<SEC-DOCUMENT>0000910680-11-000445.txt : 20120215
<SEC-HEADER>0000910680-11-000445.hdr.sgml : 20120215
<ACCEPTANCE-DATETIME>20111221170552
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000910680-11-000445
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20111221

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:		CORRESP

	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>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">December 21, 2011</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">VIA EDGAR &amp; FEDEX</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Mr. David R. Humphrey</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Accounting Branch Chief, Division of Corporate Finance</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Securities and Exchange Commission</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">100 F Street, NE</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Mail Stop 3561</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Washington, DC 20549</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Re:&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Elbit Systems Ltd. (the &#8220;Company,&#8221; &#8220;Elbit Systems&#8221; or &#8220;We&#8221;)</font></font></div>

<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Form 20-F for the year ended December 31, 2010</font></div>

<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Filed March 15, 2011</font></div>

<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">File No. 000-28998</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Dear Mr. Humphrey:</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Set forth herein is our response to the comment contained in the letter of the staff (the &#8220;Staff&#8221;) of the Securities and Exchange Commission (the &#8220;Commission&#8221;) dated December 7, 2011, with respect to our Form 20-F referenced above. A courtesy copy of this letter is being sent to the Staff via courier. For your convenience, we have reprinted the Staff&#8217;s comment below prior to our response.</font></div>

<div>&#160;</div>

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<td width="4%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Form 20-F for the year ended December 31, 2010</font></font></font></div>
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<td width="4%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Financial Statements, Note 18, Taxes on Income, F. Deferred Income Taxes, page F-51</font></font></font></div>
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<td width="4%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">We note the significant reduction in your valuation allowance recorded during fiscal 2010.&#160;&#160;Please describe, supplementally and in detail, the events and circumstances that </font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">resulted in this reduction and explain how your accounting complies with GAAP. As a related matter, please identify the location of your related disclosures in MD&amp;A and/or elsewhere throughout the filing.</font></font></div>
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&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Response:</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">The following supplemental information is provided in response to the Staff's comment noted above.&#160;&#160;As detailed below, during 2010, we recorded changes in the valuation allowance as a result of our assessment of (1) whether we were more likely than not to realize deferred tax assets related to carry-forward net operating losses ("NOLs") and (2) temporary differences.&#160;&#160;These carry-forward NOLs and temporary differences relate mainly to two of our Israeli subsidiaries: Elbit Systems EW and SIGINT &#8211; Elisra Ltd. (formerly Elisra Electronic Systems Ltd.) ("Elisra") and Tadiran Communications Ltd., which in 2008 was merged into Elbit Systems Land and C4I &#8211; Tadiran Ltd. (currently known as Elbit Systems Land and C4I Ltd. ("Tadiran").</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font size="3">&#160;</font></div>

<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font size="3" style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">- 1 -</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 18pt" align="center"><font color="darkblue" style="DISPLAY: inline; FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font color="darkblue" style="FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font color="darkblue" style="FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font color="darkblue" style="FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font color="darkblue" style="DISPLAY: inline; FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Elbit Systems Ltd.</font>&#160;&#160;&#160;Advanced Technology Center, P.O.B 539, Haifa 31053, Israel</font></font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font color="darkblue" style="DISPLAY: inline; FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font color="darkblue" style="FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font color="darkblue" style="FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font color="darkblue" style="FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt">Tel.: 972-4-8316404.&#160;&#160;&#160;&#160;Fax: 972-4-8316944.&#160;&#160;&#160;&#160;Email: j.gaspar@elbitsystems.com&#160;&#160;&#160;&#160;Website: <font color="darkblue" style="DISPLAY: inline; FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt">www.elbitsystems.com</font></font></font></font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><img src="elbitcfo-logo2.jpg" alt="cfo-logo"></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">The following table summarizes the key changes in the applicable period in our valuation allowance:</font></div>

