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" width="684">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="37">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="45">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">2,831,143</font></p>
                    </td>

                    <td valign="bottom" width="35">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="12">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="123">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.05pt; TEXT-INDENT: -3.05pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">2,781,492</font></p>
                    </td>
                </tr>
            </table>
        </div>

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

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

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

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font face="Times New Roman, Times, serif" size="2">The accompanying notes are an integral
        part of the 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 face="Times New Roman, Times, serif" 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>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
        <b><font face="Times New Roman, Times, serif" size="3">ELBIT SYSTEMS LTD. AND ITS
        SUBSIDIARIES</font></b></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="633">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font face="Times New Roman, Times, serif" size="2">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="633">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" 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: center">&nbsp;</p>

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

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="53%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

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

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

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="5">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="1"><font face="Times New Roman, Times, serif"><b>Three months
                        ended</b><br>
                        <b>March 31,</b></font></font></p>
                    </td>

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

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="1"><font face="Times New Roman, Times, serif"><b>Year
                        ended</b><br>
                        <b>December 31,</b></font></font></p>
                    </td>

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

                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="53%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

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

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

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font face="Times New Roman, Times, serif" size="1">2008</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 1pt; 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>
                    </td>

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

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                        <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>
                    </td>

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

                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="53%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

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

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

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="5">
                        <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="2">(Unaudited)</font></b></p>
                    </td>

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

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                        <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="2">(Audited)</font></b></p>
                    </td>

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

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="53%">
                        <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">Revenues</font></p>
                    </td>

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

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

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

                    <td valign="bottom" width="2%">
                        <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">$</font></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">616,063</font></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="2%">
                        <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">$</font></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="9%">
                        <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">403,600</font></p>
                    </td>

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

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

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">1,981,761</font></p>
                    </td>

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

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="53%">
                        <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">Cost of
                        revenues</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">447,710</font></p>
                    </td>

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

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

                    <td valign="bottom" width="9%">
                        <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">300,062</font></p>
                    </td>

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

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

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 39pt; TEXT-INDENT: -39pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">1,454,913</font></p>
                    </td>

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

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="53%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Restructuring
                        expenses</font></p>
                    </td>

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

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

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

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

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

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

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="9%">
                        <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>
                    </td>

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

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

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                        <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>
                    </td>

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

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="53%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 44pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Gross profit</font></p>
                    </td>

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

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

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

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

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">168,353</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

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

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="9%">
                        <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">103,538</font></p>
                    </td>

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

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

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                        <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>
                    </td>

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

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="53%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

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

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

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

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

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

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

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

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

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

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

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

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="53%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 21.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Research and
                        development expenses, net</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">38,035</font></p>
                    </td>

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

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

                    <td valign="bottom" width="9%">
                        <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">24,093</font></p>
                    </td>

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

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

                    <td valign="bottom" width="8%">
                        <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 valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="53%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 21.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Marketing and selling
                        expenses</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">49,664</font></p>
                    </td>

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

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

                    <td valign="bottom" width="9%">
                        <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">32,371</font></p>
                    </td>

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

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

                    <td valign="bottom" width="8%">
                        <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 valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="53%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 21.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">General and
                        administrative expenses</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">32,149</font></p>
                    </td>

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

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

                    <td valign="bottom" width="9%">
                        <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">20,318</font></p>
                    </td>

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

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

                    <td valign="bottom" width="8%">
                        <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 valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="53%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 21.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Acquired in-process
                        research and development (&ldquo;IPR&amp;D&rdquo;)</font></p>
                    </td>

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

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

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

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

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

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

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="9%">
                        <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>
                    </td>

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

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

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                        <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>
                    </td>

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

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="53%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

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

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

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

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

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">119,848</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

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

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="9%">
                        <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">76,782</font></p>
                    </td>

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

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

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                        <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>
                    </td>

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

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="53%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

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

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

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

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

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

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

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

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

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

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

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

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="53%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 41.05pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Operating
                        income</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">48,505</font></p>
                    </td>

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

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

                    <td valign="bottom" width="9%">
                        <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">26,756</font></p>
                    </td>

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

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

                    <td valign="bottom" width="8%">
                        <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 valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="53%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

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

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

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

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

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

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

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

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

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

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

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

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="53%">
                        <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 valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

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

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

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

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(4,600</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>

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

                    <td valign="bottom" width="9%">
                        <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">(2,928</font></p>
                    </td>

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

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

                    <td valign="bottom" width="8%">
                        <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 valign="bottom" width="2%">
                        <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" bgcolor="#ccffff">
                    <td valign="top" width="53%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Other income,
                        net</font></p>
                    </td>

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

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

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

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

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">4,096</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

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

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="9%">
                        <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">113</font></p>
                    </td>

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

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

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                        <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>
                    </td>

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

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="53%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 41.05pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Income before taxes on
                        income</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">48,001</font></p>
                    </td>

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

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

                    <td valign="bottom" width="9%">
                        <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">23,941</font></p>
                    </td>

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

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

                    <td valign="bottom" width="8%">
                        <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 valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="53%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Taxes on
                        income</font></p>
                    </td>

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

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

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

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

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">7,922</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

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

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="9%">
                        <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">6,733</font></p>
                    </td>

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

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

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                        <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>
                    </td>

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

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="53%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">40,079</font></p>
                    </td>

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

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

                    <td valign="bottom" width="9%">
                        <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">17,208</font></p>
                    </td>

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

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

                    <td valign="bottom" width="8%">
                        <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 valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="53%">
                        <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
                        of affiliated companies and partnership</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">2,565</font></p>
                    </td>

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

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

                    <td valign="bottom" width="9%">
                        <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">3,400</font></p>
                    </td>

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

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

                    <td valign="bottom" width="8%">
                        <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 valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="53%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Minority interests in
                        earnings of subsidiaries</font></p>
                    </td>

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

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

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

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

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(10,491</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>

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

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="9%">
                        <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">(1,509</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>

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

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                        <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>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; 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" bgcolor="#ccffff">
                    <td valign="top" width="53%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 41.05pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Net income</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                        <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">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">32,153</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                        <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">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="9%">
                        <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">19,099</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                        <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">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">76,709</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="53%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

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

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

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

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

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

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

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

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

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

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

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

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="53%">
                        <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 valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

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

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

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

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

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

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

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

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

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

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

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="53%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 28pt; 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 valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                        <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">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">0.76</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                        <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">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="9%">
                        <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">0.45</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                        <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">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">1.82</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="53%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

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

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

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

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

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

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

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

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

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

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

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

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="53%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 28pt; 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 valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                        <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">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">0.75</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                        <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">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="9%">
                        <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">0.45</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                        <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">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">1.81</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="53%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

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

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

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

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

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

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

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

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

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

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

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

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="53%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 26.65pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Number of shares used
                        in computation of basic net earnings per share</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">42,067</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="9%">
                        <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">42,023</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">42,041</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="53%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

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

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

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

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

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

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

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

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

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

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

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

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="53%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 26.65pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Number of shares used
                        in computation of diluted net earnings per share</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">42,876</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="9%">
                        <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">42,175</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">42,342</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: 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 face="Times New Roman, Times, serif" size="2">The accompanying notes are an integral
        part of the 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 face="Times New Roman, Times, serif" size="2">- 4 -</font></p>