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<table cellpadding="0" cellspacing="0" width="67%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td valign="bottom" width="45%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160; </font></td>
<td valign="bottom" width="6%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
<td colspan="6" valign="bottom" width="45%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">December 31,</font></div>
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<td nowrap valign="bottom" width="4%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
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<td align="left" rowspan="2" valign="bottom" width="45%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">Entity</font></div>
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<td valign="bottom" width="6%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
<td colspan="3" valign="bottom" width="23%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">2010</font></div>
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<td valign="bottom" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
<td colspan="3" valign="bottom" width="21%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">2009</font></div>
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</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="6%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
<td colspan="6" valign="bottom" width="45%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">(US$ in thousands)</font></div>
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<td nowrap valign="bottom" width="4%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="45%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">Elisra</font></div>
</td>
<td valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
<td valign="bottom" width="5%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">0</font></td>
<td nowrap valign="bottom" width="6%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">$</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">16,668</font></td>
<td nowrap valign="bottom" width="4%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="45%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">Tadiran</font></div>
</td>
<td valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
<td valign="bottom" width="5%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">0</font></td>
<td nowrap valign="bottom" width="6%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">16,424</font></td>
<td nowrap valign="bottom" width="4%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="45%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">Other</font></div>
</td>
<td valign="bottom" width="6%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
<td valign="bottom" width="5%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">160</font></td>
<td nowrap valign="bottom" width="6%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
<td valign="bottom" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
<td valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">1,684</font></td>
<td nowrap valign="bottom" width="4%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="45%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">Total valuation allowance</font></div>
</td>
<td valign="bottom" width="6%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
<td valign="bottom" width="5%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">160</font></td>
<td nowrap valign="bottom" width="6%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
<td valign="bottom" width="4%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">$</font></td>
<td valign="bottom" width="10%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">34,776</font></td>
<td nowrap valign="bottom" width="4%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
</tr></table>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Elisra</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">As indicated above, a significant portion of the change in valuation allowance relates to reversal of valuation allowance recorded in previous years with respect to Elisra's Israeli carry-forward NOLs and temporary differences. Out of the four possible sources of taxable income described in ASC 740-10-30-18, the only source relevant to Elisra is <font style="FONT-STYLE: italic; DISPLAY: inline">"Future taxable income exclusive of reversing temporary differences and carry-forwards"</font>. We note that this taxable income source is a subjective source of income and therefore requires an assessment of all available evidence. We advise the Staff that we have considered all available evidence, both positive and negative, in order to determine, based on the weight of that evidence, that it was appropriate at December 31, 2010 to reduce the valuation allowance for Elisra's deferred tax assets in accordance with ASC 740-10-30-16 to 25. The evidence included, among other things:</font></div>

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<div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">(i)&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Elisra's history of losses. Through December 31, 2008, Elisra had incurred losses from its operations (excluding a one-time non-recurring gain in 2008).</font></div>
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<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="TEXT-ALIGN: left; WIDTH: 36pt">
<div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">(ii)&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Elisra's transition to profitability. Elisra had pre-tax income from its operations in each of the years ended December 31, 2009 and December 31, 2010. As of December 31, 2010, Elisra had three-year cumulative pre-tax income amounting to approximately $25.1 million. Further, it should be noted that we concluded that reduction of the valuation allowance at December 31, 2009 was inappropriate, since that was the first year Elisra had pre-tax income from its operations and, after weighing all positive and negative evidence, there was insufficient positive evidence to conclude that it is more likely than not that the deferred tax asset will be realized.</font></div>
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<div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">(iii)&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">In 2010, Elisra satisfied all its covenants to banks (the covenants are related to performance and advance payment guarantees issued to Elisra's customers), some of which covenants were not met in 2008 and 2009.</font></div>
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<div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">(iv)&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Elisra's actual results met its annual operating plan/budget in the last two consecutive years ended December 31, 2010. This supported our ability to reasonably rely on our assumptions.</font></div>
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<div style="TEXT-ALIGN: left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font style="FONT-STYLE: normal">(v)</font>&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Elisra's firm backlog at December 31, 2010 was approximately $760 million, an increase of 22% and 36% compared with 2009 and 2008, respectively. This backlog supported Elisra's projections for future taxable income and indicated earnings in the foreseeable future (within the next five years) that may be a source of taxable income to utilize against NOLs.</font></div>
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<div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">(vi)&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">In 2011, Elisra continued to realize its deferred income tax asset.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 18pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font color="darkblue" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font color="darkblue" style="FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font color="darkblue" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold"><font color="darkblue" style="DISPLAY: inline; FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font color="darkblue" style="FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font color="darkblue" style="FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font color="darkblue" style="FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font color="darkblue" style="DISPLAY: inline; FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Elbit Systems Ltd.</font>&#160;&#160;&#160;<font style="FONT-WEIGHT: normal">Advanced Technology Center, P.O.B 539, Haifa 31053, Israel</font></font></font></font></font></font></font></font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font color="darkblue" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font color="darkblue" style="FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font color="darkblue" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold"><font color="darkblue" style="DISPLAY: inline; FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font color="darkblue" style="FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font color="darkblue" style="FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font color="darkblue" style="FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font style="FONT-WEIGHT: normal">Tel.: 972-4-8316404.&#160;&#160;&#160;&#160;Fax: 972-4-8316944.&#160;&#160;&#160;&#160;Email: j.gaspar@elbitsystems.com&#160;&#160;&#160;&#160;Website: <font color="darkblue" style="DISPLAY: inline; FONT-FAMILY: arial narrow; FONT-SIZE: 10pt; FONT-WEIGHT: normal">www.elbitsystems.com</font></font></font></font></font></font></font></font></font></font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font size="3"><img src="elbitcfo-logo2.jpg" alt="cfo-logo"></font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font size="3">&#160;</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">In evaluating the need for a valuation allowance, considering the above positive evidence and the fact that at December 31, 2010 it outweighed all negative evidence, we concluded it was more likely than not that future taxable income would be available for Elisra to utilize its net operating losses; thus supporting the appropriateness of reversal of the valuation allowance. As noted in the table above, reversal of the valuation allowance related to Elisra's deferred tax assets amounted to approximately $16.7 million.</font></div>