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

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

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
        <b><font face="Times New Roman, Times, serif" size="3">ELBIT SYSTEMS LTD. AND ITS
        SUBSIDIARIES</font></b></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="973">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font face="Times New Roman, Times, serif" size="2">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="973">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">U. S. dollars (In
                        thousands, except share and per share data)</font></p>
                    </td>
                </tr>
            </table>
        </div>

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

        <div align="left">
            <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" height="38">
                        <td valign="top" width="17%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 10pt; TEXT-INDENT: -8.35pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font face="Times New Roman, Times, serif" size="1">Number of
                            outstanding shares</font></b></p>
                        </td>

                        <td valign="bottom" width="10">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font face="Times New Roman, Times, serif" size="1">Share
                            capital</font></b></p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font face="Times New Roman, Times, serif" size="1">Additional
                            paid-in capital</font></b></p>
                        </td>

                        <td valign="bottom" width="30">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font face="Times New Roman, Times, serif" size="1">Accumulated
                            other comprehensive loss</font></b></p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font face="Times New Roman, Times, serif" size="1">Retained
                            earnings</font></b></p>
                        </td>

                        <td valign="bottom" width="24">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font face="Times New Roman, Times, serif" size="1">Treasury
                            shares</font></b></p>
                        </td>

                        <td valign="bottom" width="8">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font face="Times New Roman, Times, serif" size="1">Total
                            shareholders&rsquo; equity</font></b></p>
                        </td>

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

                        <td valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font face="Times New Roman, Times, serif" size="1">Total
                            comprehensive income</font></b></p>
                        </td>

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

                    <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                        <td valign="top" width="17%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 10pt; TEXT-INDENT: -8.35pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif"><b><font size="1">Balance as
                            of January 1, 200</font></b><font size="1">7</font></font></p>
                        </td>

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

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">42,016,674</font></p>
                        </td>

                        <td valign="bottom" width="10">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="52">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">11,876</font></p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">289,026</font></p>
                        </td>

                        <td valign="bottom" width="30">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="9">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="100">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 1.5pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">(16,746</font></p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">)</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="20">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="66">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">213,749</font></p>
                        </td>

                        <td valign="bottom" width="24">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="29">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="58">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 1.5pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">(4,321</font></p>
                        </td>

                        <td valign="bottom" width="8">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">)</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">493,584</font></p>
                        </td>

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

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

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="17%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 10pt; TEXT-INDENT: -8.35pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">Cumulative impact
                            of change in accounting for uncertainties in income taxes (FIN
                            48)</font></p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="10">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="52">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="30">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="100">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="66">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">(4,846</font></p>
                        </td>

                        <td valign="bottom" width="24">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">)</font></p>
                        </td>

                        <td valign="bottom" width="29">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="58">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="8">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">(4,846</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">)</font></p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

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

                    <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                        <td valign="top" width="17%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 10pt; TEXT-INDENT: -8.35pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">Exercise of
                            options</font></p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">43,078</font></p>
                        </td>

                        <td valign="bottom" width="10">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="52">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">10</font></p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">417</font></p>
                        </td>

                        <td valign="bottom" width="30">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="100">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="66">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="24">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="29">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="8">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">427</font></p>
                        </td>

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

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="17%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 10pt; TEXT-INDENT: -8.35pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">Tax benefit in
                            respect of options exercised</font></p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="10">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="52">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">46</font></p>
                        </td>

                        <td valign="bottom" width="30">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="100">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="66">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="24">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="29">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="58">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="8">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">46</font></p>
                        </td>

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

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

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

                    <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                        <td valign="top" width="17%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 10pt; TEXT-INDENT: -8.35pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">Stock based
                            compensation</font></p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="10">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="52">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">4,778</font></p>
                        </td>

                        <td valign="bottom" width="30">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="100">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="66">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="24">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="29">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="58">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="8">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">4,778</font></p>
                        </td>

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

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="17%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 10pt; TEXT-INDENT: -8.35pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">Gain resulting from
                            affiliated company&rsquo;s IPO</font></p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="10">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="52">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">595</font></p>
                        </td>

                        <td valign="bottom" width="30">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="100">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="66">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="24">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="29">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="58">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="8">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">595</font></p>
                        </td>

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

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

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

                    <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                        <td valign="top" width="17%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 10pt; TEXT-INDENT: -8.35pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">Dividends
                            paid</font></p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="10">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="52">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="30">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="100">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="66">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">(27,410</font></p>
                        </td>

                        <td valign="bottom" width="24">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">)</font></p>
                        </td>

                        <td valign="bottom" width="29">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="58">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="8">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">(27,410</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">)</font></p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="17%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 10pt; TEXT-INDENT: -8.35pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">Other comprehensive
                            income, net of tax:</font></p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="10">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

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

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="30">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="100">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="66">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="24">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="29">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="8">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

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

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

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

                    <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                        <td valign="top" width="17%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 10pt; TEXT-INDENT: -8.35pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">Unrealized loss on
                            derivative instruments</font></p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="10">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="52">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="30">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="100">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">(9,562</font></p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">)</font></p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="66">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="24">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="29">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="58">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="8">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">(9,562</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">)</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">$</font></p>
                        </td>

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 1.5pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">(9,562</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="17%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 10pt; TEXT-INDENT: -8.35pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">Foreign currency
                            translation differences</font></p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="10">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="52">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="30">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="100">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">605</font></p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="66">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="24">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="29">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="58">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="8">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">605</font></p>
                        </td>

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

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">605</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                        <td valign="top" width="17%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 10pt; TEXT-INDENT: -8.35pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">Unrealized pension
                            income</font></p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="10">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="52">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="30">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="100">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">2,037</font></p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="66">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="24">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="29">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="58">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="8">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">2,037</font></p>
                        </td>

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

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">2,037</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="17%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 10pt; TEXT-INDENT: -8.35pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif"><font size="1">Unrealized
                            loss on available for sale</font><br>
                            <font size="1">securities</font></font></p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="10">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="52">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="30">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="100">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">(701</font></p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">)</font></p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="66">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="24">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="29">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="58">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="8">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">(701</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">)</font></p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">(701</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                        <td valign="top" width="17%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 10pt; TEXT-INDENT: -8.35pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">Net
                            income</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="10">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="52">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="30">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="9">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="100">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="20">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="66">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">76,709</font></p>
                        </td>

                        <td valign="bottom" width="24">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="29">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="58">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">76,709</font></p>
                        </td>

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

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">76,709</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="17%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 10pt; TEXT-INDENT: -8.35pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">Total comprehensive
                            income</font></p>
                        </td>

                        <td valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="10">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="52">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="41">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="50">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="30">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="100">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="66">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="24">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="29">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="58">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="8">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">69,088</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                        <td valign="top" width="17%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 10pt; TEXT-INDENT: -8.35pt; TEXT-ALIGN: left">
                            <b><font face="Times New Roman, Times, serif" size="1">Balance as of
                            December 31, 2007</font></b></p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">42,059,752</font></p>
                        </td>

                        <td valign="bottom" width="10">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">$</font></p>
                        </td>

                        <td valign="bottom" width="52">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">11,886</font></p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">$</font></p>
                        </td>

                        <td valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">294,862</font></p>
                        </td>

                        <td valign="bottom" width="30">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">$</font></p>
                        </td>

                        <td valign="bottom" width="100">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 1.5pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">(24,367</font></p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">)</font></p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">$</font></p>
                        </td>

                        <td valign="bottom" width="66">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">258,202</font></p>
                        </td>

                        <td valign="bottom" width="24">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="29">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">$</font></p>
                        </td>

                        <td valign="bottom" width="58">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 1.5pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">(4,321</font></p>
                        </td>

                        <td valign="bottom" width="8">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">)</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">$</font></p>
                        </td>

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">536,262</font></p>
                        </td>

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

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="17%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 10pt; TEXT-INDENT: -8.35pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">Exercise of
                            options</font></p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">12,221</font></p>
                        </td>

                        <td valign="bottom" width="10">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="52">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">3</font></p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">162</font></p>
                        </td>

                        <td valign="bottom" width="30">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="100">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="66">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="24">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="29">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="58">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="8">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">165</font></p>
                        </td>

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

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

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

                    <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                        <td valign="top" width="17%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 10pt; TEXT-INDENT: -8.35pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">Stock based
                            compensation</font></p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="10">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="52">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">1,250</font></p>
                        </td>

                        <td valign="bottom" width="30">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="100">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="66">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="24">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="29">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="58">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="8">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">1,250</font></p>
                        </td>

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

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="17%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 10pt; TEXT-INDENT: -8.35pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">Dividends
                            declared</font></p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="10">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="52">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="30">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="100">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="66">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">(7,571</font></p>
                        </td>

                        <td valign="bottom" width="24">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">)</font></p>
                        </td>

                        <td valign="bottom" width="29">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="58">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="8">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">(7,571</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">)</font></p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

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

                    <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                        <td valign="top" width="17%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 10pt; TEXT-INDENT: -8.35pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif"><font size="1">Other
                            comprehensive income (loss),</font><br>
                            <font size="1">net of tax:</font></font></p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="10">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

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

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="30">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="100">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="66">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="24">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="29">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="8">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

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

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="17%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 10pt; TEXT-INDENT: -8.35pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">Unrealized losses
                            on derivative instruments</font></p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="10">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="52">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="30">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="100">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">(5,126</font></p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">)</font></p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="66">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="24">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="29">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="58">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="8">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">(5,126</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">)</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">$</font></p>
                        </td>

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 1.5pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">(5,126</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                        <td valign="top" width="17%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 10pt; TEXT-INDENT: -8.35pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">Foreign currency
                            translation differences</font></p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="10">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="52">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="30">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="100">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">536</font></p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="66">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="24">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="29">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="58">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="8">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">536</font></p>
                        </td>

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

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">536</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="17%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 10pt; TEXT-INDENT: -8.35pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">Unrealized pension
                            income</font></p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="10">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="52">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="30">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="100">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">1,177</font></p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="66">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="24">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="29">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="58">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="8">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">1,177</font></p>
                        </td>

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

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">1,177</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                        <td valign="top" width="17%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 10pt; TEXT-INDENT: -8.35pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif"><font size="1">Unrealized
                            loss on available for sale</font><br>
                            <font size="1">securities</font></font></p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="10">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="52">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="30">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="100">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">(561</font></p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">)</font></p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="66">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="24">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="29">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="58">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="8">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">(561</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">)</font></p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">(561</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="17%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 10pt; TEXT-INDENT: -8.35pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">Net
                            income</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="10">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="52">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="30">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="9">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="100">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="20">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="66">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">32,153</font></p>
                        </td>

                        <td valign="bottom" width="24">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="29">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="58">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">&mdash;</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">32,153</font></p>
                        </td>

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

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">32,153</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                        <td valign="top" width="17%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 10pt; TEXT-INDENT: -8.35pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">Total comprehensive
                            income</font></p>
                        </td>

                        <td valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="10">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="52">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="41">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="50">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="30">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="100">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="66">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="24">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="29">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="58">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="8">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">28,179</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="17%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 10pt; TEXT-INDENT: -8.35pt; TEXT-ALIGN: left">
                            <b><font face="Times New Roman, Times, serif" size="1">Balance as of
                            March 31, 2008 (Unaudited)</font></b></p>
                        </td>

                        <td valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">42,071,973</font></p>
                        </td>

                        <td valign="bottom" width="10">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="52">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">11,889</font></p>
                        </td>

                        <td valign="bottom" width="9">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">296,274</font></p>
                        </td>

                        <td valign="bottom" width="30">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="9">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="100">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 1.5pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">(28,341</font></p>
                        </td>

                        <td valign="bottom" width="20">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="20">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="66">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">282,784</font></p>
                        </td>

                        <td valign="bottom" width="24">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="29">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="58">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 1.5pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">(4,321</font></p>
                        </td>

                        <td valign="bottom" width="8">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font face="Times New Roman, Times, serif" size="1">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font face="Times New Roman, Times, serif" size="1">558,285</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: 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 face="Times New Roman, Times, serif" size="2">The accompanying
            notes are an integral part of the consolidated financial statements</font></font></p>
        </div>

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

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font face="Times New Roman, Times, serif" size="2">-&nbsp;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; TEXT-ALIGN: center">&nbsp;</p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
        <b><font face="Times New Roman, Times, serif" size="3">ELBIT SYSTEMS LTD. AND ITS
        SUBSIDIARIES</font></b></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="692">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font face="Times New Roman, Times, serif" size="2">CONSOLIDATED
                        STATEMENTS 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="692">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">U. S. dollars (In
                        thousands)</font></p>
                    </td>
                </tr>
            </table>
        </div>

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

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

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 30%; TEXT-ALIGN: right"></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="60%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

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

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="7">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif"><b><font size="1">Three months
                        ended</font></b><br>
                        <b><font size="1">March 31,</font></b></font></p>
                    </td>

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

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

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif"><b><font size="1">Year
                        ended</font></b><br>
                        <b><font size="1">December 31,</font></b></font></p>
                    </td>

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

                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="60%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

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

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font face="Times New Roman, Times, serif" size="1">2008</font></b></p>
                    </td>

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

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; 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="bottom" width="1%">
                        <p style="MARGIN: 2pt 0in 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="bottom" colspan="2">
                        <p style="MARGIN-TOP: 0in; 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>
                    </td>

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

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

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 0in; 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>
                    </td>

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

                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="60%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

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

                    <td valign="bottom" colspan="7">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font face="Times New Roman, Times, serif" size="1">(Unaudited)</font></b></p>
                    </td>

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

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

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

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font face="Times New Roman, Times, serif" size="1">(Audited)</font></b></p>
                    </td>

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

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">CASH FLOWS FROM
                        OPERATING ACTIVITIES</font></p>
                    </td>

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Net income</font></p>
                    </td>

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">32,153</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">19,099</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">76,709</font></p>
                    </td>

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

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Adjustments to
                        reconcile net income to net cash provided by operating
                        activities:</font></p>
                    </td>

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Depreciation and
                        amortization</font></p>
                    </td>