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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">We refer the staff to Item 5 (Operating and Financial Review and Prospects) in our 2010 Form 20-F, under our discussion of the "2010 Compared to 2009", "Taxes on Income", where we noted that our effective tax rates and provision for taxes in 2010 were affected by the reversal of the valuation allowance, which was partly offset by the changes in the balances of deferred tax assets of Elisra: "Taxes on income in 2010 included an amount of approximately $10 million related to the first recognition of deferred tax assets for prior years' losses in one of our subsidiaries".</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Tadiran</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Another substantive attribute in our assessment is related to accounting for deferred income taxes, which we recorded in April 2007 at the time we consummated a business combination to acquire the remaining ordinary shares of Tadiran (previously held 42% by us). As part of the acquisition's purchase price allocation, a deferred tax liability of approximately $36.4 million was recorded in respect of intangible assets acquired. In 2010, we discovered that we:</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">applied inaccurate<font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font> tax rates to derive the deferred tax liability in respect of intangible assets at the acquisition date, resulting in an overstatement of the amount by $15.4 million; and</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">did not record a corresponding deferred tax asset with respect to carry-forward NOLs and temporary differences up to the amount of the deferred tax liability which was available to offset the above-mentioned unrecorded deferred tax assets.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">As a result of our assessment of the above identified error, we reduced the valuation allowance previously recorded by approximately $16 million in accordance with ASC 740, with a corresponding reduction in goodwill recognized from the business combination. We refer the Staff to Note 11(D), "Goodwill and Other Intangibles Assets", in our consolidated Financial Statements, where we noted the adjustment to the goodwill amount as a result of the abovementioned analysis as follows: "In 2010, the Company adjusted deferred income taxes related to previous acquisitions made during 2007".</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">With respect to a correction of an error dating back to our 2007 consolidated Financial Statements, we assessed whether the error correction was material to the prior periods and decided to record these changes as of January 1, 2010 in our current year consolidated financial statements. We evaluated the impact of the tax and goodwill adjustments on current (2010) and prior periods in accordance with the guidance of SAB 108, using the method identified in SAB 108 for evaluating the materiality of the misstatements ("Iron Curtain Approach" and "Rollover Approach"), from both quantitative and qualitative perspectives. From a quantitative perspective we came to a conclusion that the adjustment mainly affected our balance sheet (deferred tax liability and goodwill, as we stated in Note 11(D) to our consolidated Financial Statements as of December 31, 2010) and was less than 1% of total liabilities and total assets at December 31,</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 18pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font color="darkblue" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font color="darkblue" style="FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font color="darkblue" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold"><font color="darkblue" style="DISPLAY: inline; FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font color="darkblue" style="FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font color="darkblue" style="FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font color="darkblue" style="FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font color="darkblue" style="DISPLAY: inline; FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Elbit Systems Ltd.</font>&#160;&#160;&#160;<font style="FONT-WEIGHT: normal">Advanced Technology Center, P.O.B 539, Haifa 31053, Israel</font></font></font></font></font></font></font></font></font></font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font color="darkblue" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font color="darkblue" style="FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font color="darkblue" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold"><font color="darkblue" style="DISPLAY: inline; FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font color="darkblue" style="FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font color="darkblue" style="FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font color="darkblue" style="FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font style="FONT-WEIGHT: normal">Tel.: 972-4-8316404.&#160;&#160;&#160;&#160;Fax: 972-4-8316944.&#160;&#160;&#160;&#160;Email: j.gaspar@elbitsystems.com&#160;&#160;&#160;&#160;Website: <font color="darkblue" style="DISPLAY: inline; FONT-FAMILY: arial narrow; FONT-SIZE: 10pt; FONT-WEIGHT: normal">www.elbitsystems.com</font></font></font></font></font></font></font></font></font></font></font></font></font></div>
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<div>&#160;</div>