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">30,645</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">15,373</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">99,414</font></p>
                    </td>

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

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Acquired
                        IPR&amp;D</font></p>
                    </td>

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

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

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

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

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

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

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

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

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

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

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

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

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">16,560</font></p>
                    </td>

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

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Marketable securities
                        fair value adjustment</font></p>
                    </td>

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">1,787</font></p>
                    </td>

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

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

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

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

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

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

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

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

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

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">10,027</font></p>
                    </td>

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

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Stock based
                        compensation</font></p>
                    </td>

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">1,250</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">993</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">4,778</font></p>
                    </td>

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

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Deferred income taxes
                        and reserve</font></p>
                    </td>

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(3,351</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(8,286</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(15,141</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN: 2pt 0in 0pt; 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" bgcolor="#ccffff">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Accrued severance pay,
                        net</font></p>
                    </td>

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">10,982</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">280</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(3,171</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN: 2pt 0in 0pt; 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 valign="top" width="60%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Gain on sale of
                        property, plant, equipment and investment</font></p>
                    </td>

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(120</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(433</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(1,120</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN: 2pt 0in 0pt; 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" bgcolor="#ccffff">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Minority interests in
                        earnings of subsidiaries</font></p>
                    </td>

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">10,491</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">1,509</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">13,038</font></p>
                    </td>

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

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Equity in net losses
                        (earnings) of affiliated companies and partnership, net of dividend
                        received (*)</font></p>
                    </td>

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">1,120</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">4,156</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(2,182</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN: 2pt 0in 0pt; 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" bgcolor="#ccffff">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Changes in operating
                        assets and liabilities:</font></p>
                    </td>

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Increase (decrease) in
                        short and long-term trade receivables, and prepaid expenses</font></p>
                    </td>

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(10,922</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">42,695</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(69,087</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN: 2pt 0in 0pt; 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" bgcolor="#ccffff">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Increase in
                        inventories, net</font></p>
                    </td>

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(50,882</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(32,992</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(124,381</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN: 2pt 0in 0pt; 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 valign="top" width="60%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Increase in trade
                        payables, other payables and accrued expenses</font></p>
                    </td>

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">71,172</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">23,434</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">135,448</font></p>
                    </td>

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

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Increase (decrease) in
                        advances received from customers</font></p>
                    </td>

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(29,118</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">20,993</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">120,814</font></p>
                    </td>

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

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Other</font></p>
                    </td>

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

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

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">&mdash;</font></p>
                    </td>

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

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

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

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">&mdash;</font></p>
                    </td>

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

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

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

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">2</font></p>
                    </td>

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

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Net cash provided by
                        operating activities</font></p>
                    </td>

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

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

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">65,207</font></p>
                    </td>

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

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

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

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">86,821</font></p>
                    </td>

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

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

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

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">261,708</font></p>
                    </td>

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

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">CASH FLOWS FROM
                        INVESTING ACTIVITIES</font></p>
                    </td>

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Purchase of property,
                        plant and equipment</font></p>
                    </td>

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(33,618</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(14,033</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(104,205</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN: 2pt 0in 0pt; 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" bgcolor="#ccffff">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Acquisitions of
                        subsidiaries and a business (Schedule A)</font></p>
                    </td>

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

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

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

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

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

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(353,175</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN: 2pt 0in 0pt; 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 valign="top" width="60%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Investments in
                        affiliated companies and other companies</font></p>
                    </td>

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(150</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(158</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(916</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN: 2pt 0in 0pt; 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" bgcolor="#ccffff">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Proceeds from sale of
                        property, plant and equipment</font></p>
                    </td>

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">3,518</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">1,970</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">4,364</font></p>
                    </td>

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

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Proceeds from sale of
                        investment</font></p>
                    </td>

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

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

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

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

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

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

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

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

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

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

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

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

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">1,431</font></p>
                    </td>

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

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Investment in long-term
                        bank deposits</font></p>
                    </td>

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(7,088</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(170</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(12,216</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN: 2pt 0in 0pt; 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 valign="top" width="60%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Proceeds from sale of
                        long-term bank deposits</font></p>
                    </td>

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">1,127</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">180</font></p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">8,839</font></p>
                    </td>

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

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Short-term deposits,
                        net</font></p>
                    </td>

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

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

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(20,583</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>

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

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

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(303</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>

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

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

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">193,263</font></p>
                    </td>

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

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Net cash used in
                        investing activities</font></p>
                    </td>

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

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

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(56,794</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>

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

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

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(12,514</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>

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

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

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(262,615</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">CASH FLOWS FROM
                        FINANCING ACTIVITIES</font></p>
                    </td>

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

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

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

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

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

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

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Proceeds from exercise
                        of options</font></p>
                    </td>

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

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

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">165</font></p>
                    </td>

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

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">162</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">427</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Repayment of long-term
                        bank loans</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(52,023</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(26,096</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(150,310</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN: 2pt 0in 0pt; 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" bgcolor="#ccffff">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Receipt of long-term
                        bank loans</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">12,777</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">32,371</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">464,878</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Dividends
                        paid</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(27,410</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN: 2pt 0in 0pt; 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" bgcolor="#ccffff">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Tax benefit in respect
                        of options exercised</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">27</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">46</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Change in short-term
                        bank credit and loans, net</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(8,116</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>

                    <td 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 valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(10,630</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>

                    <td 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 valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(7,401</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Net cash provided by
                        (used in) financing activities</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(47,197</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>

                    <td 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 valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(4,166</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>

                    <td 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 valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">280,230</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">NET INCREASE (DECREASE)
                        IN CASH AND CASH EQUIVALENTS</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(38,784</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">70,141</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">279,323</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">CASH AND CASH
                        EQUIVALENTS AT THE BEGINNING OF THE PERIOD</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">363,887</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td 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 valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">84,564</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td 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 valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">84,564</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">CASH AND CASH
                        EQUIVALENTS AT THE END OF THE PERIOD</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">325,103</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">154,705</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">363,887</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 24.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">(*) Dividend
                        received</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">3,685</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">7,556</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">12,383</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: -0.02in; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font face="Times New Roman, Times, serif" size="2"><font face="Times New Roman, Times, serif" 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 face="Times New Roman, Times, serif" size="2">- 6 -</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>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
        <b><font face="Times New Roman, Times, serif" size="3">ELBIT SYSTEMS LTD. AND ITS
        SUBSIDIARIES</font></b></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; 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 face="Times New Roman, Times, serif" size="2">CONSOLIDATED
                        STATEMENTS OF CASH FLOW</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 face="Times New Roman, Times, serif" 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="100%" border="0">
                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="60%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td 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 valign="bottom" width="46">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="7">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif"><b><font size="1">Three months
                        ended</font></b><br>
                        <b><font size="1">March 31,</font></b></font></p>
                    </td>

                    <td valign="bottom" width="10">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif"><b><font size="1">Year
                        ended</font></b><br>
                        <b><font size="1">December 31,</font></b></font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="60%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td 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 valign="bottom" width="46">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font face="Times New Roman, Times, serif" size="1">2008</font></b></p>
                    </td>

                    <td 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 valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; 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="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                        <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>
                    </td>

                    <td valign="bottom" width="10">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td 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 valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 1pt; 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>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="60%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td 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 valign="bottom" width="46">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="7">
                        <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">(Unaudited)</font></b></p>
                    </td>

                    <td valign="bottom" width="10">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td 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 valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font face="Times New Roman, Times, serif" size="1">(Audited)</font></b></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font face="Times New Roman, Times, serif" size="2">SUPPLEMENTARY CASH
                        FLOW ACTIVITIES:</font></b></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="46">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="14">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="64">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td 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="BORDER-TOP: black 1pt solid" valign="bottom" width="32">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td 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 valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" 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 valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="46">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="14">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="64">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td 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 valign="bottom" width="32">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td 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 valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="60%">
                        <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">Cash paid (received)
                        during the period for:</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="46">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="14">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="64">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td 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 valign="bottom" width="32">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td 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 valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Income taxes</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="46">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="14">
                        <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">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="64">
                        <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">3,997</font></p>
                    </td>

                    <td valign="bottom" width="19">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="32">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="9">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(641</font></p>
                    </td>

                    <td valign="bottom" width="10">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">23,282</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="46">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="14">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="64">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td 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 valign="bottom" width="32">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td 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 valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Interest</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="46">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="14">
                        <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">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="64">
                        <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">7,798</font></p>
                    </td>

                    <td valign="bottom" width="19">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="32">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="9">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">3,062</font></p>
                    </td>

                    <td valign="bottom" width="10">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">20,949</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="46">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="14">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="64">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td 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 valign="bottom" width="32">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td 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 valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="60%">
                        <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">SCHEDULE A:</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="46">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="14">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="64">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td 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 valign="bottom" width="32">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td 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 valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="60%">
                        <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">Acquisitions of
                        subsidiaries and a business (*)</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="46">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="14">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="64">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td 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 valign="bottom" width="32">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td 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 valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="46">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="14">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="64">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td 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 valign="bottom" width="32">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td 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 valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif"><font size="2">Estimated net
                        fair value of assets acquired and liabilities assumed</font><br>
                        <font size="2">at the date of acquisition was as follows:</font></font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="46">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="14">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="64">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td 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 valign="bottom" width="32">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td 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 valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="46">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="14">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="64">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td 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 valign="bottom" width="32">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td 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 valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="60%">
                        <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">Working capital, net
                        (excluding cash and cash equivalents)</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="46">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="14">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="64">
                        <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>
                    </td>

                    <td 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 valign="bottom" width="32">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="59">
                        <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>
                    </td>

                    <td valign="bottom" width="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <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">$</font></p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">40,540</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="60%">
                        <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">Property, plant and
                        equipment</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="46">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="14">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="64">
                        <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>
                    </td>

                    <td 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 valign="bottom" width="32">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="59">
                        <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>
                    </td>

                    <td valign="bottom" width="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">25,175</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="60%">
                        <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">Other long-term
                        assets</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="46">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="14">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="64">
                        <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>
                    </td>

                    <td 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 valign="bottom" width="32">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="59">
                        <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>
                    </td>

                    <td valign="bottom" width="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">63,063</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="60%">
                        <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">Goodwill and other
                        intangible assets</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="46">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="14">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="64">
                        <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>
                    </td>

                    <td 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 valign="bottom" width="32">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="59">
                        <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>
                    </td>

                    <td valign="bottom" width="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">530,536</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="60%">
                        <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">IPR&amp;D</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="46">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="14">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="64">
                        <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>
                    </td>

                    <td 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 valign="bottom" width="32">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="59">
                        <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>
                    </td>

                    <td valign="bottom" width="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">16,560</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="60%">
                        <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">Deferred income
                        taxes</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="46">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="14">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="64">
                        <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>
                    </td>

                    <td 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 valign="bottom" width="32">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="59">
                        <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>
                    </td>

                    <td valign="bottom" width="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(71,919</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="60%">
                        <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">Long-term
                        liabilities</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="46">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="14">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="64">
                        <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>
                    </td>

                    <td 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 valign="bottom" width="32">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="59">
                        <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>
                    </td>

                    <td valign="bottom" width="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(76,910</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Equity investment in
                        Tadiran</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td 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 valign="bottom" width="46">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="14">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="64">
                        <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>
                    </td>

                    <td valign="bottom" width="19">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="32">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="9">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="59">
                        <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>
                    </td>

                    <td valign="bottom" width="10">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td 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 valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                        <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">(173,870</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="46">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="14">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="64">
                        <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>
                    </td>

                    <td valign="bottom" width="19">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="32">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="9">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="59">
                        <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>
                    </td>

                    <td valign="bottom" width="10">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">353,175</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="60%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="46">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="14">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="64">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td 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 valign="bottom" width="32">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="9">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="11">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="59">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="10">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td 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 valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 30%; TEXT-ALIGN: right"></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="640" 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 face="Times New Roman, Times, serif" size="2">(*)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="605">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" size="2">In 2007, the shares of
                        Tadiran Communications Ltd. and Ferranti Technologies Group Ltd.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            &nbsp;
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font face="Times New Roman, Times, serif" size="2">The accompanying notes are an integral
        part of the 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 face="Times New Roman, Times, serif" size="2">-&nbsp;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; TEXT-ALIGN: right">
        <b><font face="Times New Roman, Times, serif" size="3">ELBIT SYSTEMS LTD. AND ITS
        SUBSIDIARIES</font></b></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">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif"><b><font size="2">NOTES TO THE
                        CONSOLIDATED</font></b> <b><font size="2">FINANCIAL STATEMENTS -
                        UNAUDITED</font></b></font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" 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; MARGIN-LEFT: 0.79in; 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: left">
                        <b><font face="Times New Roman, Times, serif" 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: left">
                        <b><font face="Times New Roman, Times, serif" size="2">GENERAL</font></b></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: 0.79in; TEXT-ALIGN: justify">
        <font face="Times New Roman, Times, serif" size="2">The accompanying financial statements
        have been prepared in a condensed format as of March 31, 2008, and for the three months
        then ended in accordance with United States generally accepted accounting principles
        &ldquo;)U.S. GAAP&rdquo;( relating to the preparation of financial statements for interim
        periods. Accordingly, certain information and footnote disclosures normally included in
        financial statements prepared in accordance with U.S. GAAP but which are not required for
        interim reporting purposes, have been condensed or omitted.</font></p>

        <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: 0.79in; TEXT-ALIGN: justify">
        <font face="Times New Roman, Times, serif" size="2">These statements should be read in
        conjunction with the Company&rsquo;s annual financial statements and accompanying notes as
        of December 31, 2007.</font></p>

        <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: 0.79in; TEXT-ALIGN: justify">
        <font face="Times New Roman, Times, serif" size="2">The interim financial statements
        reflect all adjustments, which are, in the opinion of management, necessary for a fair
        presentation. All such adjustments were of a normal recurring nature. Reclassifications
        have been made to comparative data in the balance sheet as of December 31, 2007 in order to
        conform to the current year&rsquo;s presentation.</font></p>