<div><img src="elbitcfo-logo2.jpg" alt="cfo-logo"></div>

<div><br>
&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">2007, 2008, 2009 and 2010. Also, the effects on our net income and diluted earnings per share, due to changes in deferred income tax balances derived from the change in tax rates used to determine the deferred tax liability at the acquisition date, and the amortization of such deferred tax liability in respect of intangible assets, were significantly less than 5% in each of the years 2007, 2008, 2009, and 2010; and the effect would have increased (decreased) net income and diluted earnings per share in such periods by 1.52%, (1.86%), (0.73%) and (2.29%), respectively.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">From a qualitative perspective, we also considered the following:</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Whether the misstatement arises from an item that can be precisely measured or is an estimate</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">We concluded that the related items noted above involve some level of estimation but are not considered highly subjective items. We performed a detailed review of the assumptions and data used to derive the effective tax rate and the amount of deferred tax assets to be recorded based on the applicable tax laws and benefits in the respective jurisdictions of Tadiran and its subsidiaries.</font></div>

<div>
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<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 12pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Whether the misstatement results in a change of earnings trend or other trends</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Our profitability varies from year to year due to the mix of our contracts, and the net aggregate differences noted above would not distort sales or earnings trends under these circumstances.</font></div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 12pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Whether the misstatement results in a failure to meet analysts' consensus expectations</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Prior to 2009, we did not provide guidance to analysts regarding revenues or earnings trends, including target diluted earnings per share. During 2010, we only provided certain guidance on revenues trends, without specifying revenue targets.</font></div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 12pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Whether the misstatement changes income to a loss or a loss into income</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">No.</font></div>

<div>
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<td align="right" style="WIDTH: 36pt">
<div><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 12pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Whether the misstatement has impacts on segment information and related trends</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">No.</font></div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 12pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Whether the misstatement affects compliance with regulatory requirements, loan covenants or other contractual requirements</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">No.</font></div>

<div>
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<div><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 12pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">No.</font></div>

<div>
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<div><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 12pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Whether the misstatement conceals an unlawful transaction</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">No.</font></div>

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</div>

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<div>&#160;</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: right">- 4 -<br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div style="WIDTH: 100%" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 18pt" align="center">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 18pt" align="center">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 18pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font color="darkblue" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font color="darkblue" style="FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font color="darkblue" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold"><font color="darkblue" style="DISPLAY: inline; FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font color="darkblue" style="FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font color="darkblue" style="FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font color="darkblue" style="FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font color="darkblue" style="DISPLAY: inline; FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Elbit Systems Ltd.</font>&#160;&#160;&#160;<font style="FONT-WEIGHT: normal">Advanced Technology Center, P.O.B 539, Haifa 31053, Israel</font></font></font></font></font></font></font></font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font color="darkblue" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font color="darkblue" style="FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font color="darkblue" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold"><font color="darkblue" style="DISPLAY: inline; FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font color="darkblue" style="FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font color="darkblue" style="FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font color="darkblue" style="FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font style="FONT-WEIGHT: normal">Tel.: 972-4-8316404.&#160;&#160;&#160;&#160;Fax: 972-4-8316944.&#160;&#160;&#160;&#160;Email: j.gaspar@elbitsystems.com&#160;&#160;&#160;&#160;Website: <font color="darkblue" style="DISPLAY: inline; FONT-FAMILY: arial narrow; FONT-SIZE: 10pt; FONT-WEIGHT: normal">www.elbitsystems.com</font></font></font></font></font></font></font></font></font></font></font></div>
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<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
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</div>
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<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div><img src="elbitcfo-logo2.jpg" alt="cfo-logo"></div>