        <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: 0.79in; TEXT-ALIGN: justify">
        <font face="Times New Roman, Times, serif" size="2">Operating results for the three months
        ended March 31, 2008, are not necessarily indicative of the results that may be expected
        for the year ending December 31, 2008.</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: -0.39in; 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: left">
                        <b><font face="Times New Roman, Times, serif" size="2">Note 2
                        -</font></b></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font face="Times New Roman, Times, serif" size="2">SIGNIFICANT
                        ACCOUNTING POLICIES</font></b></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>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: 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 face="Times New Roman, Times, serif" 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 face="Times New Roman, Times, serif" size="2">The significant
                        accounting policies followed in the preparation of these statements are
                        identical to those applied in preparation of the latest annual financial
                        statements.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            &nbsp;
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        <font face="Times New Roman, Times, serif"><font size="2">In March&nbsp;2008, the FASB
        issued SFAS 161,</font> <i><font size="2">Disclosures about Derivative Instruments and
        Hedging Activities</font></i> <font size="2">(SFAS 161). SFAS 161 is an amendment of SFAS
        133,</font> <i><font size="2">Accounting for Derivative Instruments and Hedging
        Activities</font></i> <font size="2">(SFAS 133). To address concerns that the existing
        disclosure requirements of SFAS 133 do not provide adequate information, SFAS 161 requires
        enhanced disclosures about an entity&rsquo;s derivative and hedging activities and thereby
        improves the transparency of financial reporting. SFAS 161 will be effective for financial
        statements issued for fiscal years and interim periods beginning after November&nbsp;15,
        2008. The Company is currently evaluating the future impacts and disclosures resulting from
        SFAS 161.</font></font></p>

        <div align="left">
            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.08in; TEXT-INDENT: -0.3in; TEXT-ALIGN: right">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 30%; TEXT-ALIGN: right">
            </p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="39">
                            <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 face="Times New Roman, Times, serif" size="2">B.</font></p>
                        </td>

                        <td valign="top" width="909">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <font face="Times New Roman, Times, serif" size="2">The accompanying
                            financial statements have been prepared in U.S. dollars since the
                            functional currency of the primary economic environment in which the
                            operations of the Company (which includes Elbit Systems Ltd. and its
                            subsidiaries) are conducted is the U.S. dollar.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-INDENT: -0.79in; TEXT-ALIGN: left">
            &nbsp;</p>
        </div>

        <div align="left">
            &nbsp;
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font face="Times New Roman, Times, serif" size="2">-&nbsp;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-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.08in; TEXT-INDENT: -0.3in; TEXT-ALIGN: right">
        <b><font face="Times New Roman, Times, serif" size="3">ELBIT SYSTEMS LTD. AND ITS
        SUBSIDIARIES</font></b></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">
                        <font face="Times New Roman, Times, serif"><b><font size="2">NOTES TO THE
                        CONSOLIDATED</font></b> <b><font size="2">FINANCIAL STATEMENTS -
                        UNAUDITED</font></b></font></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 face="Times New Roman, Times, serif" 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: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-INDENT: -0.79in; TEXT-ALIGN: left">
        <b><font face="Times New Roman, Times, serif" size="2">Note 3 - INVENTORIES, NET OF
        ADVANCES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 30%; TEXT-ALIGN: right"></p>

        <div align="left">
            <table style="MARGIN-LEFT: 0.79in" cellspacing="0" cellpadding="0" width="73%" border="0">
                <tr>
                    <td valign="top" width="55%">
                    </td>

                    <td valign="bottom" width="0%">
                    </td>

                    <td valign="bottom" width="2%">
                    </td>

                    <td valign="bottom" width="0%">
                    </td>

                    <td valign="bottom" width="2%">
                    </td>

                    <td valign="bottom" width="302">
                    </td>

                    <td valign="bottom" width="2%">
                    </td>

                    <td valign="bottom" width="1%">
                    </td>

                    <td valign="bottom" width="12%">
                        <p align="center">
                        <font face="Times New Roman, Times, serif"><strong><font size="1">&nbsp;</font></strong></font>
                        <font size="1"><font face="Times New Roman, Times, serif"><strong>March
                        31,<br>
                        </strong><strong>2008</strong></font></font></p>
                    </td>

                    <td valign="bottom" width="2%">
                    </td>

                    <td valign="bottom" width="0%">
                    </td>

                    <td valign="bottom" width="2%">
                    </td>

                    <td valign="bottom" width="1%">
                    </td>

                    <td valign="bottom" width="11%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" size="1"><strong>December
                        31,</strong></font></p>

                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" size="1"><strong>2007</strong></font></p>
                    </td>

                    <td valign="bottom" width="2%">
                    </td>
                </tr>

                <tr height="18">
                    <td valign="top" width="55%">
                    </td>

                    <td valign="bottom" width="0%">
                    </td>

                    <td valign="bottom" width="2%">
                    </td>

                    <td valign="bottom" width="0%">
                    </td>

                    <td valign="bottom" width="2%">
                    </td>

                    <td valign="bottom" width="302">
                    </td>

                    <td valign="bottom" width="2%">
                    </td>

                    <td valign="bottom" width="1%">
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="12%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font face="Times New Roman, Times, serif" size="1">(Unaudited)</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                    </td>

                    <td valign="bottom" width="0%">
                    </td>

                    <td valign="bottom" width="2%">
                    </td>

                    <td valign="bottom" width="1%">
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="11%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt" align="center">
                        <font face="Times New Roman, Times, serif" size="1"><strong>(Audited)</strong></font></p>
                    </td>

                    <td valign="bottom" width="2%">
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="bottom" width="55%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Cost of long-term
                        contracts in progress</font></p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="302">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">$</font></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="12%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">567,169</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">$</font></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="11%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">508,273</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="55%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Raw
                        materials</font></p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="302">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="12%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">129,484</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="11%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">123,466</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="bottom" width="55%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Advances to suppliers
                        and subcontractors</font></p>
                    </td>

                    <td 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 valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td 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 valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="302">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="12%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">58,096</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td 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 valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="11%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">65,597</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="55%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Less -</font></p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="302">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="12%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">754,749</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="11%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">697,336</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="bottom" width="55%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font size="2"><font face="Times New Roman, Times, serif" size="2">Cost
                        incurred on contracts in progress deducted</font></font></p>

                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 22pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">from customer
                        advances</font></p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="302">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="12%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">62,010</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="11%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">69,199</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="55%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Advances received from
                        customers</font></p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="302">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="12%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">150,320</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="11%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">131,177</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#ccffff">
                    <td valign="bottom" width="55%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Provision for
                        losses</font></p>
                    </td>

                    <td 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 valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td 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 valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="302">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="12%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">22,888</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td 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 valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="11%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">16,357</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="55%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="302">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="12%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">519,531</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="0%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="11%">
                        <p style="MARGIN-TOP: 0in; 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>
                    </td>

                    <td valign="bottom" width="2%">
                        <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: 1.17in; TEXT-INDENT: -0.33in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <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: 0.79in; TEXT-INDENT: -0.79in; TEXT-ALIGN: left">
        <b><font face="Times New Roman, Times, serif" size="2">Note 4 &ndash; FAIR VALUE
        MEASUREMENTS</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-INDENT: -0.79in; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        <font face="Times New Roman, Times, serif" size="2">Effective January 1, 2008, the Company
        implemented Statement of Financial Accounting Standard No. 157, Fair Value Measurement, or
        SFAS 157, for the Company&rsquo;s financial assets and liabilities that are re-measured and
        reported at fair value at each reporting period, and non-financial assets and liabilities
        that are re-measured and reported at fair value at least annually. In accordance with the
        provisions of FSP No. FAS 157-2, Effective Date of FASB Statement No. 157, the Company
        elected to defer until January 1, 2009 implementation of SFAS 157 as it relates to our
        non-financial assets and non-financial liabilities that are recognized and disclosed at
        fair value in the financial statements on a non-recurring basis. We are evaluating the
        impact, if any, this Standard will have on our non-financial assets and
        liabilities.</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 face="Times New Roman, Times, serif" size="2">The adoption of SFAS 157 to the
        Company&rsquo;s financial assets and liabilities and non-financial assets and liabilities
        that are remeasured and reported at fair value at least annually did not have an impact on
        our financial results.</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 face="Times New Roman, Times, serif" size="2">The following table presents
        information about our assets and liabilities that are measured at fair value on a recurring
        basis as of March 31, 2008, and indicates the fair value hierarchy of the valuation
        techniques we utilized to determine such fair value. In general, fair values determined by
        Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or
        liabilities. Fair values determined by Level 2 inputs utilize data points that are
        observable such as quoted prices, interest rates and yield curves. Fair values determined
        by Level 3 inputs are unobservable data points for the asset or liability, and include
        situations where there is little, if any, market activity for the asset or
        liability:</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 face="Times New Roman, Times, serif" size="2">-&nbsp;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: 1.18in; TEXT-ALIGN: right">
        <b><font face="Times New Roman, Times, serif" size="3">ELBIT SYSTEMS LTD. AND ITS
        SUBSIDIARIES</font></b></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">
                        <font face="Times New Roman, Times, serif"><b><font size="2">NOTES TO THE
                        CONSOLIDATED</font></b> <b><font size="2">FINANCIAL STATEMENTS -
                        UNAUDITED</font></b></font></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 face="Times New Roman, Times, serif" 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>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-INDENT: -0.79in; TEXT-ALIGN: left">
        <b><font face="Times New Roman, Times, serif" size="2">Note 4 &ndash; FAIR VALUE
        MEASUREMENTS (Cont.)</font></b></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: 0.79in" cellspacing="0" cellpadding="0" width="85%" border="0">
                <tr>
                    <td valign="bottom" width="365">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="11">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="41">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" size="1"><b>Quoted Prices in
                        Active Markets for<br>
                        Identical Assets<br>
                        (Level 1)</b></font></p>
                    </td>

                    <td valign="bottom" width="20">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" 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" colspan="2">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif"><b><font size="1">Significant
                        Other Observable Inputs<br>
                        (Level 2)</font></b></font></p>
                    </td>

                    <td valign="bottom" 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" colspan="2">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" size="1"><b>Significant
                        Unobservable Inputs<br>
                        (Level 3)</b></font></p>
                    </td>

                    <td valign="bottom" width="16">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif"><font size="1"><strong>Balance
                        at March 31, 2008</strong></font></font></p>
                    </td>

                    <td valign="bottom" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="365">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Auction rate
                        securities</font></p>
                    </td>

                    <td valign="bottom" width="11">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="41">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="25">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">$</font></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="71">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom" width="20">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="8">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="8">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">$</font></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="80">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom" width="8">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="8">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">$</font></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="88">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">19,098</font></p>
                    </td>

                    <td valign="bottom" width="16">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="8">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">$</font></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="72">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">19,098</font></p>
                    </td>

                    <td valign="bottom" width="8">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="365">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Available-for-sale
                        marketable securities</font></p>
                    </td>

                    <td valign="bottom" width="11">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="41">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="25">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="71">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">756</font></p>
                    </td>

                    <td valign="bottom" width="20">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="8">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="8">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="80">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom" width="8">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="8">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="88">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom" width="16">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="8">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="72">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">756</font></p>
                    </td>

                    <td valign="bottom" width="8">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#ccffff">
                    <td valign="top" width="365">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Derivative instruments,
                        net</font></p>
                    </td>

                    <td valign="bottom" width="11">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="41">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="25">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="71">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom" width="20">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="80">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(19,586</font></p>
                    </td>

                    <td valign="bottom" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="88">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom" width="16">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="72">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(19,586</font></p>
                    </td>

                    <td valign="bottom" width="8">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="365">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="11">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="41">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="25">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="71">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">756</font></p>
                    </td>

                    <td valign="bottom" width="20">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="8">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="80">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(19,586</font></p>
                    </td>

                    <td valign="bottom" width="8">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="88">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">19,098</font></p>
                    </td>

                    <td valign="bottom" width="16">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="8">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="72">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                        <font face="Times New Roman, Times, serif" size="2">(268</font></p>
                    </td>

                    <td valign="bottom" width="8">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">)</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: 0.79in; TEXT-ALIGN: justify">
        <font face="Times New Roman, Times, serif" size="2"><font face="Times New Roman, Times, serif" size="2">
        The following table is a roll forward of the fair value of the Company&rsquo;s marketable
        securities, whose fair value is determining by Level 3 inputs:</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        <font size="2"><br>
        </font></p>

        <div align="left">
            <table style="MARGIN-LEFT: 56.7pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="514" border="0">
                <tr style="HEIGHT: 41.1pt">
                    <td style="HEIGHT: 41.1pt" valign="top" width="231">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="HEIGHT: 41.1pt" 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-BOTTOM: black 1pt solid; HEIGHT: 41.1pt" valign="bottom" width="89">
                        <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif"><font size="2">Balance
                        at</font><br>
                        <font size="2">December&nbsp;31,</font><br>
                        <font size="2">2007</font></font></p>
                    </td>

                    <td style="HEIGHT: 41.1pt" valign="bottom" 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-BOTTOM: black 1pt solid; HEIGHT: 41.1pt" valign="bottom" width="90">
                        <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" size="2">Total
                        Realized</font></p>

                        <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" size="2">and
                        Unrealized</font></p>

                        <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" size="2">Gains</font></p>
                    </td>

                    <td style="HEIGHT: 41.1pt" valign="bottom" 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-BOTTOM: black 1pt solid; HEIGHT: 41.1pt" valign="bottom" width="73">
                        <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" size="2">Balance at</font></p>

                        <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" size="2">March 31,</font></p>

                        <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" size="2">2008</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 13.75pt">
                    <td style="HEIGHT: 13.75pt" valign="top" width="231">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">Auction rate
                        securities</font></p>
                    </td>

                    <td style="HEIGHT: 13.75pt" valign="top" width="9">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double; HEIGHT: 13.75pt" valign="top" width="89">
                        <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font face="Times New Roman, Times, serif" size="2">$
                        &nbsp;&nbsp;20,885</font></p>
                    </td>

                    <td style="HEIGHT: 13.75pt" valign="top" width="9">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double; HEIGHT: 13.75pt" valign="top" width="90">
                        <p style="MARGIN: 0pt 0in; TEXT-INDENT: 20.25pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">$ (1,787)</font></p>
                    </td>