<div>&#160;</div>

<div>&#160;</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">The total change in valuation allowance attributable to the above-mentioned events relating to Elisra and Tadiran amounted to approximately $33 million (as shown in the summary table above), which comprised the majority of the substantive change in our valuation allowance.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

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<div style="TEXT-ALIGN: left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font style="FONT-STYLE: normal">(i)</font>&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">A discussion of the basis on which we determined that it was more likely than not that a deferred tax asset would be realized and the estimated timing of such realization; and</font></div>
</td>
</tr></table>
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<div>
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</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;Disclosure of the types of uncertainties that might affect the ultimate realization of deferred tax assets and of the amount of future taxable income required to realize the deferred tax assets.</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">* * *</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">We acknowledge the following:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 30.1pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#8226;</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">We are responsible for the adequacy and accuracy of the disclosure in the filing;</font></div>
</td>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 30.1pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#8226;</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing; and</font></div>
</td>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#8226;</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">We may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</font></div>
</td>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>&#160;</div>

<div align="center">
<table align="center" bgcolor="white" cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td width="50%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td width="28%">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">Sincerely,</font></font></div>
</td>
<td width="8%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td width="6%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td width="8%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td width="50%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td width="28%">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">Elbit Systems Ltd.</font></font></div>
</td>
<td width="8%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td width="6%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td width="8%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<div>&#160;</div>

<div align="center">
<table bgcolor="white" cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td colspan="2" width="50%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
<td width="3%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 12pt">By:</font></td>
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<td width="6%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
<td width="6%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
<td width="8%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
</tr><tr>
<td colspan="2" width="50%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
<td colspan="2" width="30%">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">Name: Joseph Gaspar</font></font></div>
</td>
<td width="6%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
<td width="6%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
<td width="8%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
</tr><tr>
<td colspan="2" width="50%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
<td colspan="5" width="30%">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">Title: Executive Vice President &amp; Chief </font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt">Financial Officer</font></font></font></div>
</td>
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<td colspan="2" width="50%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
<td colspan="2" width="30%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
<td width="6%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
<td width="6%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
<td width="8%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
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<td width="6%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 12pt">&#160;</font></td>
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<td width="46%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 12pt">Timothy I. Kahler, Esq., Troutman Sanders LLP</font></td>
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<div style="TEXT-ALIGN: right">- 5 -<br>
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<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
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<div style="WIDTH: 100%" align="left">
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 18pt" align="center">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 18pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font color="darkblue" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font color="darkblue" style="FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font color="darkblue" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold"><font color="darkblue" style="DISPLAY: inline; FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font color="darkblue" style="FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font color="darkblue" style="FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font color="darkblue" style="FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font color="darkblue" style="DISPLAY: inline; FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Elbit Systems Ltd.</font>&#160;&#160;&#160;<font style="FONT-WEIGHT: normal">Advanced Technology Center, P.O.B 539, Haifa 31053, Israel</font></font></font></font></font></font></font></font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font color="darkblue" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font color="darkblue" style="FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font color="darkblue" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold"><font color="darkblue" style="DISPLAY: inline; FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font color="darkblue" style="FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font color="darkblue" style="FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font color="darkblue" style="FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt"><font style="FONT-WEIGHT: normal">Tel.: 972-4-8316404.&#160;&#160;&#160;&#160;Fax: 972-4-8316944.&#160;&#160;&#160;&#160;Email: j.gaspar@elbitsystems.com&#160;&#160;&#160;&#160;Website: <font color="darkblue" style="DISPLAY: inline; FONT-FAMILY: arial narrow; FONT-SIZE: 10pt; FONT-WEIGHT: normal">www.elbitsystems.com</font></font></font></font></font></font></font></font></font></font></font></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