                    <td style="HEIGHT: 13.75pt" valign="top" width="13">
                        <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; HEIGHT: 13.75pt" valign="top" width="73">
                        <p style="MARGIN: 0pt 0in; TEXT-INDENT: 14.25pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" size="2">$ 19,098</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; MARGIN-LEFT: 0.79in; TEXT-ALIGN: justify">
        <font face="Times New Roman, Times, serif" size="2">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.</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: -0.79in; TEXT-ALIGN: left">
        <b><font face="Times New Roman, Times, serif" size="2">Note 5 &ndash; FIRE DAMAGE
        CLAIM</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-ALIGN: justify">
        <font face="Times New Roman, Times, serif" size="2">On March 19, 2008, the Company
        announced that on March 17, 2008 the District Court of Tel-Aviv approved a Settlement
        Agreement between Elisra Electronic Systems Ltd. and its subsidiaries Tadiran Electronic
        Systems Ltd. and Tadiran Spectralink Ltd. (collectively &ldquo;Elisra&rdquo;), in which the
        Company holds a 70% ownership interest, and The Phoenix Insurance Company Ltd. (the
        &ldquo;Phoenix&rdquo;). The Settlement Agreement relates to a claim by Elisra for insurance
        payments for damages caused in a 2001 fire at the manufacturing facilities of
        Elisra&rsquo;s subsidiaries in Holon, Israel. Under the Settlement Agreement the Phoenix
        will pay Elisra approximately $38 million in addition to approximately $10 million in
        insurance proceeds already paid. In accordance with the terms of the agreement signed in
        2005 between the Company and Koor Industries Ltd. (&ldquo;Koor&rdquo;) in connection with
        the acquisition by the Company of Elisra&rsquo;s shares held by Koor, as part of the
        consideration for the purchase price of the Elisra shares, the Company agreed to pay Koor a
        portion of any insurance proceedings received as a result of the claim against the Phoenix.
        Accordingly, as a result of the Settlement Agreement, the Company will pay Koor a sum of
        approximately $13 million. As a result from the settlement, the Company recorded as other
        income, in the three months ended March 31, 2008 a gain of $4.1 million and an amount of
        $2.1 million in the minority interest in earning of subsidiaries.</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; TEXT-ALIGN: center">
        <font face="Times New Roman, Times, serif" 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 face="Times New Roman, Times, serif" size="2">- 10 -</font></p>
    </body>
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M1TE&.#EAU@!&`'<`,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E`"'Y
<!`$`````+``````!``$`@`````$"`P("1`$`.S\_
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<FILENAME>img10.gif
<DESCRIPTION>GRAPHIC
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begin 644 img10.gif
M1TE&.#EAU@!&`'<`,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E`"'Y
M!`$`````+`$``0#4`$4`@0`````C:?;:)`$"`P+_A(^IR^T/HYRTB2NJWKS[
M#X851HKFB:;J2K;9"L?R?+KV2^?ZOM\^S@L*AYN?D8A,*@_&)G`)C:J<U*?T
MBM54M]FN][$-7[[DK_AL+:N'Z'9Z#9^YY_&Z?(Y_V_><O%_/%PCV1RAH&$&8
M.';(F*#X"-@8!TD9*>E5F6EY*:7IR5GF*;H)*C1Z2EIZAXJJBL0*N^C:$UL[
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MN2R8;B(`(TVMFIWZU.F[LU#;XNQWMB.7K2^3)K-;S=S1O<S&.BF+-D!<N6P#
MJX5[TZU;PG,K7-5[MVMDO'CS2A:\I:PWN8PYIVWH>2WHQ&<<&[3XM2_DO/G2
M5FF:U2KFMW!E?R2=^+9K,=%.)V@]^3)KOFLSZP8<N';RPS4-TYX=>G=C""Q1
M>Q4+MJ]S,<U3VLR]VSOMP\R_%^<=X3'ERMU68Q;/W+MFQ*.#2HT^VW!L-.OJ
M`M['B-=SYYDG'F!")2?:?:[AAZ!TI>&CWG_46%<;<@0V)QM'\Q%V(&X>MG,@
M'A`B)6%POX5'F@WP/:<B8X7%-QZ+XUE(QQ*Y8.B0+Z_XXF*.NICR2X\^ZHC+
M,"D.^<PJ2"Y)#`M,/IFD,%!.V60(5,YQ599:;LFEB<U<R5V78HY)YH1?@AE&
MF6JN.::5:*;)9IQR9MG!FV'.B6>>[8U@)YPR!5-GGV$(IQJ@?0CZ&H"&%H%H
MHGLNRFBC9/$#Z0EZ7KIFI0)ARFF;FJ[4::A;?@JJJ*922NH'IZ[Z9ZH:%```
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<FILENAME>img2.gif
<DESCRIPTION>GRAPHIC
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begin 644 img2.gif
M1TE&.#EAU@!&`'<`,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E`"'Y
<!`$`````+``````!``$`@`````$"`P("1`$`.S\_
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M1TE&.#EAU@!&`'<`,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E`"'Y
<!`$`````+``````!``$`@`````$"`P("1`$`.S\_
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<FILENAME>img4.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 img4.gif
M1TE&.#EAU@!&`'<`,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E`"'Y
<!`$`````+``````!``$`@`````$"`P("1`$`.S\_
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<SEQUENCE>7
<FILENAME>img5.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 img5.gif
M1TE&.#EAU@!&`'<`,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E`"'Y
<!`$`````+``````!``$`@`````$"`P("1`$`.S\_
`
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<SEQUENCE>8
<FILENAME>img6.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 img6.gif
M1TE&.#EAU@!&`'<`,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E`"'Y
M!`$`````+`$``0#4`$4`@0`````C:?;:)`$"`P+_A(^IR^T/HYRTB2NJWKS[
M#X851HKFB:;J2K;9"L?R?+KV2^?ZOM\^S@L*AYN?D8A,*@_&)G`)C:J<U*?T
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MN2R8;B(`(TVMFIWZU.F[LU#;XNQWMB.7K2^3)K-;S=S1O<S&.BF+-D!<N6P#
MJX5[TZU;PG,K7-5[MVMDO'CS2A:\I:PWN8PYIVWH>2WHQ&<<&[3XM2_DO/G2
M5FF:U2KFMW!E?R2=^+9K,=%.)V@]^3)KOFLSZP8<N';RPS4-TYX=>G=C""Q1
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M'A`B)6%POX5'F@WP/:<B8X7%-QZ+XUE(QQ*Y8.B0+Z_XXF*.NICR2X\^ZHC+
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MHGLNRFBC9/$#Z0EZ7KIFI0)ARFF;FJ[4::A;?@JJJ*922NH'IZ[Z9ZH:%```
!.S\_
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<SEQUENCE>9
<FILENAME>img7.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 img7.gif
M1TE&.#EAU@!&`'<`,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E`"'Y
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MHGLNRFBC9/$#Z0EZ7KIFI0)ARFF;FJ[4::A;?@JJJ*922NH'IZ[Z9ZH:%```
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<DESCRIPTION>GRAPHIC
<TEXT>
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!.S\_
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